It is fascinating to see how quickly the small companies are coming up with new business ideas in India especially with the expanding middle class and availability of internet connection all over the country. Small companies or businesses are those enterprises which employ lesser number of people and do not generally have a high amount of sales, working as small units of business. Typically these kinds of companies are owned privately and performs as lone proprietorships, private limited companies or simply LLPs (limited liability partnerships).
Some of the smaller companies may simply need to only register into the GST system, for example, the business of home accounting. Meanwhile, some other companies dealing with sensitive businesses may need heavier controlling. Some examples of such companies are:
- Day Care centers
- Restaurants that serve alcohol and liquor
- Retirement Homes
These businesses may require a thorough review and accreditation from several different authorities of the Government. Some of the most popular business ideas for small companies in India will be covered in this article.
Few of the Basic Registration Procedures for Small Companies
The list given below is the list of some of the most basic procedures of registration related to the services of compliance and incorporation that are required by any small company to function properly. The costs of each program is also mentioned.
- GST registration – Cost is Rs.2899 for one single time. Make sure that the annual turnover is more than 20 lac rupees
- GST return filing – Cost is Rs.500 each return. Make sure that the GST registration has already been obtained.
- LLP Annual Tax and the MCA Filing – Cost is Rs.7899 annually.
- Registration of the LLP – Cost is Rs.7899 for one single time.
- Registration of the Trademark – Cost is Rs.5899. Make sure that the business has a unique name.
Few of the Basic Registration Procedures for the Classification of the Small Companies
The list given below contains few of the basic registration procedures for the classification of the small companies. But it should be mentioned that the formal classification of the companies is done on the basis of the MSME criteria of the Indian Government.
- Ancillary Industrial Undertakings: This is the type of business which deals with the manufacture and production of the tools and other necessary components of similar nature for other companies.
- Business Enterprises and the Small Scale Service: This is the type of business generally deal with the rural areas and the suburbs or the small towns which normally do not have a population more than 50,000 people and they deal with the fixed investment of capital up to a limit of 25 lac rupees in the field of machinery and plant.
- Tiny Enterprise: This is the type of business which deals with the fixed investment that does not cross the limit of 20 lac rupees and involves in the repair or the maintenance work of the any plant or the machinery.
- Women Entrepreneurs: This is the type of business which engages the female entrepreneurs who share the capital that is more than 51 percent as a joint group.
- Household Units: This is the type of business is generally very small and minimal type of business which generally engage technicians and other similar skilled worker. The conditions to be met for this type of business are:
- Workers has to work in their own houses and do not need more than 300 square feet of space
- Workers do not need power more that is more than 1 Kilowatt
- The total number of workers do not exceed 5 individuals
- Workers must not produce any industrial pollution
Some examples of this type of business include electronic or electrical gadgets, products made of paper or plastic, dolls, toys or simply handicrafts.
The small businesses are classified on the basis of the contributed capital or the overall budget. The list given below may provide a clearer perspective on the issue of the business ideas of the small companies.
This is the type of business works to provide required manpower temporarily for the firms which act as event managements. In order to run this is the type of business successfully, the entrepreneur need to have a powerful network with people who are able enough to work temporarily for jobs.
This is the type of business ideas is very profitable especially for the youth and students studying in the higher levels. Private tuitions can be conducted in the house of the tutor or the tutor can go to the preferred place of the students. It is a serviced based business and it is important that the tutor has the proper knowledge and qualification to teach and the proper experience on the subject matter.
This is the type of business that basically prepare school uniform for the schools they have a deal with in bulk proportions. One of the advantage of this company is that the entrepreneur himself or herself do not have to possess sewing skills. Rather he or she could hire tailors or have link ups with other manufacturers for his or her business. The estimated annual income of this type of business can be around 20 % of profit.
Management of Property
This is the type of business is a very profitable business. To be successful in this field, you need to have the best promotional and marketing skills. It is possible that the company may need to be in charge of the whole property. It is the job of the entrepreneur to provide the proper mechanical, electrical, pantry, housekeeping and security manpower. This industry is evidently growing.
In India, the wedding ceremonies are generally very lavish and over the top functions. So, it is likely that the families will like to hire wedding planners to give their children the best ceremony they can manage. The wedding planner has to be sufficiently skilled to work under pressure, make proper plans and focus on the details. The creativity of the planner is also important in this type of business. Such planning can also be implemented in other programs such regular house parties and birthdays along with the weddings. The wedding planner should be well connected with the party vendors and also possibly the caterer for such business ideas.
Freelance Business Writing
This is the type of business involves a lot of writing generally of the technical type and a lot of research on the subject matter to produce an original and copyright free article. The entrepreneur has to have a passion for writing to be successful in this job. This type of work is not bound by any time or work limit. It completely depends on the hours a writer is willing to spend for the work.
Online Book Store
This is the type of business involves book selling on an online based platform. If you are someone who owns a lot of books and want to earn some money from them, you can easily sell them online for some extra cash and free your house at the same time. Some of the online markets take care of the orders and parceling. For example: Flipkart, Amazon and so on.
This is the type of business involves promotion of the websites, writing blog posts and management of the websites of the clients where the consultant has to make sure that websites are optimized to the maximum in search engines. It is a growing business since most of the work is being brought to the online community.
This is the type of business involves managing the security system of establishments such as, apartment buildings, commercial offices, shopping malls, schools and colleges, privately owned houses and much more, by employing guards. The job of the Security agency is to find out people who are willing to work are security guards and employ them appropriately. To conduct this business, the Agency must have proper license and permits. To know more about the business ideas about the security guard license, click here.
It is a very common type of business where the entrepreneur sells clothing of latest or specific fashion to the customers. Normally, most fashion boutiques fall under the small company category but some can be high end brands as well. Good management and business skills along with a sense of creativity and fashion sense are very important for this kind of business.
These are all the information related to the business ideas of the small companies in India. This list hopefully will be very beneficial to those who want to start a business but do not know how to start or where to start.
More information related to this refer Company Vakil officials.