There are innumerable business opportunities but which one to choose is quite a big question. Of course, you need to analyze your personal experiences that can best help you decide the correct business to start. Since the competition is tough, to beat the competition by starting a business is not enough. Innovative business ideas help you to withstand the competition and win the race. Don’t do different things. Do the same thing but using different and innovative ideas.
In this article, we discuss simple business ideas. The business may be small but if carried out in systematic and scientific way it can have sustainable profits. No business is easy and in order to succeed, you need hard work, effort, devotion and commitment towards your work. You can start a small scale business and later, you can expand and diversify. Success may be quite difficult but not impossible. Startups are difficult but you will start learning from your experience and correct errors for improvement. Keep learning and correcting errors in the same way and you are sure to reach your destiny. The following are the top innovative business ideas:
Innovative Business Ideas
- Craft business
- Buy and sell
- Use internet
- Training
- Second-hand product
- Gardening
- Create online jobs:
- Recycle
- Sell your services
- Recruitment agencies
1. Craft business
| Investment | ₹3,000 to 15,000 |
| ROI | 3 months |
| Profit | 1,000 to 2,000 |
If you don’t have enough time or money, don’t worry. A craft business can be an innovative business idea for you. All you need to do is first determine what you want to make. Once you have the skills, you can use your free time to start making any kind of home based products. You can also make your own art into unique products. Handicraft items are famous world-wide and they have a huge demand in national and international markets. The craft business may include following.
- Making dolls, toys, gift cards, artificial flowers, cups, basket, candles, kites etc.
- Raw-materials may be plastic or wooden or clothes or paper products
- Skills can be learned through the internet (YouTube, blogs, Google and so on)or through training institutes.
The products can be taken to market to sell. It will be even more profitable, if you can start up your own arts and crafts shop gradually.
2. Buy and sell
| Investment | ₹1,00,000 to 2,00,000 |
| ROI | 1 year |
| Profit | ₹10,000 to ₹20,000 |
The general idea of every business is buying and selling the products, you can use the same concept to purchase and market others to earn profit. This idea focus on following key aspects.
- Buy from manufacturers and sell to wholesalers
- Buy from wholesalers and sell to retailers
- Buy from retailers and sell to final consumers
- Products can be anything from livestock to tools and equipment. It can also be food, clothes, ornaments etc.
You can benefit highly if you can directly purchase from the main dealer, manufacturer or supplier and sell to final customers. Elimination of the middleman helps to get a higher profit margin and you can also offer lower prices. It helps you to win the price competition and attract customers too.
3. Use internet
| Investment | ₹4,000 to ₹10,000 |
| ROI | 1 year |
| Profit | ₹10,000 to ₹20,000 |
Internet is the most powerful tool today. In today’s modern and busy world, it has become the element of survival for human life. It can be used for banking, business, communication, education, press, military, science and in almost every sector. Let’s say we cannot imagine the world without internet today. Internet can be used as one of the innovative business ideas in the following ways.
- Uploading YouTube content
- Creating websites
- Blogging, content writing
- Working for SEO, Fiverr, Freelancer
- Trading in EBay and online markets
- Doing other on-line jobs
The internet helps to win the competition today. Just having an internet connection and computer opens up unlimited online jobs. You can earn by sharing your innovative skills, ideas, thoughts and knowledge using various internet tools all while sitting in your home.
- Read also: Top 10 Online Business Ideas in India
4. Training
| Investment | ₹1,00,000 to 2,00,000 |
| ROI | 1 year |
| Profit | ₹10,000 to ₹20,000 |
Investment: Above 10,000
ROI: 3-4 months
Do you possess any expertise or specialized skills? Simply by communicating your skills, you can earn a lot with little to no investment. The training you offer can consist of anything as follows.
- Basic computer knowledge such as Word, Excel, PowerPoint
- Developing websites, creating AdSense accounts
- Training in software skills, Tally, graphics designing
- Sharing repairing and maintenance of mobile devices, computers, vehicles, or anything you know
- Conducting presentations on various topics
- Training for drivers, teachers, beauticians, tailor and so on
Related Read: How to Start a Coaching Institute Business in India?
