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January 4, 2017

A simple reason for starting a business is to earn a profit. So, which are the most profitable small business industries in India? What makes business ideas profitable? These are some common queries bugging up every aspiring businessman. So, let’s try to get answers to these queries. Some of the most profitable small business industries are real estate, food processing, clothes, chemical, and agrochemical. Apart from this household-based customized products are also in high demand. If you have capital and passion for starting a business here is a list of 20 Profitable small business industry ideas.

small profitable business industries ideas

20 Profitable Small Business Industries Ideas

Manufacturing Small Business Industries

(1) Designer Cloth Manufacturing

Embark on the journey of designer cloth manufacturing, tapping into the evergreen demand for unique fashion. With low capital investment and the flexibility of a part-time home-based venture, expect a generous 30-40% profit margin.

(2) The welding Unit

Establish a welding unit specializing in the fabrication of iron and steel products. From window grills to customized orders, this business can kick off from a small shop, offering a lucrative niche in the market.

(3) Wood Working

Venture into woodworking or furniture making, where craftsmanship meets profitability. Customize wooden products based on demand, commencing this business with a small shop and modest startup capital.

Also Read – 40 SMALL BUSINESS IDEAS

(4) Package Drinking Water

Tap into the rising demand for pure drinking water by initiating a package drinking water supply business. While substantial investment is required for water filtering and packaging plants, the health-conscious market ensures a successful venture.

(5) Plastic Product Manufacturing

Explore the low-cost, high-demand realm of plastic product manufacturing. From mugs to water storage containers, the market for these products is vast. Success in this business hinges on effective sales and marketing strategies.

(6) Jewelry Production & sale

Delve into the intricate world of jewelry production and sale. While expertise and training are essential, the high-profit margins make it a worthwhile venture. The beauty of this business is that it can be initiated from the comfort of your home.

Food Based Small Business Industries

(7) Restaurant

Embark on the restaurant business, a highly profitable venture dependent on location and the quality of food served. Offering tasty fare at reasonable prices can establish dominance in the market.

(8) Snacks Making

Cater to the modern preference for ready-made snacks with a snacks-making business. Starting from home or a small shop, this venture promises profitability in the snack-loving market.

(9) Rice Mill

Enter the lucrative domain of rice milling, addressing the substantial demand for rice in India and abroad. Although approvals and machinery installation are prerequisites, the profitability of this food processing business is substantial.

Also Read – Small Investment Business Ideas from Rs. 5000 to 5 Lac

(10) Oil Mill

Explore the edible oil mill business, producing oil from items like peanuts, olives, and fruits. Acquiring oil milling machinery is crucial for this venture, presenting a profitable opportunity within the food processing sector.

(11) Dairy

Embark on the production and sale of milk-related products, meeting the perennial demand for dairy items. This small and profitable business can be initiated with a modest shop and capital.

Home Based Small Business Industries

(12) Customize Gift Making

Unleash your creativity with a home-based customized gift-making business. In a world where gifts are integral to celebrations, this venture offers a successful and personalized touch. Commence this business from the comfort of your home.

(13) Chocolate Making

Embark on a home-based chocolate-making business, tapping into the high consumption of chocolate in India. With low initial investment, this venture promises sweet success from the confines of your home.

Real Estate related Small Business Industries

(14) Real Estate Agent or Broker

Explore the unorganized sector of real estate by becoming an agent or broker. This zero-investment business idea boasts significant profits and is open to anyone willing to navigate the real estate market.

(15) Interior Designer

Leverage creativity and skills by entering the realm of interior design. This real estate-related small business can be initiated from home, promising substantial returns in the world of aesthetic transformations.

Service-related Small Business Industries

(16) Recruitment Firm

Initiate a recruitment firm, addressing the increasing demand for job placements. With a small office space and a network of contacts, tap into the employment market, offering services for which students and professionals are willing to pay commissions or fees.

(17) Smart Phone Sale and Repair

Seize the booming mobile phone business by offering smartphone sales and repair services. This venture requires both skill and capital but promises substantial returns in a world where smartphones are ubiquitous.

(18) Automotive equipment leasing

Invest in automotive equipment like luxurious cars and offer them on rent. This business idea, requiring capital, opens the door to significant profits by catering to the demand for high-end vehicles.

Others Small Business Industries

(19) Commercial and Industrial Machinery Equipment Rental

Explore the massive capital-intensive business of renting commercial and industrial machinery equipment. While the initial investment is substantial, the potential for massive long-term profits makes it a compelling business idea.

Also Read – 40 Small Town Business Ideas with low Investments

(20) Consultancy & Sub Contracting

Capitalize on domain expertise, skills, and manpower by delving into consultancy and subcontracting. Big companies are willing to pay handsomely for top-notch consultants and contractors, making this business idea lucrative for those with the right skills.

In conclusion, the mentioned business ideas are tried, tested, and proven to be successful. If there’s a profitable business idea you think we’ve missed, share it in the comments section. Additionally, feel free to share your thoughts on these business ideas and pass on the knowledge to your friends and colleagues on Facebook and Twitter. Your journey to entrepreneurial success begins with the right idea and execution!

