2021 has been particularly hard on the economic front. Just as we thought that Covid scare was almost over, the second wave attacked us with a vengeance. The industries just had started shaking the dust over and trying to get up to speed. Little did we know that 2021 would be equally challenging and tough for the industries and the businesses. As if 2020 wasn’t hard enough.
Except few sectors including FMCG, Pharma etc, all other sectors are finding it difficult to survive in this era. Many people either lost their jobs or had to compromise with a salary cut. And people had to compromise with your lifestyle.
So, how do you cope with such a situation? Covid was inevitable, and so was being in house, maintaining social distancing etc. In that scenario, when many people were feeling dejected and helpless, few bright ones started turning the situation in their favor.
They created businesses which can be launched online. And it did not require huge investments. Infact, a lot of these businesses can be started within Rs.50K as start-up capital.
They created a complete online business model sitting at Home. You have minimal physical interactions with your vendors and customers. Once the business has reached a stable situation, your interactions are minimal and most of the deals can be concluded on phone.
And some of it had crazy profit potential. Making a cool Rs. 1 lakh+ monthly profit is not rare in these businesses. Hundreds of entrepreneurs in India are already doing it. And chances are, you also know some of them.
So, if you are also forced to sit at home and look for options to monetize your talent, I am giving you 5 brilliant ideas that you can launch from home. All of them are tried and tested by many entrepreneurs in India.
Online garments business: It is also called “Drop-shipping” by many industry players. I am just simplifying jargon so that I can explain this in a simple language. Drop-shipping means selling the items (garments in this case) without actually owning the stock. It is simple. You operate an online catalogue. You try to sell it either in your Facebook / Whatsapp groups or on eCommerce sites (Amazon, Flipkart etc). Once you receive the order, you pass on the order details to the supplier, who ships the material directly to the customer. If the order is prepaid, you collect the money from the customer and pass on the supplier’s price to him along with order details. In case of Cash on Delivery (COD) orders, the payment is collected by supplier and passed on to you. This business is completely online, and you can launch it from the comforts of your home.
Online Arts and Crafts: The earlier idea is more like a trading business – you buy from a supplier and sell it to a customer. Your income is basically the margin between your buying and selling price, minus the expenses. Arts and crafts, on the other side, is a business wherein you are creating masterpieces and selling them online. If you are talented and you have aptitude for online selling, this is the business for you. Besides selling it on e-commerce sites like Amazon and Flipkart, you can also sell on specific e-commerce sites like Etsy.
Food related Business: If your cooking is par excellence, then this is the business for you. In this business, you can enjoy gross margins as high as 75-80%. You can either start a home kitchen (or Cloud Kitchen) and deliver the dishes according to customers’ order, or start a Food e-commerce business (Jam / Pickles, Snacks etc) and sell it online. Both the businesses have high profit potential and scalability options. There are some categories in food (like Home made chocolates, Cakes and bakery products) which are ruled by home bakers. You just need to focus on right packaging and marketing. You can set-up your own delivery system or you can market your food business through Zomato, Swiggy etc. We have multiple programs to help you if you are interested in this business. Check our courses here.
Digital Marketing Agency: If you are IT savvy, you can learn digital marketing online and make it a full-time career. As more and more businesses are marketed online, this area has huge potential. Online presence of any business has many elements which need to be coordinated and aligned for a successful execution. It can be done either on project / job specific (such as making a website, one-time SEO optimization, making graphics etc) or fixed tenure and more engaging work like social media marketing, Paid ad campaigns etc.You can either market your services directly or get listed on one of those freelancing sites like Truelancer, Upwork etc. Although there is high competition amongst the existing players, you can always make your niche and market your services effectively.
Online Tuitions: If teaching is your competence, then online tuitions is just the right business for you. You can have one-to-one classes on platforms like Google Meet or Zoom, or you can have group tuitions. As you grow, you can have your website where topic wise recorded lectures can be provided and you can market it across the country (or globally, depending on the subject). Starting from simple individual and group tuition classes, you can scale it up to a large learning company (Or EdTech company, in current industry terms). And apart from your basic fixed costs and marketing costs, you don’t have any other costs in the business.
There are many more “Online Business Ideas” which you can launch from home like affiliate marketing, App developer, Voice over / speech services etc which i am not discussing here. My idea is to present you 5 powerful and profitable business ideas which you can easily launch.
Please note that none of the ideas suggested above are fool-proof. The strength and profit potential of any business depends on the merits of your business plan. These are 5 areas which can generate average to excellent profits in the current economic scenario. These ideas are valid in 2021, and the years beyond. Your actual business results would vary based on the specifics.
But one thing is sure.
I have seen examples in each area of being successful. You can earn more than Rs. 1 lakh+ monthly profit with each of these ideas.
It depends on the strength of your business model.
It depends on your product and market selection.
It depends on your execution capability.
Wish you all the Best,
Randheer
P.S. Check out this completely new program “Mom to Millionaire” especially design for Women entrepreneurs to start and scale up their business.
Iam running a restaurat from 2019 but by the passing months now competion gone very hard because restaurant just like me open in loackdown and after lockdown and people get option by pricing and other point of views.
I an not in financial sound position, even my restaurant (SignatureBurger Plampur) get best burger in Palampur award by Restaurant Guru for the period of 2021. But still Iam not getting much business .