21 Profitable Small Business Ideas That Will Help You Earn Money and Reputation
The wave of digitization has swept several industries across the world. While it has helped bridge the gap between a business and customer, it has also opened the doors to many new companies. Be it groceries, stationery products, health and fitness or services such as SMS, etc. the scope of profits powered by the digital world is endless.
Statistics suggest that the total global eCommerce sales for the year 2019 were 3.5 trillion-dollars. By the year 2023, the sales are estimated to reach a whopping 6.542 trillion dollars. When we talk of eCommerce, the first thing that comes to mind is brands like Amazon, Flipkart, Alibaba, etc. Even though these are some of the industry’s top players, it doesn’t mean that all small businesses are struggling.
Undeniably, it is the market giants like these that generate the top revenue in a nation. However, in the Indian context, the MSMEs contribute to 8% of the GDP, 45 percent of the total manufacturing output, and 40% of the country’s total exports. These enterprises also account for more than 80 percent of the entire industrial enterprises. In other words, SMBs help in a balanced economic development of the nation and are fundamental to the economy.
But with the lucrative opportunities that eCommerce has to offer, it might be confusing to figure out best from the rest and zero in on any of them. Some ideas might seem enticing but have high risks involved. At the same time, others require low investments and guarantee huge profits. But, there’s nothing you need to worry about. We’ve gone ahead to simplify this task for you and listed the top 21 small business ideas that will help you earn easy profits. Let’s take a look at them-
Climate change is an existential crisis, and every nation is accepting it. Be it the visible changes or extensive awareness campaigns by activists; people are becoming more aware. Some are realizing the importance of reusing bags and reducing the amount of plastic waste. So, if you have a business idea revolving around preserving the environment, you can start materializing it instantly. For example, start a business that sells reusable plastic bags.
Furniture is one of the evergreen business categories. Now that even the smallest things we require are being sold online, furniture presents a huge market. You can start selling furniture and at the same time also offer an option for people who want their furniture to be custom made. Whether we enter the age of AI, the demand for furniture will always prevail in the market. You can choose to set up a manufacturing division for furniture or start a dropshipping business without risks.
This type of business hasn’t earned a lot of popularity, even in the most developed countries. Quite underrated, the shoe laundry business has a lot of potential and close to none competitors. With people buying expensive shoes or seasonal ones like boots, it becomes essential to take care of them from time to time. Be it polishing or mending minute scratches on leather shoes, and there’s a lot that you can do with this revolutionary business idea.
Once a non-existent business, Athleisure is one industry that has fulminated like nothing else. People are now using athleisure daily, regardless of whether they’re working out. Statistics suggest that the athleisure market will be worth a striking $215 billion by the end of 2022. This makes it one of the best profitable ideas for small businesses.
Plus Size Clothing
The standards of beauty are changing in today’s world. This shift from the skinny model culture to being comfortable in one’s skin is not just much needed for the society but also a profitable business proposition. Plus size clothing is an excellent opportunity for small businesses to enter and establish their expertise in. Being a standalone niche, It is one of the top business ideas of 2020.
If there’s been one consistent trend in the electronics industry, switching to wireless equipment has been switched. People are no longer interested in getting into the hassle of tangled wires. Even statistics suggest that the wireless earphone category is growing at a 7 percent rate and own a share of 31 percent in the market. This gives quite an opportunity for small business owners to venture into the niche.
The working population is facing a lot of posture defects in today’s world. Blame it on the long work hours during which some even forget to take a break and stretch in between. As a result, we hear a lot of back and neck pain issues. What we intend to say is that the chiropractic field is a massive opportunity for small businesses.
While they might not seem like a big business, the reality is quite distant. The phone accessory industry is, in fact, worth $121.72 billion. This also includes other products, but despite this, phone cases are something that almost every smartphone owner possesses. Be it for the sake of protecting their phone against a drop or making it more stylish, phone covers are becoming everyone’s favorite. They make an excellent option for small businesses because of their low investment and higher customer demand.