5. Second hand product
| Investment | ₹30,000 to ₹50,000 |
| ROI | 4 months |
| Profit | ₹4,000 to ₹8,000 |
“Do you want to replace your IPhone 5?” Or, “are you intending to buy an IPhone 5?” You may fall into the first or second category. The needs and demands of customers can vary according to their earnings. Used products can be sold to customers who are in need of items. The key ideas for this business are to buy used products and sell them at a profit. The following are some ideas.
- Collect or buy used products, tools or equipment
- Use online markets to place products for sale
- Create contact with buyers or sellers
- You can also resell your own used products
Be aware! Don’t forget to check the usability of the product. Do not accept damaged products.
6. Gardening
| Investment | ₹40,000 to ₹60,000 |
| ROI | 4 months |
| Profit | ₹5,000 to ₹9,000 |
Are you interested in farming or gardening? If you have an area to work like fields, a terrace or garden, you can use your skills to earn though your passion. There is good demand for different types of flower and plants. Vegetables and fruits are used daily hence they have wide market prospects. This can be quite time consuming work since planting, growth and outcome needs time, possibly weeks or months.Some ideas for this business are mentioned below.
- Get training for plantation
- Plants different types of flowers, vegetables or fruits
- Sell them in market for money
- You many use internet for marketing
7. Create online jobs
| Investment | ₹30,000 to ₹60,000 |
| ROI | 4 to 6 months |
| Profit | ₹5,000 to ₹10,000 |
After working as an employer online, you can create employment opportunities through your experience. All you need is an internet connection and computer access to get started as one can apply for different online jobs. In the same way, we can also create online job opportunities. Follow the rules below to create an online job.
- Create websites
- Advertise the vacancy using internet (i.e. Facebook, blogs, Twitter)
- Select interested candidate
- Collect articles
- Post on your websites or forward to your clients
8. Recycle
| Investment | ₹40,000 to ₹60,000 |
| ROI | 4 to 6 months |
| Profit | ₹5,000 to ₹10,000 |
What waste products do you have in your home? What do you do with it? Even waste products can earn money if you see it from a perspective of recycling and reusing. Many waste products can be recycled or reused. On one hand, it helps to maintain the environment. On the other hand, the waste and unused products can help you earn income. Basic ideas may be as follows.
- Hiring staff to collect waste and unused products from houses
- Waste products may be glass, bottles, used copies and paper
- Such products can be taken for recycling to produce new products
In a developing country like India, recycling might just be the best innovative business idea.
9. Sell your services
| Investment | ₹50,000 to ₹70,000 |
| ROI | 8 months |
| Profit | ₹8,000 to ₹10,000 |
Are you an expert in any subject? If yes, don’t do it free of charge. You can sell your ideas, knowledge and skills to generate income. It’s as simple as sharing your knowledge for a fee. Selling services may include following.
- Investors can help clients in portfolio management, investment selection or security decisions
- Home based tuition can be started
- Language classes can be conducted
- You may teach people to play music, sing, dance
10. Recruitment agencies
| Investment | ₹70,000 to ₹1,00,000 |
| ROI | 1 year |
| Profit | ₹6,000 to ₹12,000 |
Unemployment is a burning issue worldwide. Many people are frustrated and seeking jobs yet cannot find suitable employment. This problem can be converted into a business opportunity by starting a recruitment service. For this, follow the following guidelines.
- Collect CV and detailed information of people seeking jobs
- Send them to different job places
- Get fees or commission for the job placement
- Put them in contact with different sectors and in different places
- Sectors may be banks, trading companies, airlines, or others
It’s a great way to earn extra money. After finding jobs you can also get a certain percentage of their salary as your commission every month. It is quick, simple and easy with no investment at all.
You may be wondering whether to start a new business. There may be innovative ideas around you. There are lots of small and minor business opportunities that may be there but you may not have realized yet. You may find the many small sectors that have potential to be converted into innovative business ideas. Although there are many, due to your busy schedule you may be unaware of them. You may be searching for one but there are innumerable business ideas around your home, surrounding area or country.
