Many people wrongly assume that setting up a business in a town is harder than starting a venture in a city. However, recent trends show that entrepreneurship has really taken off in tier II and III cities. The fact that the majority of the population resides in small towns and rural areas means that there is a sustained demand for products, which means a higher chance of success. In this article, we list a few business ideas that are perfect to be started in a small town and sure to fetch you good returns.
- Rent Space for ATM – Small towns usually don’t have a high density of ATM machines. So, if you have enough space in your home or property that is lying vacant, you can make some good money out of it by renting the space for an ATM to a bank. Banks usually take space on rent for a couple of years and then renew the contract every two to three years. And the best part is that you get a fixed amount from the bank every month without having to spend a single penny.
- Start a Franchise – One of the safest ways to do business is by starting a franchise. And there are many reasons why you should go for this option. Firstly, you’ll get to deal with the products and services of a popular business that has an already established market share. Hence, you will not have to invest any of your time in market testing. Secondly, there is also very little chance of the business failing because the business has already been established on a proven idea and has succeeded too. Another advantage of franchising is that you get all the support that you require from the company, so you don’t need to take help and support from others. To shortlist the best idea from the many franchise business opportunities, you first need to decide which industry you want to enter and thoroughly research your options. Understand the pros and cons by doing a simple analysis of the costs, location, and the company you are investing in. Identify the right location and secure the initial investment before you approach a franchisor with a proposal. Make sure to visit existing franchise outlets to get the basics of the business before signing the dotted line.
- Jute Bag Making – Our country is slowly turning eco-friendly. And the change has been welcomed by almost all industries. One such industry is the accessories industry. Most bags today are made out of eco-friendly materials and jute is one of the most popular raw materials for the same. There is a huge demand for designer jute bags and the demand is on the rise. You can start making jute bags right at your home with a few simple tools.
- Bakery – The food industry is pegged to grow at nearly 10% in the coming years and become a leading employment generator as well. And currently, baked goods like cakes, cookies, and bread have a huge demand among people, which makes it an excellent business idea. Select the products you think you can make, follow a good marketing strategy, and you are good to go!
Thus, there are ample ideas for young entrepreneurs to start their own businesses. Once you zero-in on an idea, the next step requires you to develop a business plan. Good luck with your new venture!
