The Indian manufacturing industry relies
heavily on mechanical manufacturing businesses to provide spare parts, tools
and components. Thanks to the immense rise of the manufacturing industry, small
scale mechanical business ideas have become one of the most lucrative
enterprises to invest in this year. However, the main concern for entrepreneurs
is always funding, but to overcome those hurdles private Banks, NBFCs and
government has launched so many options like, Mudra Loan, Startup India and
many other initiations.
A businessman can choose between various mechanical business ideas to start from. Lets’ take a look at some of the best –
- Machine shop – Mechanical shops perform general repair work or designs spares according to special orders. The things you need to focus on will be client satisfaction delivering quality material on time, they are looking for.
- Scrap metal business – Scrap metal businesses primarily deal with salvaging and recycling. The recycled metal is then used to manufacture other products.
- Nuts and bolts manufacturing – Nuts and bolts are essential for every machine. Manufacturing these essentials is one of the most affordable and profitable mechanical business ideas.
- Machine maintenance – Automation makes the process of keeping track of logistics significantly easier. That’s why mechanical engineers are embracing warehouse automation. As the number of automated systems increase, the demand for specific equipment has also increased creating a niche product market for them.
- Making household gadgets – Manufacturing household gadgets like coffee makers, blenders, vacuum cleaners, etc. is a great mechanical business.
- Solar Panel Manufacturing - As the world is moving towards environment friendly initiation, the solar industry is continuously booming. The industry and manufactured products under this technology is in demand, so hassle free it could be a good idea if you want to start a business with it.
- Manufacturing green energy systems – As the trend for renewable energy increases, the demand for solar cells and wind turbine grows exponentially. It is a great mechanical business to start.
Rather than above discussed there are numbers
of other business you can start in mechanical industry like product assembly
services, mechanical engineering consultants, machine designing and building
and other more.
Funding Options Available for Your Business
There are quite a few options when it comes to
business loans in India. A small business owners have the option to choose
between a number of types of business loans like Line of Credit Loans,
Installment Loans, Balloon Loans, Interim Loans, Secured And Unsecured Loans,
Letter of Credit and Alternative Financing.
One can also opt for Working Capital loans to
take care of the regular running of business during a low phase. One can also
opt for Equipment Financing loan so that one can buy or upgrade one’s equipment
to make the production more affordable and less time consuming.
The advantages of business loans is that all
these loans have moderate rates of interest and a sufficiently long tenure that
can help the SME gain the required funds and pay back the creditor on time.
Those who opt for Flexi loans find it even easier to make their repayments. The
eligibility criteria and interest rate might slightly differ from one another
but they are within the means of most SMEs.
