What are the Top Ideas to Start a Booming Small Business in 2019?Business Planning Consulting ServicesUpdated on Apr 29, 2019 View more like this | Visit India, UN | Contact Aditi Ahuja |
India has a thriving small and medium scale industry sector. There are more than 42.5 million SMEs across the country, which account for 95% of the nation’s total industrial output. These businesses produce more than 6000 different types of product and add to 45% of the total manufacturing output of India.
MSME and SME sector primarily comprises of manufacturing, and service industry. There are several different types of good small business mechanical engineering ideas that an aspiring entrepreneur can venture into. Including these businesses, lean manufacturing businesses is also doing well.
Manufacturing sector –
The manufacturing industry forms the majority of small and medium enterprises in India. It acts as a backbone of the vast industrial landscape of the country. SMEs and MSMEs in the manufacturing sector produces everything from spare parts to small household goods necessary in everyday life. Let’s take a look at some of the ideas for an engineering manufacturing business.
1- Spare parts – Manufacturing spare parts is a profitable and popular business across the country. The demand for spare parts increases as the country’s manufacturing prowess rises.
These spare parts primarily include components for machines used in larger industries and spares for various types of vehicles. It is by far one of the best manufacturing businesses in India at present.
2- Electronics equipment – Another booming small business idea for would-be entrepreneurs is electronics equipment manufacturing. Products like plugs, sockets, fuse-box, etc. as well as handheld tools like tester, pliers, and drills have a stable demand in the market. An entrepreneur can manufacture these tools and market them as his/her own brand.
3- Renewable energy – The demand for alternative energy sources has skyrocketed in recent years as the technology and expertise to manufacture such equipment have become available. The Government of India also actively promotes small and medium scale industries who manufacture renewable energy equipment. It is a good small business mechanical engineering idea and offers an exclusive business opportunity for mechanical engineers.
Service sector –
The service sector is the 2nd largest area of operations for SMEs and MSMEs. Small scale enterprises comprise approximately 24.63% of the service sector, maintaining an average growth rate of over 10% in the last few years. A growing number of entrepreneurs are operating in the service sector because of the availability of cheap yet skilled labour force in India. Let’s take a look at some booming small business ideas in the service sector.
1- Industry machinery and production line maintenance – The demand for skilled mechanical engineers to maintain and repair industrial machinery have increased significantly in recent years. It is a good small business mechanical engineering idea for entrepreneurs who are familiar with heavy machinery.
These service sector engineers are also an essential part of the small and medium manufacturing enterprises of the country.
2- Automobile service station – A growing economy has significantly boosted the sale of different types of vehicles in India. The demand for skilled mechanics and car service stations has also increased along with the number of car ownership. Furthermore, one of the most profitable manufacturing businesses in India has increased the availability of good quality yet affordable spares significantly, which have further aided this business.
The availability of easy financing options has played a key role in the growth of small and medium enterprises across the country. Financial institutions offer loans to eligible entrepreneurs at affordable interest rates, flexible tenors, and several additional features and benefits.
These booming small business ideas in manufacturing and its ancillary sectors are perfect for mechanical engineers across the country to start their tryst into entrepreneurship. One can easily venture into these businesses and create a stable source of income for themselves.
MSME and SME sector primarily comprises of manufacturing, and service industry. There are several different types of good small business mechanical engineering ideas that an aspiring entrepreneur can venture into. Including these businesses, lean manufacturing businesses is also doing well.
Manufacturing sector –
The manufacturing industry forms the majority of small and medium enterprises in India. It acts as a backbone of the vast industrial landscape of the country. SMEs and MSMEs in the manufacturing sector produces everything from spare parts to small household goods necessary in everyday life. Let’s take a look at some of the ideas for an engineering manufacturing business.
1- Spare parts – Manufacturing spare parts is a profitable and popular business across the country. The demand for spare parts increases as the country’s manufacturing prowess rises.
These spare parts primarily include components for machines used in larger industries and spares for various types of vehicles. It is by far one of the best manufacturing businesses in India at present.
2- Electronics equipment – Another booming small business idea for would-be entrepreneurs is electronics equipment manufacturing. Products like plugs, sockets, fuse-box, etc. as well as handheld tools like tester, pliers, and drills have a stable demand in the market. An entrepreneur can manufacture these tools and market them as his/her own brand.
3- Renewable energy – The demand for alternative energy sources has skyrocketed in recent years as the technology and expertise to manufacture such equipment have become available. The Government of India also actively promotes small and medium scale industries who manufacture renewable energy equipment. It is a good small business mechanical engineering idea and offers an exclusive business opportunity for mechanical engineers.
Service sector –
The service sector is the 2nd largest area of operations for SMEs and MSMEs. Small scale enterprises comprise approximately 24.63% of the service sector, maintaining an average growth rate of over 10% in the last few years. A growing number of entrepreneurs are operating in the service sector because of the availability of cheap yet skilled labour force in India. Let’s take a look at some booming small business ideas in the service sector.
1- Industry machinery and production line maintenance – The demand for skilled mechanical engineers to maintain and repair industrial machinery have increased significantly in recent years. It is a good small business mechanical engineering idea for entrepreneurs who are familiar with heavy machinery.
These service sector engineers are also an essential part of the small and medium manufacturing enterprises of the country.
2- Automobile service station – A growing economy has significantly boosted the sale of different types of vehicles in India. The demand for skilled mechanics and car service stations has also increased along with the number of car ownership. Furthermore, one of the most profitable manufacturing businesses in India has increased the availability of good quality yet affordable spares significantly, which have further aided this business.
The availability of easy financing options has played a key role in the growth of small and medium enterprises across the country. Financial institutions offer loans to eligible entrepreneurs at affordable interest rates, flexible tenors, and several additional features and benefits.
These booming small business ideas in manufacturing and its ancillary sectors are perfect for mechanical engineers across the country to start their tryst into entrepreneurship. One can easily venture into these businesses and create a stable source of income for themselves.
