Small businesses are critical to India’s economy as they contribute to 30% of the overall GDP. There are around 63.4 million small business units across the country. And women in India own over 20 percent of all micro, small and medium businesses in 2021.
A woman depending on her skills can start a business. There are government loan schemes available in India to start a small business.
These schemes offer loans ranging from 50,000 to 10 lakh at a 10% interest rate under the PM Mudra scheme and 11-14% for bank loans.
In 2021 the business landscape is changing fast due to social distancing and lockdown. It has also accelerated the growth of businesses that you can start from home.
Here are some of the best business ideas for women in India you should consider when starting your venture.
Setup Your Online Makeup Store
According to a Statista report, the cosmetics industry is one of India’s fastest-growing sectors and amounts to US$6,226.7m in 2021, and is expected to grow annually by 7.71% from 2022-2025.
There has been significant growth in international cosmetics brands like Maybelline, Avon, Burberrys, etc. Several domestic natural, herbal, and ayurvedic products are gaining massive popularity in India. It is a great business opportunity for women in India as they know how to deliver the best.
Women can have their makeup store, salon, and spa center. It is one of the great business opportunities for young women entrepreneurs. The nail art studio has also become popular among ladies, so why not make it a business. To set up an online makeup store, women should keep in touch with recent trends and be the best in the field.
Start a YouTube Channel
YouTube channels provide informative and helpful videos to plenty of viewers. It is a great business idea for women as YouTube channels are legitimate in India. You will only need a camera to film videos.
You can start with a high-quality smartphone and some professional video equipment. It will cost you a couple of hundred rupees somewhere between Rs. 3K to 1 Lakh per month, depending on your data usage.
It is advisable to use a high-quality microphone, high-speed internet connection, and video editing software. YouTube is an excellent source of information that can help small entrepreneurs to reach their target audience.
For example, you start your channel for some motivational videos, beauty tips, DIY makeup, cooking, interviews, family blog, health tips, and so on. Initially, focus on one niche; once you get a good number of subscribers and views on your videos, you can extend your channel to do more with it.
Become a Social Media Influencer
Becoming a social media manager requires experience in social marketing and know-how to operate ad campaigns, analyze results, and track ROI. Billions of people are on social media and using Facebook, Instagram, LinkedIn, and Twitter for business. If you have experience with social media marketing and know-how it works, you can start a social media consulting firm.
Starting your social media agency is a good business idea for women in India, as most businesses use social media platforms for marketing strategies. You can offer several packages as a start-up service. You should understand social media as a marketing tool. Research suggests that ad spending in India’s social media advertising is projected to reach the US $1,005m in 2021.
For example, engagement on Instagram and list building on Facebook would be better goals than sales. With the social media channels like Instagram, consumers are increasingly looking for influencers for product marketing.
The reason is, social media influencers help people with their purchase decisions. Today people like to look at genuine product reviews and photos before they will buy a product. That's why becoming a social media influencer is a great business idea for women in India.
So if you are an aspiring businesswoman, I advise you to take a step ahead and leave no stone unturned to become a social media influencer.
Start Digital Selling
If eCommerce is an area you’re looking to explore, trying to get the hang of it can become a little competitive, but there are plenty of benefits. It is a perfect business idea for women in India, as gone are the days when you need to step out of your home to open a shopping store. Today selling products online on e-commerce platforms like Amazon, Nykaa, Etsy, Myntra, and Flipkart is a lucrative business idea for women in India.
To start digital selling, you need to be creative, and you can quickly get vendors for your products. And you’ll get swiftly paid for your work as simple as that. The eCommerce market in India is one of the fastest-growing in the world. It is profitable to sell online in India. Nevertheless, India’s number of online shoppers is expected to increase to 220 million in 2025 from 80 million in 2017.
Choose a website that suits your brand the most and start selling online to attract potential customers.
Women are opting for app and web designing businesses. Apps are used by thousands of people globally that solve a range of problems from online food ordering to booking beauty appointments, safely booking cabs, or addressing the employees’ concerns at large firms. Of course, starting up a business in the app development industry can be tricky for women, but with the right approach, there are many ways to create ideas for new apps.
One benefit of having your app development firm is that you don't need advanced coding skills to build certain apps. You can learn about how you can build apps with little or no coding skills. Research needs to be done to find the most successful apps in your niche, look into their marketing strategies, and every small detail like their app description, presentation, reviews, etc. You may be able to find a unique app idea that people are looking for.
Virtual Assistant Service
Starting a virtual assistant business is one of the best business ideas with very low overhead. You will need a fast internet connection, general office supplies, a laptop or computer, and basic software programs. You’ll need to set up your workspace to be located in a quiet area of your home where you can take calls without distractions.
A virtual assistant business assists administrative, technical, eCommerce firms and small business owners. As a virtual assistant, you won’t need to travel to a designated place. You can start this business from your home. However, this doesn’t mean you should work from your bedroom. It’s good to have a designated area at home for your virtual assistant services.
Virtual assistants are in high demand by eCommerce firms for every kind of marketing activity, customer support, and live chat.
Online Writing / Blogging
Another small business idea for women is online writing, freelance writing, or blogging. The rise in online marketing has escalated the demand for content creators. Businesses are looking for professional writers to create content for their digital marketing that helps them to win over their competitors.
Online writing, blogging, or freelancing is the most lucrative small business idea for women in India as there is no need to invest and you are also not bound to work in fixed hours.
You can start writing right from the comfort of your home. It would be best to creatively pen your thoughts to become a good freelance writer or blogger. Depending on your expertise and niche, you can opt for pay-per-word that can range from INR 1 to INR 5 for monthly payouts.
You do not always need to work from home only. Without investing in your privately owned office, you can work from shared office spaces. Freelancers are working from cafes and pubs by sharing the expenses. They get to work with people in a completely new way and beyond their professional domain.
For women in India, starting a business is now easy. It’s just about living your dream. You can choose any of these innovative business ideas and become financially independent. Follow your passion.