India has a lot of latent talent. But, there are a lot of stumbling blocks that come in the way of letting this talent reach its full potential. Due to a lack of confidence and appropriate resources, new business ideas in India that are conceived by brilliant minds are nipped in the bud and not allowed to bloom.
You don't need to be the son of a wealthy businessman to be successful in business. All you need is enough faith in your own manufacturing skills, an ability to transfer these skills to the manpower that works under you, and a sharp business acumen to survive in the market despite all the competition. If you can master all this, money is not really a major constraint.
Not everybody can start a multi-millionaire business and be in the league of powerful business doyen. But, if you aspire to be an entrepreneur heading a small-scale startup company, that's very much possible. All you need to do is get equipped with all the manufacturing knowledge and marketing skills to get started and let others know you have arrived in the market.
Small scale industries are getting popular nowadays and are valued even more than before. No matter how small the business is, many such small-scale businesses contribute immensely to the GDP of the nation, especially in India. No matter how progressive our nation becomes, the charm of small-scale businesses will never die out. You don't necessarily need educated staff, but skilled employee to run a small-scale business. With a small scale business, you can create so many employment opportunities for the poor and the needy.
[Small-scale industries are also termed as Micro, Small and Medium Enterprises (MSMEs). MSME registration provides several incentives for better performance. To know more about various benefits read our article:Â "What are the Benefits of MSME Registration in India?"]
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Most Profitable Manufacturing Business Ideas in India
Smartphone Accessories Manufacturing
Smartphones are a rage nowadays. It's not just an accessory, but an ever growing need. You can't do without all the applications and features that a smartphone offers. Smartphones come is a variety of sizes, shapes and of different brands. Smartphone accessories are as much in demand as smartphones themselves. It is the most profitable manufacturing business to start if you are thinking of a new business to embark upon. Accessories such as mobile covers, wireless chargers, power banks, photo tools, folding cartons, and pouches have a huge customer base.
According to forecasts, sales revenue of mobile phone accessories packing is expected to grow at a CAGR of 6.5% during the period between 2017-2027. It is easy to start a small kiosk selling smartphone accessories if you are low on budget and can afford only a small space on rent. The initial set up costs are as low as Rs. 25,000. Later, you can upgrade to sell your products in an upscale area such as shopping malls or a much more crowded street where people throng in large numbers. Everybody owns a smartphone nowadays. So, this is a business with good promising returns.
[The Government of India support small businesses and young entrepreneurs. However, they face many financial obstacles. To help such entrepreneurs, the Government of India has introduced a financial scheme such as Mudra Loan. Read our article on How to get Pradhan Mantri Mudra Yojana (PMMY) Loan?]
E-waste Recycling
Investing in an e-waste recycling business is a sound idea as by doing so, you will not only be using your money for starting a lucrative business, but you will also be doing good to the environment by making good use of the junk that emerges out of waste television set, old radios, fax machines, printers, used computers and other electronic waste materials like mobile phones. Such electronic waste, if not disposed or reused properly, harms the environment as toxic metals such as lead and mercury leach into it. You can utilize the e-waste by extracting valuable metals, such as copper and gold, from it. You can also repair, upgrade and reuse some spare parts and then resell them. According to a study, the Indian market for e-waste recycling is projected to go up to US$ 11.36 billion by the year 2019, which is significant growth. All you need is enough initial investment to buy or collect e-waste materials and equipment to process them. You need to be well-versed with the rules of e-waste management, to comply with the local municipal laws.
Organic Food Business
In this age when processed foods are wreaking havoc on our health, eating chemical-free natural foods seems to be our savior. Organic foods are devoid of harmful chemical pesticides and fertilizers and do not include hybrid varieties. Organic foods taste much fresher, tastier as they are in their natural form. You get a surge of good health when you eat such foods. The Indian organic food market is expected to grow at the CAGR of over 25% until 2021. The organic food business has a good scope, both in the local and export markets.
Furniture-Making Business
The furniture-making business is fast growing and was worth around US$ 17,992 million in 2015. High spending limits, good quality of life, and an increased need for living in luxurious homes have made the home furniture a very lucrative business in India. You can utilize bamboo, leather, steel, wood, rubber, and iron to manufacture furniture in attractive designs. Indians now prefer to have western interiors in their homes and offices. Thus, there is an increased need for innovative furniture designs in India. Bamboo furniture has good potential as a handicraft industry in India. Bamboo furniture is easy-to-lift lightweight furniture and is preferred over traditional heavy wooden and iron furniture.
