It is a common myth that starting a business requires a considerable amount of investment. However, this is not true. You can start a business with a minimal amount of investment. In today's world, there are various opportunities for people to start different types of small businesses with less than 1 Lakh capital. All it requires is the right amount of knowledge about the multiple options available to choose from, that too of your interest. A few of these business ideas under 1 Lakh have been discussed in this article.
What are the Business Ideas Under 1 Lakh?
Online businesses have been thriving in the present decade. With the global pandemic, the rise of online businesses has increased. Some of these businesses under 1 lakh are:
The eLearning industry is one of the most profitable business areas. According to recent surveys, the eLearning sector is expected to see a significant increase in demand in the near future. So, if you're looking for work in the education or eLearning industries, you might start an e-tutor business in your location. It's one of the most lucrative 1 lakh investment business.
What's the best way to get this business off the ground? e-Tutoring services need a robust set of teaching abilities, a large pool of experienced teachers, or a teaching professional with a solid educational background. To get started with the e-Tutor services company, you'll need an amount of approximately 11,000 INR. You will need around 5000-6000 INR for developing and maintaining a website. For resources including materials and internet connection, it’ll take around 5000 INR.
Opening a Juice Counter
In India, the majority of the months are sunny with hot weather. To combat the heat and quench their thirst, many prefer fresh fruit drinks and mocktails. The juice bar company is one of the most successful and low-investment business ideas.
To open a juice bar in a city, you'll need approximately 25,000 INR to rent a place and buy a few assets for extracting juice from fresh fruits and other relevant items. Juicer, blender, strainer, fresh fruits, flavoured syrups, and disposable cutlery are just a few of them.
Services for Drop-Shipping
Drop-shipping services are crucial, and they are in high demand in every location. People and businesses want a dependable and rapid drop-shipping service for various business purposes; thus, the demand and scope of drop-shipping or courier services are broad.
What's the best way to get this business up and running? To get started with a drop-shipping service in a city, you'll need to pay approximately 35,000 INR. You can rent a storage and packing facility, employ a few people for the packing and collecting process. You’ll need to buy a few assets such as developing or purchasing an online website where people can place the order and packing materials with this amount. Packaging material, glue, a printer to print addresses on the packages, and other associated assets are some of the materials required for this business to start with 1 lakh.
The food sector's breadth of possibilities and demand is undeniable. The cloud kitchen is becoming popular to reduce the high startup costs and capital necessary to operate a restaurant or food bar. The cloud kitchen's philosophy is food delivery, with clean and excellent meals delivered to your home without having to spend a lot of money on a sitting space and ambience. They're one of the most popular company concepts right now.
To start this business, you'll need clean, well-ventilated cooking spaces as well as competent cooks. The initial budget is expected to be approximately 50,000 INR.
From small businesses to large corporations, every firm is increasingly looking for help in transitioning its operations to various digital platforms. Website flipping as a service is extremely popular these days and is one of the market's newest business concepts. So, if you're a techie with experience of revamping outdated websites into more unique and appealing versions or developing user-friendly smartphone apps, you may start a website flipping business. It's one of the excellent business ideas under 1 lakh. You may set your support charges based on your website or app design or development experience as well as the types of services you provide.
What's the best way to get this business off the ground? To get started with website flipping services, you must be skilled and proficient in creating or redesigning websites and applications with the newest and suitable programming languages. To start this business, you'll need a little amount of money, approximately 55,000 INR, to buy a few assets such as a high-performance laptop or desktop computer, as well as premium software or an interface.
For a business to start with 1 lakh, boutique services are the most in-demand and lucrative company concepts available. People nowadays prefer custom-made and one-of-a-kind designer clothes to mass-produced ones. So, whether you're a recent fashion design graduate or enjoy designing and creating beautiful garments, you may convert your hobby into a lucrative job. If you want to establish a small business with a low initial cost, focus your business strategy on boutique services. The best aspect about starting this business is that you can do it from the comfort of your own home, avoiding the high costs of rent and assets.
With an expenditure of approximately 25,000 INR, you may start the boutique services from home by purchasing a few assets connected to stitching and designing, such as an efficient sewing machine, threads, laces, borders, buttons, cloth, and more.
Unquestionably, content reigns supreme. So, if you enjoy writing blogs and articles, or if you have a strong history and expertise in writing-related services such as blog write-ups, website content, and SEO write-ups, you should consider starting a writing services business. You may choose the rate card for your help based on your writing experience and the sorts of services offered.