10 Money Mantras for 2017

Money & Wealth

Shitanshu Kapadia

January 2, 2017

Money isn’t everything but everything needs money. With a lot of aspiration and hopes, we have entered in 2017. You must be looking for good Money Mantras to elevate your financial life. I am here with 10 Money Mantras for 2017. I am sure that these money mantras will defiantly improve your financial life in 2017.

10 Money Mantras for 2017

1. I will prefer cashless transactions

The first money mantra for 2017 is adopting cashless transactions. You should adopt a cashless transaction in 2017.
After demonetization, the country is moving towards a cashless economy. A cashless transaction gives benefits like transparency, cashback, discount and convenience. However, the biggest risk of the cashless transaction is a risk of identity theft.

2. I will give priority to Information security in order to prevent fraud

The second money mantra for 2017 is giving priority to Information security in order to prevent identity theft and fraud while doing cashless transactions. Follow proper information security method. Never share your PIN and ATM card number other bank account related confidential information with anyone.

Also Read – 10 Tips to be successful in a job interview

3. I will pay tax honestly

Earn honestly and pay tax honestly. The third money mantra of 2017 is about paying tax honestly. By paying tax honestly, you can avoid unnecessary harassment by income tax department. You can proudly live a peaceful life as an honest taxpayer.

4. I will help government to fight against black money and corruption

The next money mantra for 2017 is helping government against black money and corruption. Black money and corruption are the biggest enemies of our country. Removal of black money and corruption will defiantly help every citizen of India.

5. I will Plan for Income tax saving in advance

Every year we rush at last minute to save tax and end up making bad investments. This year take a pledge that you will start income tax planning exercise in advance. Advance tax planning will surely help you in taking an informed decision.

6. I will establish the second source of Income this year

The next money mantra of 2017 never depends on the single source of income try to generate a second source of Income. Distributed income source always helps you to reduce a risk. Start with part time online or offline business to establish the second source of income.

7. I will save more money for future

Money saves the money saver keeping this thought in mind the next mantra is saving more money for the future. You should challenge yourself by throttling your saving level.

8. I will adopt a rule of pay myself first

If you want to be rich adopt a rule to pay yourself first. This means before you spend any money on groceries, entertainment or household expense allocate an amount for yourself into your saving.

9. I will maintain discipline while making investment

The next money mantra for 2017 is maintaining a discipline while making an investment. The best way of maintaining discipline is SIP. You should atomize your investment via SIP route.

10. I will assess my portfolio regularly and make changes as per requirement

The last money mantra for 2017 is regularly reviewing your investment portfolio and making changes as per requirement.

I hope money mantras mentioned above will help you in getting financial success in the year 2017.
What are your money mantras for 2017?
Do share in the comment section.

6 Attractive Business Loans for Women Entrepreneurs

Loan

Shitanshu Kapadia

December 19, 2016

Business Loans – Gone are the days where women roles were limited to the home. Now a day you will find women competing with men in every sphere of life including entrepreneurship. The biggest challenge for women entrepreneur is to source the fund for business. However, there are many financial institutions and a bank that support women entrepreneurs by providing a business loan at concessional rates. If you are women entrepreneur and looking for a business loan here are 6 Attractive business loan options for the women entrepreneurs.

6 Attractive Business Loans for Women Entrepreneurs

Cent Kalyani

Cent Kalyani is a business loan provided by Central Bank of India to the female entrepreneurs.
This scheme is introduced to encourage women entrepreneurs to start a new business or to expand existing once.
This business loan can be taken by female entrepreneurs engage in manufacturing activity like handicraft, food-processing.
This loan can also be taken by professional and self-employed women like a doctor, CA, engineer, dieticians, fashion designer etc.
Small business owners like a tailor, STD, Xerox, small food business can also take this loan.

Also Read – 10 Best Business Ideas for Women

Name of Lender – Central Bank of India

Interest rate – Loan up to 10 Lakh – MCLR + 0.25% Loan above 10 Lakh and up to 1 Cr – MCLR + 0.50% Additional Interest concession of 0.25% if account is rated by external agency.

Loan Limit – 1 Cr

Get more information about Cent Kalyani Scheme on Central Bank of India site.

Dena Shakti

Dena Shakti is a business loan provided by Dena bank for the female entrepreneurs.
The loan under this scheme is provided for small enterprises doing manufacturing, sales and service business.
This loan can also be extended for retail trade, housing, and education enterprises.

Name of Lender – Dena Bank

Interest rate – 25 basis point less than applicable interest rates

Loan Limit – 20 Lakh

Annapurna

Annapurna is special Business loan scheme for the food business. This loan is provided by Bhartiya Mahila Bank.
This loan is given only for food catering, selling tiffin or lunch pack business.
Loan repayment term for Annapurna Scheme is 3 years.

