Women have often been underestimated as independent business professionals. However, in the last few decades, due to better access to professional education and a change in societal perception of women entrepreneurs, around 126 million women worldwide and some eight million women in India, have started or are already running their own businesses.
Starting a business is not simple, especially in India, where the market is full of innovation and competition; opportunities and challenges. Being a women entrepreneur comes with unique challenges that need to be tackled aggressively, if the business venture is to be successful. Business finance is also one of the major challenges that people generally face as a hindrance. However, the issue could be overcome as now these days numbers of Banks and NBFCs are offering business loan for women at very affordable interest rates.
Thanks to the internet, many businesses are thriving with a customer base spread across the world. E-commerce ventures require minimal capital and can be operated from virtually anywhere in the world. With a global platform, proper understanding of market dynamics such as target audience and product philosophy, women entrepreneurs are finding new niche markets that promise greater returns than ever before.
Business ideas for women to start in 2019
The fundamental responsibility of children and family comes naturally with being a woman. Hence, a business idea that can allow women to balance their professional and personal commitments are always preferable.
Here are a few promising business ideas for women to explore in 2019.
Depending on your product and target audience, an online store is an excellent idea. Stationary, books, apparel, kitchenware, electronics etc. are some of the products that you can sell online. However, to stand out among the competition, your product idea needs to be properly validated in terms of market size and revenue potential.
The cost of manufacturing and shipping is another factor that must be considered before deciding the business product or services.
For any online business, a web domain, web hosting and Special Security Layer Certificate (SSLC) are essential. User experience needs to be kept in mind while evolving the design of the website to maximize traffic and increase completed sales percentages at checkout.
If you’re a stay at home mother, affiliate marketing is an excellent business opportunity. It means marketing products for a third party company. As an Affiliate Marketer, you don’t sell the product; you become a part of their sales funnel. By hosting ads about the product, you direct potential buyers to the original manufacturers’ website.
They work as per the pay-for-performance rule, where the marketer gets commission only when an actual sale is completed.
To become an Affiliate Marketer, you have to choose the niche, identify a product and sign up with the relevant Affiliate Marketing Program. Research about products, the commission rate, and the supplier you are affiliating with must be done beforehand.
Once you choose your niche and enrol in the program, host their ads on your website and start developing content for the products.
Opening a restaurant, though lucrative, demands multiple skills. Hence, when you plan to open a restaurant, make sure you have a team that can handle the commercial, financial and marketing aspects of the business. The location of your restaurant, customer demographics and the pricing of the menu are the most crucial part of the business.
The capital cost and the working capital cost can be incurred, as various start up loan are available in the market for restaurant start-ups.
If you have a creative knack and you want to monetize it, then an online gift shop is the best idea for a startup. In an offline gift shop, you can operate from home, while you take orders from the customers and sell them your products, in person. However, this will narrow your consumer reach.
An online gift store will demand effective advertising for the products along with the website and delivery cost for your products. The initial investment for the raw materials will depend on the products you offer.
Nationalized banks have started many schemes and loan facilities to encourage women entrepreneurs. Some of them are Bharatiya Mahila Bank Business Loan, Dena Shakti Scheme, Stree Shakti Package For Women Entrepreneurs etc. Before applying one should check the business loan documents and eligibility criteria that lenders will check.
For instance, Bajaj Finserv provides business loan for women, to give their business ventures wings. The loan offers a cap amount of 30 Lakhs with flexible tenors and loan application approved within 24 hours.
The business loan for women come with Flexi Loan functionality, where you can withdraw funds as many times as you need and pay interest only on the amount utilized. Repay the loan over the long term, thanks to extended tenor, reducing your EMI by up to 45%. Similarly, Bajaj Finserv Business Loan provides you with pre-approved offers, which can be availed by sharing just a few necessary details and checking your pre-approved loan offer.