Mumbai, India’s financial hub, is easily one of the most favourable cities for people wanting to kickstart their entrepreneurial journey. From excellent infrastructure to networking opportunities, the city of dreams promises a thriving startup ecosystem. Many startup ideas exist, but some innovative ventures require minimal investment. We will be discussing five such enterprise concepts that promise prosperity this year and how to finance your small business!
Five best small business ideas for aspiring entrepreneurs in Mumbai for 2024
- Homemade food delivery
Are you good at making delicious homely meals? Then, you can cash in on your culinary skills by starting tiffin services! Mumbai is home to several college students, working professionals, and skilled labourers who come from different parts of the country to build a better future for themselves. They are primarily bachelors who neither have time to cook nor can they afford to eat restaurant food daily. What they genuinely miss in the fast-paced city is ‘’ghar ka khana’’ prepared with love. In such times, your business can prove a saviour for them!
- Makeup services
If you have a flair for doing makeup and aspire to take your talent to the next level, you can become a certified makeup artist in about six months! Once you get your name out there, you can tap into opportunities from various sectors, ranging from bridal makeup to the dynamic film industry.
- Yoga classes
With more people in this fast-paced city willing to invest in their physical and mental fitness, India’s ancient yoga practice is becoming increasingly popular. If you are passionate about yoga, have the required certifications, and aspire to start a small business in Mumbai with minimal capital, there’s nothing better than offering yoga classes. You can conduct them in your home, community hall, public garden, or even through online platforms!
- Printed graphic T-shirts
The youth in Mumbai is highly influenced by pop culture. They want to wear sassy, quirky, and fun clothing that gets them noticed in the crowd. So, starting a printed t-shirt company is one of the most lucrative small business ideas! All you need is unique ideas, graphic design skills, a tie-up with a printing place, an e-commerce website, and a social media presence to market your business.
- Wedding photography services
Each year, tens of thousands of couples tie the knot in the city! One person that weddings cannot do without is the photographer. If capturing precious moments of people during celebrations is your expertise, wedding photography in Mumbai can earn you hefty bucks. The only initial investment required is high-quality photography equipment!
How to finance your small business?
Thinking about innovative small business ideas is the easiest part. What is more mind-boggling is figuring out the finances. Self-funding your startup using your savings and donations from loved ones is suitable for the beginning. But when it comes to sustaining and expanding your venture, exploring other business financing solutions is the way to go!
One of the methods to secure the necessary funds is by taking a small business loan, which has many benefits, including:
- Quick fund disbursal
- Minimal documentation
- Hassle-free online application process
- Availability of collateral-free business loans
- Affordable interest rates
- Multiple payment channels
Applying for a small business loan with Manba Finance
If you have the fire burning inside of you for starting your venture, Manba Finance is ready to fuel it! You can get a quick business loan of up to ₹10 lakhs from the comfort of your home. Here is a step-by-step application process:
- Step 1: Check the eligibility criteria to assess if you can apply for the loan.
- Step 2: Review the document checklist and gather everything you need.
- Step 3: Using the Vyapar Loan EMI Calculator, determine a comfortable loan tenure.
- Step 4: Fill out the application form for the small business loan.
- Step 5: Get the loan amount in your bank account within four days of approval!
