You can start any business alone to invest your time, money and energy into something you love.
If you have a great business idea in your head and you want to execute and run that business the way you want, then you can start a one-person business.
This article provides complete information related to starting a One-Person business in India, One-Person Business ideas, business loans and more.
So here we go,
In this Post,
➤ Things to know before starting a One Person Business
➤ Advantages of starting a One Person Business
➤ One Person Business Registration in India
➤ How to get Business Loans
➤ One Person Business Ideas in India
➤ Tips to start a One Person Business
Things to know before starting a One Person Business
No matter how much planning and research we do before starting any business, unexpected challenges come our way once the actual business is launched. So we must have a backup plan.
So if you have another source of primary income, you can start this business initially as a side business. Once everything is set and the business starts earning you income, you can switch to full-time.
Or if you have a backup plan then you can start this business full-time.
Once you start the business, you should be prepared to face whatever financial or personal obstacles come your way.
Advantages of starting a One Person Business
✅ You can make your own decisions. You will be able to run your business according to your vision.
✅ 100% your business. If you start a one-person business you own 100% of the business. You are solely responsible for profits and losses.
✅ You get the reward for your hard work. If there are business partners, even if they don’t put in as much effort and hard work as you, you have to share equal profit with them
✅ There is no disagreement on future expansion. When you have business partners, each partner has different expectations from the business. When your business is successful each partner has a different opinion about the future expansion of the business.
One Person Business Registration in India
Business registration is mandatory for running any business in India. So you need to have proper knowledge about the types of business registrations available to start a One Person Business.
So, if you want to start a business alone in India, you have two options to register that business,
1. Sole Proprietorship
2. One Person Company (OPC)
You can choose any one of these two.
🔷 Sole Proprietor Business
This business is formed by the owner himself and he reserves the right to close the business at any time. In this case, the owner himself is responsible for all loans, credits and losses. The owner only has to pay his personal income tax on the profits he makes from the business.
🔷 One Person Company (OPC)
This is a company formed by only one person as a shareholder/member. In this case, the liability of the owner/shareholder for loans, credits and losses is limited. The owner has to pay separate income taxes for himself and the company.
You cannot form a private limited company or LLP as they require more than one shareholder/member.
How to get Business Loans
If you lack capital before starting any business you can approach any public or private sector bank for a business loan.
With the proper business plan, you can visit your nearest bank. Having a business plan is very important because it shows the confidence and seriousness you have in your business.
There are many types of startup loans and government MSME loans are available for small businesses.
The type of business loan available for your business depends on the type of business like manufacturing, trading, service etc.
Even though you are applying for a loan for your business as you are planning a one-person business, having a good credit score is very important.
One Person Business Ideas in India
➤ Provide Handyman Services. You can register yourself on websites like ubancompany.com and provide home repair services based on your skills.
➤ Open a Tattoo parlour. If you are a creative person and have a passion for tattoos, you can open a tattoo parlour in your area and earn a good income.
➤ Sell Digital Products. Depending on your skills you can sell digital products like ebooks, online courses, graphic design etc.
➤ Start a Youtube Channel. You can start a YouTube channel on a niche you are a master of OR you can make a daily life vlog channel and earn a huge income.
➤ Buy and Sell used Cars. If you have the knowledge and a craze for cars, you can buy used cars and then sell them at a good profit.
➤ Sell Handicraft Items. If you are a creative person you sell handicrafts online and offline including jewellery, home decor, fabric handicrafts and personalized gifts.
➤ Become a Trader. Everyone knows that we can make big money in the stock market. So you can become a full-time trader. There is also a risk, so before starting you should fully understand how the stock market works.
➤ Online Language Teaching. You can teach people online who want to learn your regional language or English language. There are several websites available for this, you can register.
➤ Become a Real Estate Agent. Many people want to buy, sell and rent properties like houses, land etc. By becoming a real estate agent you can connect buyers and sellers and earn good commission.
➤ Do Freelancing Jobs. There are many freelance websites like Upwork, Fever etc. You can register yourself on any of these websites and provide services like graphic designing, copywriting, video editing etc.
➤ Become a Consultant or Coach. You can provide online and offline consulting services for businesses, careers, and finance OR Coaching services for fitness, life etc.
➤ Sell Online. If you have something to sell, you can list those products on e-commerce platforms like Amazon, Flipkart or open your own eCommerce store.
➤ Vending Machine Business. Buy vending machines and place them in high footfall areas like shopping centres, bus stations etc. and earn a good income.
➤ Start Blogging. Start your own website in a niche that interests you and write articles on interesting topics. You can earn good income from AdSense, affiliate marketing etc.
➤ Rented Car Service. Many people require a rental car and driver. So you can buy a car and drive yourself and provide service to those who need it.
➤ Provide Pet Services. Many pet owners have busy lives and need people to walk, groom and train their pets. So you can provide these services and earn some income.
➤ Social Media Manager. You can manage the social media accounts of celebrities in your area and charge for your service on a monthly basis.
➤ Grocery Delivery Service. Big grocery delivery companies like BigBasket, Blinkit etc., do not provide services in tier 3,4 cities. So using this opportunity you can provide grocery delivery services and earn good money.
Tips to start a One Person Business
Just because you’re running a one-person business doesn’t mean you have to do every job on your own.
You can take suggestions from business consultants and for professional work, you can hire freelancers.
No matter how confident you are in your business plan, don’t invest all of your savings in the business.
Focus on marketing and sales as you focus on establishing and managing the business. These two factors are very important for the success of your business.
Just as you have a backup plan if your business fails, you should have a clear vision of future expansion if your business suddenly becomes successful.
We hope this guide to starting a One Person Business in India and the list of One Person Business ideas in India have helped you start your dream business. If you like this article please share it with your friends.