Name of Lender – Bhartiya Mahila Bank

Interest rate – As per Mudra Loan

Also Read – Finance Products for Women in India

SIDBI Mahila Udyam Nidhi

SIDBI Mahila Udyam Nidhi is a specialized scheme to provide initial capital for setting up business.
This business loan can also be availed for expansion, diversification, modernisation, technology upgradation, quality improvement, rehabilitation of existing tiny units.

Name of Lender – SIDBI

Interest rate – 9% to 10.5%

Loan Limit – 2.5 Lakh

Udyogini

Udyogini is business loan scheme provided by Punjab and Sind Bank for female entrepreneur.
You can apply for a loan as Udyogini for direct agriculture activities, Tiny SSI, retrial traders, business enterprises, professional and self-employed.
The loan limit is decided on a case to case basis and depends on type and purpose of a loan.

Name of Lender – Punjab and Sind Bank

Interest rate – As per applicable rate to MSME

Loan Limit – Above Rs. 25,000

Stree Shakti Package

Stree Shakti Package is for women entrepreneur who holds 50% ownership in small business.
No security is required to avail this loan up to 5 Lakh in case of tiny sector units.
In case loan value exceed Rs. 2 Lakh discount of 0.5% is given for Stree Shakti Package.

Name of Lender – State Bank of India

Interest rate – 0.5% less from applicable rates

Loan Limit – 25 Lakh

For more information about Stree Shakti Package visit nearest SBI bank.

Apart from above women entrepreneurs can also raise capital via following options.

Normal Business Loan
Personal Loan
Gold Loan
Peer 2 Peer Lending Platform
Family and Friends

Following documents are required to apply for a business loan.

PAN Card
ID Proof and Address Proof
Passport size photos
Income Tax Return and Profit & Loss Statement

Eligibility

Age between 18 years to 55 years
Proper documentation and project plan
Proof or lower income or No Income

Points to consider before taking business loans –

Applicable Interest rate
Processing Fees and prepayment charges
Late payment fees
Processing time
Collateral required
Repayment options

What is your opinion about women empowerment and business loan options for women?

Do share your views in the comment section.

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016

Incometax

Shitanshu Kapadia

December 17, 2016

The Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016 along with new income tax amendment is notified on 17th December, 2016. A Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) is second income declaration scheme. You can declare your unaccounted income under this scheme from 17th December 2016 to 31st March, 2017. The government has kept a longer period for this scheme because the government wants a voluntary declaration of black money by maximum people. Let’s take a look at key features of new income declaration scheme Pradhan Mantri Garib Kalyan Deposit Scheme.

Pradhan Mantri Garib Kalyan Deposit Scheme – Features

Under this new declaration scheme, anyone can declare undisclosed income in form of cash or deposit in the bank account.
Those who have declared black money under this scheme will be levied a charge of 50%, this charge consists of 30% tax, 33% Pradhan Mantri Garib Kalyan Cess and 10% penalty.
In addition to this, the declarant has to make a mandatory deposit of 25% of the declare amount under zero interest Pradhan Mantri Garib Kalyan Deposit scheme for four years.
The money deposited in Pradhan Mantri Garib Kalyan Deposit Scheme will be used for the development activities such as irrigation, housing, construction of toilets, infrastructure, education and primary health.
You will be left with of 25% money after tax payment and money deposit in Pradhan Mantri Garib Kalyan Deposit scheme.
As per this scheme, you need to pay tax upfront. This is opposite to the first income declaration scheme where income declaration was done first and tax recovery was done at later stage.
The money disclosed under this scheme will not be included in the income tax return of declarant.
Discloser made under this scheme will be kept completely confidential. However, this scheme does not provide any immunity to the declarant under any criminal acts mentioned in section 199-O of the Scheme.

Also Read – 10 ways to Convert Black Money to White

Tax Calculation for the declaration of Income

Case 1 – Disclosure of Black Money – 5 Lakh

Disclosed Income – 5 Lakh

Tax @ 30% of 5 Lakh = 1.5 Lakh
Surcharge @ 33% of Tax = Rs. 49500
Penalty 10% of disclosed income = Rs. 50000
Total Amount payable as Tax = 2.49 Lakh
25% amount deposit in Pradhan Mantri Garib Kalyan Deposit Scheme = 1.25 Lakh

Amount left on hand = 1.26 Lakh

Case 2 – Disclosure of Black Money – 10 Lakh

Disclosed Income – 10 Lakh

Tax @ 30% of 10 Lakh = 3 Lakh
Surcharge @ 33% of Tax = Rs. 99000
Penalty 10% of disclosed income = 1 Lakh
Total Amount payable as Tax = 4.99 Lakh
25% amount deposit in Pradhan Mantri Garib Kalyan Deposit Scheme = 2.5 Lakh

Amount left on hand = 2.51 Lakh

Let’s take maximum benefit of this second income declaration scheme and disclose your black money. Let’s contribute towards nation building by paying tax honestly.

It’s time to help a nation to fight against black money and terrorism.

Let’s stay together and we will definitely win this battle.

Jai Hind

Official Notification about the scheme can be found on Income Tax website.

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