Entrepreneurship isn't about coming up with ideas that no one else has, but rather making them happen in a way that no one else has. There is no shortage of business ideas but one must choose the right one. Finances are another critical aspect of starting a business. No worries if you don't have much money to start your own business. Many businesses can be created with an investment of fewer than 10 lakhs but the rewards are substantial. This article focuses on businesses under 10 lakhs that are simple to start and grow. We've covered everything from online businesses to high-growth startups and small-scale operations with low startup costs and a steady stream of revenue.
Did you know?
India has the world's third-largest startup ecosystem, with a year-on-year growth rate of 12-15%.
Best Business to start with 10 lakhs in India
Here is a list of 10 profitable business ideas in India that require the investment of less than ₹10 lakhs:
Food Services
Due to COVID-19, customers are turning to food delivery services to bring their meals right to their front doors. Online platforms like Zomato and Swiggy make it simple to order meals. So, launching a food delivery service is a smart move.
Healthy, nutritious food is in high demand in the market, and many people have turned their passion for cooking into a full-time career. As an alternative, you can begin your company by opening a restaurant in your neighborhood that serves popular or requested dishes. The initial investment required is modest, and it includes the purchase of raw ingredients as well as the hiring of knowledgeable and skilled personnel, such as a chef and other support staff.
Also Read: How To Start A Laundry Business In India
On-demand Cleaning Services
Professional cleaning services for offices, homes, and restaurants are always in high demand.
The market for cleaning companies in industrial buildings and medical facilities has also expanded dramatically. People are becoming more concerned about sanitation and health, causing them to be picky about how they live. Starting a cleaning service through an app benefits both businesses and customers. With more customers requesting cleaning and disinfection services, an app provides a relatively simple way to interact with and purchase from service providers.
Starting a cleaning company is a lucrative business under 10 lakhs on the list. A home-based small business idea is to start a cleaning company. In every household, cleaning is a necessary task. It is possible to start a small business and expand it as your profits rise. Contacts for cleaning homes, commercial buildings, event venues, water tanks, and wedding venues are all within your reach.
The amount of money needed to start a cleaning company varies. It's in the ₹2-5 lakh range. Starting a large-scale business will cost you between ₹7 and ₹8 lakh.
Delivery Services
- Food delivery is typically the first thing that comes to mind when considering delivery options. To begin, however, one can deliver anything to customers, including food from a restaurant, groceries from a supermarket, flowers, gifts from a store, and dry-cleaning picked up and delivered. Although on a smaller scale, a logistics service provider can provide express delivery services across India.
- The bulk of your money will be spent on streamlining the supply chain. Because you are not required to produce anything, all you need to do is collaborate with local retailers and meticulously plan your delivery system.
- In some cases, local delivery systems may already be in place. It's possible that these places, which may only have a limited delivery range, can be reached through you if your delivery radius is larger. It's hard to attain immediately but focus on the fact that you maintain and build on your unique selling proposition (USP) and deliver excellent customer service.
Tours and Travel
- Today more and more people are willing to spend on travel. It is your job as a travel agent to research, plan, and book travel for your clients in accordance with their wishes. While standard tour itineraries can be planned well, sometimes, a customer's specific wants and requirements necessitate a more personalised approach to travel. When you think outside the box and conduct thorough research, you can create an incredible journey for your customer.
- Working from home and creating a tour itinerary for your clients is an excellent way to get started. Bulk booking can help you get better deals and may even increase your profit margins if you're planning trips for educational institutions or corporate offices.
- Even within the holiday planning industry, there are niche slots, such as holidays aimed solely at children, family holidays, weekend getaways, for newlyweds, for students, for those seeking exploration and adventure, cultural and educational, religious excursions, for senior citizens, and so on. You can become successful by specialising in a specific type of vacation.
Art and Craft business
- It's possible to make money while expressing yourself creatively. A craft business is an excellent idea. There are endless opportunities to sell your crafts online, but you'll need to get your name out there to make this a real business.
- Those who are talented in the arts have a lot of time to express themselves through their work. Artists have everything they need to sell their work online and have it shipped directly to the customer's home or office. As a way to establish a presence in the market, virtual art exhibits can be held, or paintings can be displayed in a gallery if the artist has enough space for the event.
