Which Small Business Is Giving Best Handsome Income?

 BY: Pankaj Bansal, Founder at Newspatrolling.com

While there are many profitable small businesses, overall income will depend on various factors such as location, marketing, service/product quality and your management skills

With a booming economy, a number of profitable small business opportunities have emerged across the country. Many of these small businesses do not even require any major investments. All you need is the willingness to start something new and tackle the subsequent challenges. Other than profits, you also have the freedom to choose a small business that is as per your liking. To help you make informed decisions, here are some small businesses known to offer handsome income opportunities.

Food Truck - Irrespective of whether you are a food enthusiast or not, you can always think about starting a food truck business. With millions of people choosing street food over traditional restaurants, you can be assured of a regular flow of customers. Of course, your food needs to be tasty and you should follow good hygiene and cleanliness for your food truck. If you start with basic equipment, you can start the food truck business with investment of up to Rs 2 lakh. If you choose more advanced cooking equipment, you may need investment of up to Rs 5 lakh to Rs 10 lakh. While income from food truck business can vary widely, one can expect to earn around Rs 35,000 to Rs 40,000 per month.

Tea and Fruit Juice Stall - Be it summer, rain or winter, a cup of hot chai/coffee or a glass of refreshing juice is the preferred beverage for most people. Starting a tea and/or fruit juice stall requires minimal investment. You can start with just Rs 20,000. Initial investment will be more depending on the locality and the size of your tea stall. Income from a tea stall and fruit juice business can vary widely. But average revenue from a tea stall in large cities like Bengaluru is estimated to be around Rs 5,000 to Rs 20,000 per day.

Vegetables and Fruits Shop - You can start your vegetables and fruits shop with minimal investment. You will not need any specialized equipment, other than a weighing scale and calculator. Income from vegetables and fruits shops varies widely. But it has been found that vegetables and fruits retailers often have high profit margins of around 25% to 50%. It depends on the individual item and the respective demand and supply. You can expect a steady flow of customers, as increasing awareness about nutrition is prompting people to consume more fruits and vegetables.

Wedding Planner - As a wedding planner, you can earn a profit margin of around 10% to 25%. For example, you can earn up to Rs 2.5 lakh for a wedding that has a budget of Rs 10 lakh. Income for wedding planners can be higher depending on their reputation in the market and negotiating power with suppliers.

Handcrafted Products - The profit margin for handcrafted products is around 10% to 20%. It can be more, depending on the type of product and the profile of the target audience. Profit margin is higher also when you have your own firm producing the handcrafted products. Buying from a wholesaler will reduce the profit margin. With e-commerce platforms like Amazon, you can sell your handcrafted products to international customers.

Online Teaching - Working as an online teacher, you can earn a handsome income of anywhere between Rs 40,000 to Rs 1,50,000. It will depend on your qualification and experience and the number of hours you can allocate each day for online teaching. To start your online teaching business, you will need some basic equipment such as digital whiteboards, high-speed broadband, webcam and headphones, screen sharing software, etc.

Driving School - With a booming auto industry, the demand for driving schools has shot up significantly. Last year, India became the third largest auto market in the world, after China and USA. Demand for vehicles will continue to grow in the coming years. This presents significant opportunities for driving schools. Overall income from a driving school will depend on the location and number of customers per month.

Cloud Kitchen - With robust food delivery platforms such as Zomato and Swiggy, you can launch your cloud kitchen with ease. You can start in the comfort of your kitchen, which will reduce the amount of investment required. The number of licenses required is lesser for a cloud kitchen, in comparison to opening a full-fledged restaurant. Profit margin from a cloud kitchen can be expected around 20% to 25%. Overall income will depend on the number of orders you process every day.

Coaching / Tuition Centre - Income from a coaching / tuition center varies widely based on the location and number of students enrolled. But estimates suggest that net income is usually in the range of 25% to 30%. As competitive exams are held every year, a coaching / tuition center can continue to generate revenues throughout the long-term.

Beauty Parlor - Income from a beauty parlor can be anywhere between Rs 6,000 to Rs 50,000 per month. It will depend on various factors such as size of operation, location, type of service offered, etc. Investment required for starting a beauty parlor can also vary. It can be up to Rs 50,000 for a home-based operation or up to Rs 5 lakh for a standard sized beauty parlor. High-end beauty salons with advanced equipment can require investment of around Rs 15 lakh to Rs 30 lakh.

As is evident, the small business options are quite diverse. You can choose anyone based on your liking, available funds and your skillset. If you do not have adequate funds, you can easily get a small business loan. Most banking companies such as HDFC Bank, IndusInd Bank, Bandhan Bank, SBI, etc. offer small business loans. You can also approach NBFCs such as Bajaj Finserv, Muthoot Finance, Shriram Finance, Tata Capital, Aditya Birla Capital, Lendingkart, IIFL Finance, etc. for your small business loan.