The tendency to sacrifice a somewhat safe but reliable job in search of converting one’s passion into a long term career option is not a trend!
Trends come and go but India’s entrepreneurship bug is here to stay. There are many facilitating reasons for this – the ease and convenience of the digital world, a younger, enthusiastic consumer base, and of course, the hospitable business environment encouraged by the present political reign are only some of the few.
However, as the MSME market continues to fuel the economy, enticing new players to jump in head first, decisions about entering a new business or sector need to be based on some solid data.
Even though you may fancy a traditional brick and mortar set-up or your talents could be a tad outdated, we’ve identified 4 business ideas (though there are many others!) and their top qualities. These may either simplify things for you or urge you to brush up some skills that are imperative in today’s business world.
If you wish to create a memorable entrepreneurial story, try these booming 4 sectors for some sure-shot success:
1) E-Commerce Stores or Regulations Management Partner
It’s all going digital, especially shopping. The online shopping market constituted 1.8 billion shoppers worldwide in 2018. By 2021, they expect it to almost double. That’s the rate at which this boom is moving.
Though the idea of an e-commerce store is not that original, the off-shoots of e-comm are quite exciting. One of these is Drop Shipping in which the seller does nothing more than getting orders, inform vendors and give them an address for delivery. This mediating position can earn 3 times as much as the cost being paid to the vendor.
Another necessary and well-respected offshoot is the role of Compliance & Regulations Management. E-commerce is a dynamic and continually evolving sector. New government laws and permits are often introduced to deal with the variety and the large number of players entering the industry. There is a definite need for industry experts offering their guidance and business acumen to new players trying to navigate the complicated e-comm waters.
Other related businesses that are equally profitable include shipping, warehousing and block-chain bank ledgers.
2) Wellness & Health-related Businesses
Increasing awareness of leading healthy lifestyles in a stress-ridden world has to lead to the emergence of multiple wellness start-ups and there’s plenty of room for more. In 2019, almost 5000 startups from the Health Technology sector made $504 million in just 4 years.
Virtual therapists, nutritionists, yoga instructors and even health foods chefs are all making the moolah while getting immense satisfaction from their businesses. Whether it’s about healthy snacking, wellness technology, coaching, or sleep applications, this is a market that holds immense potential, world-wide. There are more than 20 sectors within this industry and depending on your strength and inclination, it can be developed in the direction of your choice.
3) Food and Beverage market
As a starter idea, there are numerous within this market. Food trucks, tiffin services, coffee shops, home baking and so much more.
However, its true innovation and niche expertise that will take you from a home baker to a national brand in a matter of months. The opportunity is there. However, so is the competition.
Convenient, home-delivered, easy to assemble, eat and dispose of meals constitute the urban trend. Indians require 4 billion meals each day and therein lies the massive demand! Trends such as the need for organic or natural produce, international cuisine, health-conscious consumers, food kits and semi-prepared foods present us with multiple business prospects within this sector. Organic farming, food delivery websites and apps and online cooking classes are just a few of the many.
4) Travel Agency or Bookings Outfit
Like the entrepreneur bug, there is the travel one that an increasing number of people are realizing that they’ve had all along! With easy accessibility, higher consumer purchase power and a globally connected world, trips or vacations are a regular feature in the majority of citizens.
The need gap in this market appears in the form of convenience. Travellers prefer to let the professionals handle their travel and stay bookings. A lot of them are quite comfortable with their entire travel itineraries being decided by an experienced third party.
Set up a travel website or mobile application that lists all your offerings. At the same time, tie-up with other travel agents, hotels or tour guides in select locations. Begin small and soon you will have created a list of happy, travelling customers who take your word on every family trip. Commissions are high and investment is low in this business line that will never go out of style. Likewise, you can even launch a travel guide website that merely advises on the best way to experience certain places. People need that too.
A definite way to advance your new enterprise is to ensure that your customers are taken care of right from the start. This will result in repeat customers and positive word of mouth – the key to your success. Outsourcing your customer care will give you a definite edge over the competition.
As your client base increases, your outsourced customer care team will be able to handle every query, concern or grievance that comes up, with the utmost ease. Your business line may also require test marketing, education or feedback mechanisms when being established. A fully equipped customer support team can assist in all these and more as your reach and offerings increase.
You Can Also Read 4 After Sales Customer Support Tricks To Keep Your Customers Happy
Syrow – The trusted customer service partner for your start-up!
Syrow is one of the leading Customer Service Outsourcing companies in India.
We offer a complete suite of Customer Care Services to manage your customer service function efficiently using quality processes & services. Our agents are proficient in omnichannel customer care, via multiple platforms – audio and video calls, chatting, emailing, ticketing, and social media.
For guidance on how you can outsource your customer service requirements, contact us today! We are waiting to hear from you.