Now these days many people dream of starting their own business right from the comfort of their home. But of course, there are many obstacles that may stop you from doing that. You might not have a solid business idea to begin with or you might not have enough motivation to see the work through.
But one point where most people get stopped when they realize that they don’t have enough money to start a business. If you are also among those people, then fret not. As you don’t have to stop dreaming to start your own business because Business Loan has got you covered. Yes, you read it right. You can apply for Business Loan to finance your business. There are multiple banks and financial institutions that offer Business loan at attractive interest rate with flexible repayment tenure and minimal documentation.
Now let's discuss some home-based small and low-cost business ideas for you that might match your skills.
1. Tailoring/embroidery shop
As far as successful business ideas are concerned, this business is based on the necessity of life i.e. Clothing, so the market size includes everyone. As a start-up business, tailoring and embroidery have been around for decades, and the most common are home-based businesses that receive and complete orders on the behalf of small boutiques. But having a tried and tested idea improves its chances as a successful future business, especially in big cities where tailoring services are in high demand. To improve the chances of success in this small-scale business venture, one needs to have the necessary training and enough experience.
2. Online business
Small business ideas have the potential to become huge businesses over time and the emergence of the Internet along with related technologies can help. It has been proven that small businesses with online footprints perform better than businesses without online footprints. So surprisingly, this start-up business idea focuses on providing a range of online services to a variety of small and medium businesses. This is the reason why social media experts, influencers, YouTubers, critics, SEO experts, website designers and developers are in high demand these days.
Blogs and Vlogs (video blogs) can be a source of revenue if you need to select a single money-making idea from a list of internet-based small businesses. It doesn't matter what you write or make a video if it's interesting, it will make you successful. While certain vlog platforms are paid based on views, most blogs use advertising revenue generated through Google Adsense to help companies make money.
4. Cookery Classes – Online/In-person
If a skilled professional chef doesn't like the idea of slogging it out in the restaurant or food truck business, there's an alternative - a cooking class. This is a unique trend that is being seen in urban and semi-urban households in India, as people create something delicious yet healthy. What's more, it is possible to conduct these classes both individually and online, or one person can create a vlog. Teaching others the intricacies of culinary skills. The scope for expansion and monetization of potential market segments is multiplied by taking advantage of the online route.
5. Dance Classes/Centre
If you are a good dancer or choreographer, you can easily start your dance studio by taking space for rent or if you own someplace or area then you can start from there. However, if you do not dance well, then you can still run a dance center by hiring good choreographers, dance teachers, etc.
Sometimes your hobby can help you make money. All you need to spend a little extra time to make your hobby a business. Photography is one of the hobbies that has turned into a profession for many people. The more camera and lens will be of better quality, the better pictures it will capture. Just try to capture more and more pictures to improve your photography skills. Doing this will ultimately makeyou a good photographer and help you in earning rewards and money.
7. Yoga Instructor
The knowledge of yoga and the habit of self-study of all the 'yoga asanas' makes one a good yoga instructor. Yoga is considered above all stress buster practices and its results have been proven worldwide. Starting this business requires 100% knowledge and little investment.
Calculate how much money you need
The first step is to have a clear idea of how much money you need to start a home-based business. Get a rough idea of how much you need, considering costs such as business registration, materials, staff, or helpers (if needed), and running costs for at least a few months.
It is important to borrow only the Business Loan amount you need. Borrowing more than you need can cost you unnecessarily high interest and can increase your financial burden.
Understanding eligibility requirements
Once you know the loan amount you need to borrow, start understanding the details of your Business loan, paying particular attention to the Business Loan eligibility requirements. Except for Personal and Gold loans, in most cases, you will need to submit a business plan that explains how you can make a profit in your business to get loan approval. Also, check the maximum loan amount, interest rate, loan period, hidden fees, etc. before choosing a Business Loan option.
You can check the lender’s website to know about the required documents to apply for Business Loan. And then prepare the documents before applying for Business Loan to ensure a smooth and quick approval process. If you have any questions about the documents, please contact the lender or visit the nearest branch office. The part of the paperwork is as important as eligibility, and if the paperwork is not in place, the loan application may be rejected.
Use money wisely
Once a loan has been approved and the amount of the loan has been paid, use it only for its intended purpose. Be very careful about how you spend your money and try to keep your costs as low as possible.
Focus on spending loan money on your business needs. Rest assured that by carefully planning your small business, your business will bring you the benefits of spending on all the bells and whistles you have always imagined.
There are so many exciting business opportunities that every entrepreneur dream of. You should start working towards it no matter how unrealistic your business idea may seem now, at least give it a try.
We know that many of the best companies in the world started in their homes and garages. Even if you're not aiming to be a global company, you can expect to succeed in at least one business that makes a decent profit. If you have concerns about your small business's financial planning, consider the funding options and tips above to get you started. Make your dreams come true.
Find a reputable lender like Poonawalla Fincorp to discuss your business needs, and you will find that things are not as difficult as they seem.
Most small and medium-sized businesses need to raise funds from time to time to take the company to the next level. These businesses have always been the backbone of the economy.
Micro, small, and medium enterprises (MSMEs) are the growth drivers of the Indian economy. To sustain their growth, the Government of India provides several subsidies and schemes to them.
Micro, small, and medium enterprises (MSMEs) are among the largest employment providers in India. The total contribution of MSMEs to the overall employment in the country is 69%.
A small business incurs many expenses, from stocking inventory, and repairing machinery, to managing payroll for daily working capital needs. As small business owners, they have limited cash flow and capital.