Online Store
- The process of opening a physical store is arduous, complicated, and expensive. Starting an online store, on the other hand, is relatively cheap and simple to set up. It's one of the best home-based business ideas under 10 lakhs. All you have to do is set up a website for your business and post the products and services it offers.
- It is possible to start an online business in your specific niches, such as a clothing line, handmade goods like cookies and cakes, or a line of custom jewelry. Less than 10 lakhs investment is required to launch an online store.
- You should pay attention to the packaging and branding of your products when sending them out for delivery. It's also a good idea to post high-resolution images of your products with detailed descriptions on portals. To get the word out about your business, use every tool at your disposal, from word-of-mouth to social media.
Home Maintenance Services
- Everyone, from individual homeowners to managers of apartment or condominium complexes and smaller retail and commercial establishments, requires repair and maintenance services. Companies that offer these services typically charge a yearly fee, and customers can contact them at any time without any issues.
- You can begin by offering services such as electrician, cleaner, plumber, pest control, electronics repair, water purifier maintenance, carpenter, and so on. The idea is that all of these services are just a phone call away and that your company is a one-stop-shop for all of your customers' maintenance requirements. You can start the business from home if you have a phone, a computer, and access to the internet. A vehicle, tools, and a team to make house calls may necessitate some investment.
- Scheduling jobs daily will require good organisational and logistical skills. This ability will come in handy as your business grows and your organisation becomes more complex. Along with good skills, you'll need people who have good communications skills, as the business will be heavily reliant on overall customer satisfaction.
Fitness Center
- Having a fit and healthy body is now an absolute necessity. People are also willing to part with a substantial sum of money to achieve this long-sought physical fitness. As a result, opening a fitness center is now a lucrative venture with high odds of success.
- Cardio and weightlifting equipment, as well as competent trainers and managers, are required for the daily operation of a fitness center. The target population, market demand, local competition, and supply, as well as other factors, should be thoroughly researched before launching a product.
- You need to promote your business, whether it is through advertisements, printed flyers, or the internet. You can offer attractive deals and services to attract more clients, such as diet consultations. Classes for power yoga, pregnancy exercises, and other forms of exercise such as aerobics, Zumba, etc., can be made available to customers to meet their various needs. Using a Facebook page and a YouTube channel to gain more customers can be extremely beneficial.
Gadget Store
- An IT or gadget store is the best business to start with 10 lakhs in India. We are living in the internet age. There aren't many people or places that don't have at least a couple of smartphones, laptops, or desktop computers. Gadget stores are very popular.
- Consumer electronics such as headphones, mobile phones, home theatre systems with speakers, gaming consoles, virtual reality systems with cameras, and so on are all viable products to market. It's a great time to open an IT store or a gadget store because of the rising demand.
- There has been an increase in the demand for electronic devices, which means that a store with a wide selection of devices for sale and knowledgeable sales staff can easily find its place in the market. The store can also be moved to an e-commerce portal to improve consumer convenience and profitability for the proprietors.
Digital Marketing Agency
- A digital marketing agency provides digital marketing solutions to businesses of all sizes. It promotes products and services online through social media, email advertising, websites, blogs, and other online channels.
- Digital marketing agencies are in high demand because digital marketing has a higher return on investment than traditional forms of marketing. This is because of the different innovative measures of advertising. They assist businesses in growing and becoming more profitable.
- Digital marketing is a service-based business with a lot of potential and little investment. To learn everything you'll need to run a successful agency, you'll need to put in a lot of effort and time. It does, however, provide a consistent stream of income in exchange for your time and effort.
Also Read: Real problems in India startups can aim to solve
Conclusion
The amount of time and effort you put into your business determines its success. You must devise novel ways to keep businesses afloat. Before starting a business, you'll need to do a lot of research and study the market and target audience. Following the implementation of the business plan, appropriate management and administration systems will be required to ensure the smooth operation of the business. All necessary legal documents and papers for establishing a business should be thoroughly examined and correctly submitted to the appropriate authorities. Working with advertising and promotional companies can help you find a market niche for your business. All of these factors point to a successful business. Start brainstorming your business ideas with a 10 lakh investment. You never know when you'll get your big break in this new age of entrepreneurship.
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