Profitable Small Business Ideas to Kickstart Your Entrepreneurial Journey

Businesses that deliver physical products require a good amount of investment. At the same time, skill-based businesses such as photography, writing, marketing, good with computers etc. need very little investment to start your own business. To a certain degree, all traditional businesses whether big or small, require investment. The only difference is the amount of investment required.

Table of Content

• Some Business Ideas to Start Your Entrepreneurial Journey
• Affiliate Marketing
• Freelancing
• Creating Content
• Host Homestays
• Tuition
• Design T-Shirts

Someone who is just getting started on their path to becoming independent with small business ideas should look for something lucrative, with an aim to keep their business functioning which would eventually thrive.

The first stage of coming up with a new idea to start your entrepreneurial journey is to seed an idea of what you want to do and strongly feel for a service or product you want to offer to your consumer. This can be done by conducting a market survey and research. After that, you must brainstorm, be practical and write down the small-scale business ideas you have gathered from the survey and research.

An entrepreneur is someone who exploits the available resources and makes the best possible use of them to start a business driven by innovation, despite the risk involved. Entrepreneurs play an important role in societal growth as they create opportunities, promote job growth and drive change with innovation.

All entrepreneurs on their way to becoming the most successful started with small business ideas. Business in general led by entrepreneurs is all about problem-solving, which is done by providing goods and services that solve a specific problem for an individual or a group.

Some Business Ideas to Start Your Entrepreneurial Journey

Affiliate Marketing

It is a kind of performance marketing strategy where well-established businesses pay an individual to advertise or promote their goods and services. An individual or an affiliate gets a commission each time they convert a prospect into a potential customer.

These affiliates do their job by advertising the goods and services of established businesses on their social media profiles, websites, YouTube channels, blogs etc. Most people find affiliate marketing an inexpensive as well as good source of passive income.

Freelancing

They say time is money which is indeed the most valuable asset while undertaking freelance digital projects. To get started you must have ample time and good skills. If you are an expert in web development, graphic design, search engine optimization etc. you can create a consultancy business that offers project advice. Start by building a website and advertising your services on social media sites such as LinkedIn.

Creating Content

To build an audience and earn money, you must produce content in the form of videos and audio narratives, and post them on social media. Unlike Public Service Advertisements (PSA) if there are sales involved then creating content to connect with your audience is the most effective way to go about it.

If your content is well-received by your audience, then you must monetize your social media presence by collaborating with companies or creating and selling merchandise.

Host Homestays

The concept of homestay such as Airbnb came into existence just to help homeowners make extra money by renting out their extra rooms for a day or short-term basis. To get started, you must have an extra flat or a couple of extra rooms in your flat.

Tuition

It is an ideal business idea for those who are subject matter experts (SME). If your area of expertise lies in providing music lessons, Maths, English or other foreign languages then you can earn income all in the comfort of your home through video conferencing. Around your community, neighbourhood and social media platforms you can advertise yourself as a tutor to bring more clients.

Design T-Shirts

Designing T-shirts is a low-investment business idea where you don’t have to worry about production, shipping, or upfront inventory costs. This is because websites and apps with print-on-demand services will take care of delivering it to the customer. If you have a good sense of fashion along with a keen eye for design, then this business idea is the perfect option for you.

Lucrative business ideas to kickstart your entrepreneurial journey depend on an individual’s taste for the goods and services they want to provide. Working all by yourself can be daunting however, in the long run, it seems to be more fruitful.

Suggested Read: SME Business Loan Ideas with Low Investment & High Returns

At Muthoot Finance, you can apply for business loans for the requirement of funds related to business, with very minimal documentation, processing time and quick disbursal.