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Best Opportunities for Small Businesses in 2019

The year 2018 may prove to be a good year for a new business if the business fulfills the following requirements: 

  • Have the potential to be profitable now and for many years in the future; 

  • Be able to do well even in uncertain economic times;

  • Not require a PhD or decades of experience. Some require trade school training, a university degree or a prior apprenticeship, while others need only some prior experience and a passion for the industry.

  • No large amounts of funds required for starting a business activity. 

Some of the best small business ideas based on current trends in business and demographics are as follow: 

Software Engineering and Development

With the rapid use of computers in the business activities, skilled professionals are required in this field. Software engineers and developers create, test and maintain software on a variety of platforms, from mainframes to mobile devices. According to the NASSCOM, the software development as a sector generated revenues of USD 160 Billion in 2017. The nature of the software development industry makes it ideal for contract employment. Many software engineers start out as salaried employees and eventually become self-employed contractors. Cloud computing and ease of remote access make software development an ideal home-based business.

Children's Services

An entrepreneur can undertake children’s services as a business activity. Following are the areas in children's services market wherein ample opportunities exist for a shrewd small business owner:

  • Good quality preschool education focusing on environmentally-focused teaching methodology such as outdoor preschools

  • Art classes and events

  • Home tuitions for language, math and English

  • Fitness instructor or a coach for tennis, swimming, soccer or golf.

Bike Sales, Service and Rentals

The average office goer has become health conscious. Some are even opening clubs for employees who commute to office on a bicycle. The health and environmental benefits, of bicycling has become a fashion thing among general public. An individual can undertake the business activity of bike sales, service and rentals. 

Senior Citizen Care Services

Indian family used to consist of many family members in joint families where the senior citizens would get enough attention from all family members. With the onset of globalization, large scale migration has occurred. The families are now increasingly becoming nuclear families so the senior care services are proving to be the best business opportunities. 

Body Decoration Services (Piercings and Tattoos)

Tattoos and body piercing are rapidly becoming a fashion statement among the youth. Having a tattoo on your body is considered cool and youngsters are lining up at tattoo shops to add to their cool quotient. It may prove to be an attractive business opportunity as there is virtually no competition and service can be offered at a premium. Most tattoo artists learn this art as on the job training while working as an apprenticeship alongside a professional.

Counseling and Therapy

Now a day, an individual is so burdened with his family, social and professional commitments that he finds it extremely difficult to cope up. As a result, medical professionals are experiencing increased flow of stressed and mentally distraught patients coming to their clinics. Mental health field is a profession is experiencing increased demand for people who can provide these services.

Financial Advisor/Planner

The increasing number of skilled workers are entering the Indian workforce annually. They are earning well and also have the desire to invest or save for future. Also, the companies prod their employees to invest in Fixed deposits, Mutual Funds and Life and Health insurance to avail the benefits of TDS. Financial advisers/planners have high demand in the market with a projected growth rate of 20 percent through 2026.

Facilities Support Services

The companies have to manage a large work force and hence a facility for the office and other needs. A structured facilities support services business has come up lately which is very lucrative.  This service includes the full range of facilities services for businesses, such as cleaning, security, building maintenance, painting and moving.

Food Truck Business

India is one of the world’s fastest growing economy clocking an impressive 7 per cent annual GDP growth. This has become possible because of millions of young Indian skilled workers who are toiling hard to achieve their individual as well as company targets. So many business districts have mushroomed around major Indian cities where thousands of individuals work. They crave for a good healthy food which is presently not available besides a five-star restaurant. A food truck is perfectly suited for this kind of need as the food truck owner can work for 12 to 4 pm shift easily.

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