Auto-Components Manufacturing
The Automotive Component Manufacturers Association of India (ACMA) has seen good growth in the industry. The initial capital is high, you need to hire skilled manpower and be aware of fake auto parts before venturing into this business. There is a dire need for a local market to provide inexpensive auto-components, to lower the costs of imports. Auto-components such as engine parts, drive transmission and steering parts, suspension, body and chassis, spark ignition and braking components are some products that fall under the category of auto-components. According to the statistics, in 2013, India has acquired the 6th position in total production of auto-components globally.
Garment Embellishing Business
The garment business and the fashion industry is ever blooming. Garment embellishment encompasses artwork on your clothes such as laces and studs using methods such as embroidery, beading and much more. Embroidered clothes are highly cherished by Indian ladies, and so this field has a great scope. The initial investment in this business is moderate, and you don't need any heavy equipment to store or operate. When you invest in this business, you will never go out of business, and will surely rake in profits if you can market yourself well.
Refurbishing Devices
Getting rid of old and used computer devices is a big problem. Nobody wants to buy an overused PC, waiting to be dumped in the garbage. But, with the smart technique of refurbishing devices, you can restore and renovate your device to make it look like a new one. A lot of energy is required to produce a computer. Around 500 pounds of carbon dioxide is emitted in manufacturing a laptop. In order to save this energy, refurbishing, and reuse of computer devices is a great idea.
Leather Goods Manufacturing
Leather products such as shoes, handbags, jackets, and suitcases are considered stylish. You can start this business on a small scale from your home or open a really posh store selling just to elite customers. You can start this business with a low initial capital too. You need to be innovative in finding out new designs for your leather goods. You need to invest in sewing machines, cutting equipment, and specialized leather needles. You need to market yourself well by connecting with the modern crowd through social media.
Renewable Energy Sector Manufacturing (Wind Energy)
With so much waste being generated every year, it is necessary to tap a renewable source of energy that is amiable to the environment too. Wind energy has great potential and if you are an innovator who is ready to invest a huge amount of money, then you can start this business. You need good capital to invest in a power plant that can renew wind energy. The wind power market contributes to more than half of the country's total renewable energy.
Robot Manufacturing
Robots are now increasingly replacing humans in many technical operations. Technology has enabled the manufacturing of robots that can take over almost any manual function. The age of artificial intelligence has dawned. Sectors such as pharma, retail, hospitality, ecommerce, automobile spares, banking, and e-learning will see a surge in the use of robotics in India in the coming years. Robots can carry out dangerous tasks that humans are scared to try. The initial investment in robotics manufacturing is very high as the cost of hardware is huge. Those with an innovative spirit should venture into this area as the initial stakes are high and the chances of assured returns are low. But, for daring and wealthy entrepreneurs, this is worth a try. It reduces our dependence on nations like China, the US, and Europe, as our own country becomes self-sufficient in manufacturing robotic components of machines. It's a good chance to implement the "Make in India" initiative started by our honorable Prime Minister.
[Startup India Programme is an initiative by our Government to develop a supportive ecosystem for entrepreneurs. This Project was launched with an aim to encourage entrepreneurship, innovation in the country. To know more about this scheme you can refer our article on "All about startup India programme launched by the Government of India"]
3D Printing
3D printing is gradually getting popular in India. This technology has been integrated into many industries in India such as Healthcare, Education, Architecture as well as the art and craft industry. The gaming, food, apparel and animation industry are using this technology to the max. If you want to invest in starting a 3D printing business, do it not for quick bucks but for the sheer love of growing this business. It's worth in the long run as the returns will be high. 3D printers may replace 2D printers eventually or may become equally popular and in demand as the former ones. Even small shops install printers to provide photocopying services, so this is really a good moneymaking new business idea in India. The only cost is that of the 3D printing equipment.
When our country has so much manufacturing potential, why should you let other countries' business prosper by importing their goods? The 'Make in India' initiative encourages Indian companies to manufacture their goods in India so that more and more manufacturing is carried out domestically.
If you have all the manufacturing knowledge and enough capital to get started, give your dreams wings to fly. If you are unsure about how to get your startup company registered and how to comply with the laws and regulations governing startups, you can avail the services of experts like Afleo.com. You should know that the more trustworthy your startup looks, the better it is for your business and the easier it becomes for you to grab more customers.
If you are updated with the legal aspects of a startup business, nobody can accuse you of any wrongdoing. Having a legal partner like Afleo will put all your fears to rest regarding legal, financial, and government-related matters. If you have any queries related to the above-given article, please do fill the form given below to get in touch with us.
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