The common notion of a business idea to be exquisitely unique has quite outgrown its importance since the majority of the probable business ideas have either been implemented or are being implemented. Hence we did our research to find some of the most profitable upcoming business ideas in India.
Upcoming Business Ideas In India
Candles today are more than just a religious accessory, its use has encroached into the world of aesthetics which is essentially the hot cake of Instagram. The perks of investing in this industry are the fact that it requires less incurring investment and can be a good business idea for housewives and retired personals.
Tourism has become the primary source of bread and butter for India and hence the need for travel agencies has become cardinal. The only constraint in this industry is having good networking skills to navigate throughout India. (more…)
How To Start a Business
Knowing how to start a business would not mean that you can succeed in one day. Getting to know about the details can prove beneficial in guiding you the way. Always remember “Rome was not built in a day”. India has cardinally grown to become one of the greatest countries to launch a start-up in with its plethora of programs such as “start-up India” helping the nascent phases of the business. In the present scenario of the economy, we see two sides of the coin, on one side we see massive layoffs from corporates and MNCs whereas one the other side we see flourishing start-ups maturing into conglomerates such as Urban clap, Ola, PR Forbes and so on and so forth. The essentials of starting a business in India are as follows:
The Business Idea and Plan
Just as a tree grows depending on the stability of its roots, similarly a good business idea is essential for the initiation of a start-up. The question such as whether to pitch a service-based or a product bases company to launch is cardinal. Moreover, the baseline idea should be catered to offering something unique to the palette over the pre-existing services.
Understanding market statistics is crucial before investing in capital. Hence it is essential to research the present market trends and service offerings. Moreover, this is the phase where you dig deep into the recent market techniques of offering payment via Paytm business account and also think about possibilities of third party services such as Urban Clap partner.
Budget and Financing
Capital is essential for investing in any business. Sometimes it could be difficult to come buy especially from the banking sector owing to the topsy turvy economy. This is where the other alternatives such as merchant cash advance come into its benefits where the collateral is not necessary.
Making it Legal
The final step in setting up a business in India is making it legal. Business can do it cardinally by registering it either as an LLP or Private Limited company. In doing so the company will get and official GST number upon registering. The GST number is used to link to their bank account to enable transactions. It even helps in listing themselves on Google and other digital platforms to help searchers in finding the business.
Marketing & Advertising
If you want to get your start-up launched in India, follow the following steps.
Pierre Omidyar is responsible for the website eBay somewhere around 1995. It started in his living room. Since initial days only it meant to be a marketplace where buyers and sellers can do transactions conveniently. After 3 years, Meg Whitman joined Pierre and led the website to a new success level. Later on experienced people from some of the biggest companies also joined to make up a strong team for eBay. Some of the important names are Disney, Pepsico, and so on. Soon, the company started collaborating with a number of bigger brands such as GM, Sun, and so on. The average sale of the items also started increasing per day.
The Dynamic Business Model: eBay
(Source: Brandeis University)
eBay had a model of business that brought both sellers and buyers together at one single platform. Buyers can list their items on the website for sale and the buyers can cross-check these items and bid on them to buy. These items are arranged category-wise so that the buyers can easily search for their required items and can order them. The trading for the sellers is also made quite convenient and hence registering can be done in just a few minutes and they can instantly start listing the items online for the buyers.
It is easy for the buyers to search for the items and order the items. They just have to pay for the item and there are no such other charges for the bidding process. But on the other hand, the sellers do have to pay two different kinds of charges.
- An insertion fee is charged that is nonrefundable. This fee is charged when a seller lists an item on the site. The charges depend on the opening bid of the seller’s item.
- Another fee is charged for additional options that are provided for the item listed such as highlighted listing and so on that can promote the item on the site.
- The last charge is the Final Value that is charged on the final price of the item at the end of the auction.
The buyer and the seller are notified with the help of an email for all the steps of selling or buying the items. The transaction between the seller and the buyer takes place independently apart from the above-mentioned charges charged by the site.
The History Of eBay
Found on 4th April of the year 1999, Alibaba is a Chinese multinational organization with its hold on various areas such as retail, e-commerce, technology, AI, and internet. If seen as per the revenue, the company ranks number five among the various largest internet companies. The founders who made this organization a successful one are Jack Ma, Lou Wensheng, Tony Yiu, Jane Jiang, Ma Chengwei, Joseph C. Tsai, Simon Xie, Cathy Zhang, James Sheng, Shi Yufeng, Peng Lei, Trudy Dai, Eddie Wu, Zhou Yuehong, Jianhang Jin, Han Min, Jin Yuanying, and Toto Sun. The Success Story of Alibaba marked a change in the online e-commerce industry.
Where it All Started: Alibaba
When the company started, the operations started from the apartment of Jack Ma located in Hangzhou. The first website launched by the company is Alibaba.com. The website is in the language English and has turned out to be a global marketplace by now. Afterward, in the same year, a domestic marketplace started in China, currently known by the name 1688.com.
Success Story of Alibaba: Detailed RoadMap
Source: Alibaba History
- 2000 – The group got an investment of about US$20 million from SoftBank’s investor group. The same year in the month of September, Alibaba organized a Summit with leaders of thoughts and internet business together. Soon by December 2001, the company crossed 1 million users.