Business Opportunities for First-Time Entrepreneurs

Business Opportunities for First-Time Entrepreneurs

Worldwide, 53% of people want to create their own businesses and quit their existing jobs.

According to another poll, 83% of the Indian workforce has high ambitions for starting their own business. This mindset is equally widespread in India.

Indians are naturally incredibly inventive and ambitious, and they are constantly looking for new methods to make a little more money.

Business Opportunities for New Entrepreneurs

Rent Out Extra Space
Become A Blogger
Start A Franchise Business
Dropshipping
Sell Handicrafts Online
Become A Tutor

So, below are a few entrepreneurial endeavors that you can get started with, whether you’re wanting to make money from a side gig or plunge in deep to beginning your own firm:

Rent Out Extra Space

Do you have a spare bedroom you never ever use or a large barsati you never use? You may start earning money from it by renting it out to tourists and travellers.

With the $200 million contract between Airbnb and OYO to expand into India, the industry of renting out space is soon going to become much more lucrative.

For added profit over the Christmas season, you might even go so far as to list a whole apartment or house on such platforms and aggregator websites.

Experience Required: Low

Skills Necessary: None

 

Become A Blogger

What was a few years ago a niche interest is now a full-fledged job. A website may be hosted and set up without the need for advanced knowledge or extensive expertise. You may start earning money from your blog as soon as you are enthusiastic about the subject and use proper language. All you need to get started creating a blog is a laptop and some free time to plan it out.

One of the ways you may earn money as a blogwriter is by signing up as an affiliate. As an affiliate, you pass along buy links to your audience and get paid a commission if they utilise your link or promotional code to make a purchase. You might also use popular ad platforms and technologies or run advertisements for certain businesses on your site.

Experience Required: Low to Medium

Skills Required: Blogging, copywriting, and patience.

 

Start A Franchise Business

The simplest approach to transition into an entrepreneurial career is to launch a franchise. With less chance of failure, you can concentrate on the execution of a franchise’s tested business strategy and operational procedures. Â If you’re not familiar with the idea, a franchise agreement entails the original company, also referred to as the franchisor, selling the rights to their company logo, brand name, trademark, production processes, and management practises to the investors (referred to as franchisees), who then independently owned and operate franchise outlets for a predetermined period of time.

Any industry, whether it be food, delivery, retail, or service, is open for franchise development. Create a list of every franchise in which you are interested first. then begin assessing them. Look at the franchisor’s location network, pay them a visit, attend an orientation meeting, and investigate the business. You might also want to consider the franchise’s startup costs and the level of assistance and training offered. Â Some franchises may be started with very little money, but others need a lot more working capital because the franchise and setup fees vary.

Once you’ve selected a small number of franchises to register for, send in your application while you get ready. To review the Franchise Disclosure Document, which you must sign before formally joining the franchisee partner programme, you might choose to employ a franchise consultant. This paper will include all the information regarding the business, such as the financial records and the potential profit you may receive from buying the franchise.

The greatest approach to launch a business is through a franchise since you benefit from any marketing and advertising efforts that the original franchisor and have a ready-made client base from day one.

With low-investment franchise options like Mokart, Kathi Junction, Giani’s, or Butter Singh, you may get started small.

Experience Required: Low

Skills Required: Entrepreneurship, leadership, and managerial skills are required (all optional)

Dropshipping

Dropshipping is a business model for online retailers where the manufacturer handles customer service and shipping instead of you. This industry is hugely successful and is starting to spread to India.

Because the idea eliminates the high operational costs of customer support and delivery, businesspeople are drawn to it because it allows them to concentrate on increasing sales. You may start up this company fairly easily on a number of platforms. Almost anything may be shipped with dropshipping, from clothing to automobile parts.

Experience Required — Medium

Skills Required : Basic networking and marketing

Sell Handicrafts Online

There are several chances for you to put up a business with little to no work and begin selling handicrafts thanks to the abundance of e-commerce platforms. Keep in mind that making crafts does not require you to be an expert in embroidery or ceramics.

Additionally, you may learn to make paper crafts, soap, or personalised T-shirts and market those as well. Although mastering the art of putting up the business may involve some initial investment, after you have done so, it is only a matter of repeating the process.

So, think about starting an internet store for handcrafted goods if you want to use your creativity as a low-cost business opportunity.

Experience Required: Low

Skills Required: Specific to product

Become A Tutor

Being a tutor may be in the cards for you if you’ve ever served for an after-school teaching programme and loved it. There are various methods to find your first student, and you do not need a degree in tutoring to get started. Start asking around in your area to see if anybody needs assistance.

You can also speak with the instructors at your high school and college and request that they recommend students. When you have 3 to 5 pupils, you may sign up to be a tutor on a variety of cutting-edge websites that promote tutors. You may choose your own teaching fees and recruit students from all around the world if you try your hand at online coaching.

Experience Required: Low

Skills Required: Subject Expertise

Of all the possibilities mentioned above, opening a franchise is by far the most realistic as a full-fledged business opportunity, regardless of whether you want to employ your current skills or explore uncharted area. Unlike other concepts, it doesn’t require as much preliminary effort and may be scaled. Ultimately, you can become your own boss while utilising advice and assistance to raise your profit margin.

Additionally, this opens the door for you to later start your own firm. Fill out the Investor Enquiry Form if you’re interested in learning more about how you might establish a franchise business opportunity in India.