It is obvious that businesses play an important role for the entrepreneur, society, and the economy of the country. However, it is considered extremely difficult to strategize and make the venture sustain itself amidst all this competition, government policies, and business cycles.
A business requires huge capital and carries with it the risk of failure, which is the core reason people do not try entrepreneurship. This fear is paralysing for them, stopping them from stepping out of their comfort zone and living this challenging yet adventurous journey.
But what if we could somehow remove this failure? What if we could remove the risk? Will you still be in your comfort zone or take a leap of faith in yourself?
In this article, we have pointed out 5 business ideas that have negligible chances of failure, so that you can embark on your beautiful and thrilling entrepreneurial journey without worrying about failures.
1. Dropshipping
Dropshipping can be a great business idea because of its fairly simple business model. It involves partnerships with manufacturers or intermediaries like suppliers. The core essence of this model is that it enables the business owner to sell products to customers without having to stock physical inventory; you are just required to receive the order, and the partners will handle the rest of the job. Dropshipping is gaining popularity these days because of its great benefits, like the flexibility to operate it from anywhere with the availability of the internet and low investment requirements.
For people who want to enter the massive and ever-evolving E-commerce space, dropshipping has become quite an efficient and practical option. India is a growing market for it, which makes it the first choice for people who don’t want to store physical inventory themselves.
To get started with your dropshipping business, you need to first find a suitable partner for yourself. Some of the great options are Shopify, IndiaMART, and Baapstore.
2. Event Management
If one has a spark for planning and organizing beautiful as well as memorable experiences, one should consider the shiny and exciting world of event management. This humongous industry stretches from creating small conferences to glamorous weddings and huge concerts. You, with your great organizational skills and fine attention to detail, can transform the vision of your clients into reality. This involves great management skills as you have to manage logistics, catering, budget, decor, guests, and entertainment simultaneously.
This business idea can help you learn the art of management and become a gateway to success, as it will allow you to create some of the most impactful events. In this business, every event will act as a marketing campaign for you. Hence, event management can be a great business to get into; this industry is booming in India, and this is a great time to try your hand at it.
3. Coaching industry
The coaching industry in India has been booming ever since its inception. Students, seeking admission to prestigious colleges and other universities that admit students based on entrance test scores, are willing to pay hefty fees. In addition to that, government sectors also select candidates based on exam scores. Given the high returns, individuals with financial means don’t really hesitate before enrolling in these coaching classes.
In the field of education, tutors and coaches have witnessed an increase in popularity among students who are willing to gain an edge over their peers. Technology these days is also acting as a significant and important promoter for the advertising and publicity of these institutes as well as teachers. As teenagers spend a significant amount of time on social media, the coaching industry is spending heavily on such platforms. The amalgamation of tutoring and coaching with technological advancements has completely revolutionized both the education sector and the way it connects with potential customers. So, this can be a great business idea if you have a passion for teaching and education.
4. Tiffin Service
The tiffin service business is currently extremely popular in India due to its relatively simple yet effective business model. This business model involves cooking as well as delivering delicious and homely meals to those individuals who are residing away from their homes or hometowns due to work. This kind of service is not only demanded by working professionals but also by students who move to a different city for education.
With just little tweaks and changes like a customized menu, daily meal plans, and good taste, you can get loyal customers. This kind of business usually gets famous by word of mouth, so unless you are delivering value to the customer, you are good to go.
These days, no business can survive easily without integrating technology into their business; hence, you can tie up with food delivery apps or create your own app, website, and WhatsApp presence, which will lead to exponential growth.
Hence, by catering to the demands of customers and integrating technology and some new changes, you can achieve great success in the business of tiffin service.
5. Digital Marketing Agency
Digital marketing is an area that is in huge demand right now because of its increasing market. Every business is either fully or partially migrated to digital marketing. From website creation to Instagram advertising, this agency covers them all.
This business requires a great set of skills, but these skills are not very difficult to learn these days due to various free and paid learning platforms. Once a person requires such a skill, they can fulfil the demand of clients, and this business doesn’t even require a huge office or employees at the beginning, but there is no doubt that it has the potential to grow really big.
Summing Up
In conclusion, these are some of the best fail-proof business ideas that have the potential to grow big with a negligible chance of failure. Ultimately, it is the product, service, and entrepreneur who lead a venture toward success.