What's the best way to get this 1 lakh investment business off the ground? Writing services necessitate a diverse range of abilities, a keen eye for detail, and an understanding of editing laws and regulations. To get started with the writing services company, you will need an approximate amount of 20,000 INR to purchase writing and editing equipment.
Are you skilled at baking and looking for home-based small business ideas? Then you must devise a strategy for opening a bakery that sells delectable cakes, cookies, muffins, and hot-piping brownies.
To start offering bakery services from your house, you'll need to invest approximately 12,000 INR on a few baking-related assets. Oven-Toaster-Grill (OTG), baking materials, baking mould, weighing machine, cake tables, and baking accessories including scrappers, butter sheets, nozzles, spatulas, and blenders are just a few of them.
Establishing a Cafe
Cafes are gaining more and more popularity these days. People like to spend their time, have meetings and hang out in cafes. If you enjoy tea or coffee and are skilled at preparing it, make your dreams come true by starting your cafe. You may set it up perfectly with a minimal budget. It's one of the business ideas under 1 lakh where you can include coffee or tea and some savoury snacks. Self-service can be utilised to decrease fixed costs at first.
Setting Up Food Trucks or Vans
You may incur a lot of expenditures and overheads when you open a restaurant. Starting a food truck company, on the other hand, is one of the simplest and most lucrative enterprises on the Indian subcontinent. With an initial investment for this business under 1 lakh, a food truck business can be launched. Permits and licenses consume a significant amount of money. Other expenses include personnel, truck charges, raw materials, and so on.
Providing Tiffins or Homemade Food
With the rise of corporate culture, individuals are looking for delicious home meals regularly. Providing people with homemade tiffin foods can be one of the best ways to start your small business. Only a few employees would be required, such as cooking facilities, delivery people, tiffins, disposables, etc.
Event Management Services
Event management business is an excellent choice of business to start with 1 lakh. There are various kinds of events starting from birthday parties, weddings, formal events, personal, leisure or cultural events. You can choose a particular niche or provide options for multiple services. You can charge event handling fees that would include decor, photographers, catering and coordination of the whole event. Public relations skills are a significant advantage for providing this service.
Electronic Repair Shop
In this era of excessive use of technological gadgets like laptops, smartphones, etc., repair and servicing are genuinely needed for all office equipment and home appliances from time to time. The profit margin is pretty good with the selling of spare parts as per the needs. Annual Maintenance Contract (AMC) can also be taken for servicing equipment from the clients. The investment would aid in implementing software for hardware and software repairing, application software, some technicians, etc. Therefore, 70,000-80,000 INR would be required for starting this business.
Working as a Dietician or Nutritionist
Diet and nutrition-based advice is in high demand due to rising levels of obesity and a desire to live a healthier life. Clients can receive these services both online and offline. After establishing the 1 lakh investment business, individuals can be provided with a healthy diet based on their body and requirements for a monthly fee. To consult your clients, all you need is a modest office and a weighing machine.
Craft classes can be started for children and even toddlers to help them enhance their skill sets. In this option, a small space is initially required with some advertisement expenses. These classes can also take place on an hourly basis. Around 25,000 INR is required for the starting of such classes.
One can give HR services as well. For that, you need to tie up with different MNCs and fulfill their vacancy requirements by hiring the right people with the appropriate level of skill set. A commission can be charged when the company employs the employees. 1 lakh investment business is required with an office space and some employees to coordinate things at their end. Some advertisements may also be necessary for setting up this HR business.
Becoming an insurance agent of reputed companies such as SBI, LIC, etc., is effortless these days. You have to fulfil a few criteria and pass simple exams. Once done, you are not only paid a handsome amount for getting insurance but also get commissions on future premium payments along with a lot of add-on benefits. Since insurance is essential in financial planning, this is one of the evergreen small business ideas under 1 lakh.
The need for translations has increased a lot with more interaction between people of different countries, cultures, and backgrounds. Many people who know regional and vernacular languages are now first-time internet users. Thus providing translation services is becoming an emerging business opportunity. The only requirement is to be fluent in your language, which can help you fetch a good amount of money and start your own business. It will also allow you to grow your business across various geographical boundaries.
With the rise of illnesses and the demand for better and more inexpensive health care services, medical tourism is becoming more popular. A growing business opportunity with little investment and excellent returns is obtaining adequate information and delivering custom-made services for all the medical demands of a patient seeking medical help outside of one's city.
Be your own boss by starting any of the above given small business under 1 Lakh. We hope the article provides you with the various options available for starting small businesses that require a minimum amount of investment below 1 Lakh. Sharpen your skill and develop a proper business plan to create lucrative businesses with minimal investments. Download the Khatabook app for more business-related tips.