We might be spending a lot of time on digital mediums, writing, and reading whatever comes across our way. But, that nowhere rules out the demand for stylish stationery products. Apart from their basic needs, people are purchasing stationery that resonates with their personality. Be it the cover of their favorite cartoon character on a notebook or a pen that displays class. More to this, custom stationery options are also high in demand, making stationery an overall profitable business opportunity.
As time passes, people are getting more and more inclined to meditate. The importance of rejuvenating oneself is being realized even among the Millennials. As a result, meditation is becoming an industry where a small business can quickly enter and reach a great audience. As a business, you can offer products like mats, incense sticks, lights, trackers, etc.
Officegoers require formal shoes, and while most of them look quite fancy, it is often difficult to find a perfect pair that’s comfortable and affordable in one place. This presents a significant opportunity for people looking forward to entering into the market of branded goods. Be it, men or women, you can offer an assortment of formal shoes in one place.
Every day, world leaders, scientists, and activists are requesting people to look for more sustainable product options. This is to reduce the use of plastic in all its forms. One of the most fundamentally used plastic product and often discarded frequently are toothbrushes. On the other hand, bamboo toothbrushes are not just eco-friendly but also a great small business idea.
In the coming time, there will be more gadgets in the world than there would be trees. The demand for smart gadgets is ever-increasing since they have become an inseparable part of our lives. Statistics suggest that as many as 141 million units of smartwatches were sold around the world in 2018 alone. Think about other gadgets now! The audience is already established for these products; all you have to do is reach out to them.
Accessories are as necessary for women as they are for men. Be it ties, scarves, rings, earrings, pocket squares, etc. These buyers are everywhere in the world. We’re focusing on minimalist accessories because the working population is a decent target segment with such products. They want to be at their classy best and stylish at the same time. Ultimately, a great business idea to start working towards!
Finding the right pillows can be a tough challenge, especially when a significant chunk of the population suffers from neck or backache issues. Not just for elders, but for babies too, the right pillow is equally significant since it supports their tiny heads. The market for pillows, especially newborn pillows has grown to a great extent in the past few years, presenting a massive opportunity for people to start their businesses.
A majority of the population living in urban cities are struggling to breathe clean air. Ever growing industrialization is worsening the air quality. This makes people turn towards air purifiers in their homes and offices to breathe clean air and protect their respiratory system from irreparable damages. It might require a little investment, but air purifiers are an ever-growing market with huge profits.
Moving forward, masks will be the new normal for the world. Be it the ever-increasing pollution or fear of catching a communicative disease, governments are all set to make masks mandatory when stepping out in public. Why not start preparing for it early and capitalize on the impending market?
Sanitizers and Cleaning Products
The spread of the pandemic has only made people more cautious about their hygiene routines. Almost every person is found carrying sanitizers. More to this, people are also looking towards advanced cleaning products for their homes and laundry. You can have a dedicated store for these products, making it a simplified affair for the customer to shop for essentials.
In the time to come, more and more hyperlocal opportunities will fall into the picture. In other words, customers will order groceries and other monthly supplies to their doorsteps. With convenient shipping and fulfillment options, you can venture into this small business and make huge profits from your neighborhood.
There are thousands of keyword searches every second for the word ‘backpain.’ And while we’re not asking you to find its remedies in medical books, what you can do is offer massages to these audiences. Massagers can help in relieving the pain and provide comfort to people who are looking for solutions online. Since not everyone can afford a professional massage, they can still buy a massager and discover their remedy.
Regardless of gender, grooming products are required by a large number of people. Most people prefer a skin routine at their home considering their cost at a salon. More to this, people will skip crowded salons and look for DIY solutions in the future in fear of the pandemic. As a business, these products can be an excellent market for you.
Pick an Idea and Streamline the Logistics!
These ideas are all set to bring you profits in 2020 and beyond. But, unless you find the right logistics provider, your might not be able to make the most of your business. And that’s why we have Shiprocket– India’s one-stop logistics solution. Not only can you ship at the guaranteed lowest rates without any compromise in quality, but also take advantage of our fulfillment and hyperlocal delivery services. Let us know in the comments below if you’d like to start any business in 2020. We’ll help you streamline your entire logistics without any hassles.