home Entrepreneurship How to start a business in under 1 lakh in India

How to start a business in under 1 lakh in India

10 Business Ideas under 1 Lakh

This year (2018) has seen many people finally making the big move from a 9 to 5 to start a business. We spoke with some of them and it seems the one big challenge all had in common was how much investment they could afford.

Interestingly, you don’t need much to launch your own business provided you start a business. However, one does need to be completely sure on the idea, its planning and the research and effort that would go into it to become an entrepreneur.

There are some basic requirements that need to be kept in mind.

  • Skills in the sector being looked at
  • Genuine interest or passion to improvise on your product or service
  • Sufficient finances whether from savings, VC’s or bank loans
  • Legitimizing your business

Now that we’ve established the above, here are some ideas of businesses you could start a small business under 1 lakh.

SEO/Digital Marketing

SEO Digital Marketing

Search engine optimization and targeting your audience is perhaps the best lucrative option. You’ve got to know what you’re selling extremely well and improve on your client’s keyword rankings. If you know how to do this well, this is for you.

Investment required: 20,000 – 80,000

Skills: Digital Media, SEO, SMO, Website Designing and development

Time to set up: 1 month

 

Meal delivery/Tiffin services

tiffin services

If you’re a great chef or cook you could start cooking for a tiffin service or get it made for a delivery system.  Complete with a vehicle / vehicles one can do a good food quick delivery service.

Investment required: 10,000 – 50,000

Skills: Cooking, helping hand for delivery

Time to set up: 7 days

 

Homemade pickles, jams, honey etc.

pickles jam honey

Sounds simple but with so many people going for the home made, without any preservative and artificial color route, pickles, jams and honey is highly sought after and has to be made with love and care. If you have it in you, this is a great option.

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Investment required: 10,000 – 25,000

Skills: Pickle making, Delivery

Time to set up: 7 days

 

Training & Development

training and development

Define your capabilities, know your service well. You could customize these training for clients and coach teams well. All you need is a website and a business card and you are set to knock on clients doors.

 

Investment required: 10,000 – 20,000

Skills: Teaching, course expertise

Time to set up: 1 month

 

Recruitment

recruitment

Can be started from home, requires just a laptop, internet connection, mobile phone and of course, contacts! One can offer niche services in executive search with a retainer or a contingent model.

 

Investment required: 20,000 – 50,000

Skills: Recruitment, social media, client servicing

Time to set up: 1 month

 

Dietary Consultation

Anyone interested in health and fitness will be good at trying their hand at this. Customized diet meals according to one’s BMI alongwith monitoring the entire engagement period is a great option too.

 

Investment required: 20,000 – 1,00,000

Skills: Diet planing, nutrition expertise, food knowledge

Time to set up: 1 month

 

Salon

salon

If you have the space for it in your home or a small rented place that would perhaps service 5 clients at a time is also a good option. Today people go for manicures and pedicures, nail art etc which are in great demand.

 

Investment required: 50,000 – 1,00,000

Skills: Beautician and stylist

Time to set up: 1 month

 

Library

library

If you have several books, especially older one’s not easily available now and would like to open a library, lending books for a fee is an excellent idea. There are many who prefer holding a book rather than a kindle or device.

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Investment required: 50,000 – 1,00,000

Skills: Book reading, writers

Time to set up: 1 month

 

Event (Party/Kids birthday) planning

event management

If you’re a great host/hostess and love kids and / or organizing parties, this must be for you. Today parents would love to just outsource the entire event including the food, decorations etc to a planner. Better if you have your own space to rent out for these.

 

Investment required: 50,000 – 1,00,000

Skills: Selling, presentation

Time to set up: 1 month – 2 month

 

Hobby classes (Singing, dancing, Art etc.)

If you’re good at any of these, you can start these in your own home and if and when you need to upgrade, take classes yourself to become a pro!

 

Investment required: 20,000 – 50,000

Skills: A hobby

Time to set up: 1 month

 

 

Conclusion: Now that you know how and what kind of business to start in under a lakh of rupees, go on, be your own boss, take the leap of faith, start selling, and earn big!!