Best business ideas for startups in 2020 & 2021
When it comes to India, the best business ideas are borne from the strength of a new generation of entrepreneurs fueled by technology and innovation.
- Online Sales Specialists : To help small online businesses connect with customers, by answering their queries and closing more businesses.
- Social cause entrepreneurs : These entrepreneur ideas are to raise funds for various social causes plaguing a city or a community, thus raising awareness and solving common problems.
- Solar Energy Providers : Provide and set up solar equipment to generate free or cheap electricity.
- Community Generators : These ‘generators’ are business ideas borne from necessity and target communities or colonies. They are used to save or store energy when there is power and then used as a back-up during power outages.
- Culture centric e-commerce stores : While e-commerce stores are already quite popular, there aren’t many that focus on culture, targeting travel enthusiasts and collectors.
- Online Payment Systems : These systems are business ideas that require substantial capital, however, the need for them is on the rise as more and more people depend on the internet for making purchases.
- Rural Delivery System : With access to the internet growing every day, there is a demand for efficient delivery systems especially in rural areas. For this, drones can be modified to carry and deliver packages.
- Peer to peer loans : For those who can’t or don’t want to approach banks, this system will help them secure loans quicker.
- Vertical farms : The best business ideas pertaining to farms involve the use or need of land. This becomes harder over time with a constant increase in population. Vertical farms allow for the growth of organic fruits and vegetables over a small space, constructed one over the other.
- Blockchain-based businesses : They allow for decentralized transactions, with complete control to the users including tracking of funds.
Business Ideas : Raising Funds
The best business ideas attract investors who provide the funds necessary to begin. However, with respect to your vision, you need to know how to pitch your new business ideas to show their potential for growth and the return on investment. For this you need an investment pitch deck or a business plan:
Essential Components of the Plan
- Elevator pitch - Addresses the problem the business solves.
- Solution - Details the solution provided by the business.
- Industry - Analysis of the size and potential of business with respect to the industry.
- Competitive advantage - The USP of your business and how it is different from competitors.
- Traction - The measure of success as defined by you, and what your business has achieved as per those metrics.
- Market Strategy - How you plan to reach customers with your products/services.
- Team - The people who are working with you on your business (achievement, track record, etc).
- Valuation and financial requirements: How much is your current business valued at and how much you need to scale or expand your business.
Business Ideas : Types of Businesses
- Private Limited Company : Provides its shareholders with limited liability limitations on its ownership.
- Limited Liability Partnerships : Provides an easy-to-maintain business structure for its owners, through limited liability.
- One Person Company : A single person will hold ownership over the entire business with his/her liability restricted to his/her contributions.
- Partnership Firm : Two or more people own and manage the firm in accordance with the terms stipulated in the partnership deed.
- Proprietorship Firm : A business owned and managed by a single person, which can be incorporated in 15 days.
- Nidhi Company : Non-banking businesses regulated by the Central Government, that exist to lend money between businesses.
- Producer Company : People engaged in activities in relation to growing or producing products, can produce a company on their own, under the Companies Act, 2013.
Business Ideas - How Vakilsearch can help turn those ideas into a fully operational business
Vakilsearch is a one-stop digital shop to individuals and businesses for all their legal requirements. Our areas of expertise include fundraising, business incorporation, business compliances, Government registrations and filings, and accounting.
- Fundraising : We provide Mentorship, Drafting of Business Plans, and Investor Connect
- Business incorporation : Our in-house experts will guide you on how to register your business with the MCA (Ministry of Corporate Affairs) of India, and start your company.
- Choosing a company name : It may sound like a simple process but the Registrar of Companies stresses certain guidelines to be followed while choosing a name for your company. You can also check the MCA database to see if the name you have chosen is available to be registered.
- Trademark search & registration : Protect your logo and other intellectual properties with the help of our services.
- Patent search & registration : Protect products/inventions by ensuring that a patent can be granted on the same.