8 Business Ideas Under 5 Lakhs: When you are starting your own business, you might think that you will need millions of rupees and a lot of money to launch it successfully. However, this isn’t the case at all. Starting your own business does not require much capital at all – in fact, if you are creative and put in the hard work, you can get started with as little as Rs 5 lakhs.
8 Business Ideas Under 5 Lakhs
In this article, we’ll discuss 8 business ideas that will only cost Rs 5 lakhs or less to start up and keep running once they have been established.
1) Home Based Business
The word home-based business has become so overused that it’s almost redundant to say them in a sentence, but hear me out. There are good businesses that are run from home and there are bad ones, but generally, we think of them as being those little shops on every street corner with one person manning a cash register and one or two others making deliveries (and hopefully not receiving any).
But, as I said before, there is no reason why you can’t have an awesome home-based business that helps you support your family just as well as other jobs in similar industries might be able to do for theirs. So today I thought I would share with you 8 different types of business ideas under Rs.
2) Business From Home
Sometimes, working from home can be more rewarding than a regular day in an office. Working from home means you won’t have to worry about getting stuck in traffic or being late for meetings, and your commute will be a quick trip up a flight of stairs (or a very long walk if you live on the upper floors).
But working from home also means you might get distracted by chores or friends popping by, so we recommend using every tool at your disposal to make your workspace as efficient as possible; for example, get coworkers involved—they can help brainstorm projects or keep each other accountable for meeting deadlines.
Here are some creative business ideas under Rs. 5 lakhs that could help you start earning from home Scrap Yard Buying Scrap Yards sell old machinery and building supplies that many companies look down upon but sometimes it is easier to buy these items than build something new. Take advantage of those companies who don’t want to go through all of the red tapes it takes to recycle their scrap equipment.
Also, ask around locally to see what people may have sitting around waiting for parts or just broken down somewhere in storage. Some organizations have large maintenance teams with millions worth of equipment sitting idle doing nothing but taking up valuable real estate until they replace them with newer models!
3) Online Business
Starting an online business is easier and more lucrative than you might think; it’s a great low-risk, flexible way to start your own company and quit your 9-to-5 gig. Here are 8 excellent online business ideas that you can get up and running for under Rs. 50,000/–: __(Fill in with one of your eight options.) These businesses require no special equipment or assets, so if you have even a little bit of startup capital (say, Rs. 5 lakh), they’re ideal ways to test yourself as an entrepreneur while also making money from day one.
As long as you commit to putting in some time and energy, you should be able to see at least modest returns by year’s end—and once those returns turn into something real, imagine how much momentum that will give you going forward! If you follow through and make something happen, then we hope these ideas inspire you to take that next step. Good luck!
The biggest advantage of franchising is that you don’t have to start your business from scratch; you just have to choose a franchise that’s already been proven successful and replicate it in another market. Franchises also come with training, which ensures that when you take over an existing business, you are learning how to run it right away (not only what needs fixing).
The downside is that there is often a cost involved—franchise owners pay royalties on top of rent and other fees, so they end up paying more than they would if they started their own company from scratch. Many still find franchises well worth it because of how much time they save and how little money they need to start up compared with starting your own business from scratch.
Depending on where you live, finding out about new franchises for sale can be difficult, since state laws differ regarding which ones can be advertised publicly. Do some investigating online or try contacting a local business broker who specializes in buying and selling small businesses.
Also, try asking a fellow entrepreneur who has had success with her franchise for advice. And be sure to set aside enough money for initial costs: additional rent for opening multiple locations, equipment purchases and installation costs, royalty payments to cover intellectual property rights owned by the parent company (if applicable), legal filings such as getting trademarks approved or securing permits such as licenses needed to operate your type of service or store in certain areas.
5) One-Man Businesses
Not everyone needs a team to run a successful business, and in many cases, that can be an advantage—you’ll have complete autonomy over your work and projects. But being alone also means you won’t have anyone else to rely on when things get rough or if you simply need some advice and guidance.
Still, there are several businesses that just about anyone can run by themselves; these include certain freelance gigs (including graphic design), market research firms, and even companies that sell products online. So if you have a few extra hours each week or yearning for independence, consider one of these small-scale options to start your own business—and let us know how it goes! You can see our infographic below with these details.
6) Virtual Assistant
Hiring a virtual assistant to help with bookkeeping, administrative tasks, or customer service can cost as little as $100 per month. But you may have to put in some time upfront explaining what’s expected of your VA and why it’s worth their while to work for you instead of someone else. If they need education on how your business operates, use that as an opportunity to be transparent about how you do things and why it works for your company — not all businesses are built alike!
Explain each task in detail and make sure they’re clear on exactly what will be expected of them should they decide to work with you full-time. Then watch them shine! Not only is it money well spent, but hiring a VA early on gives you valuable insight into what kind of team member they could be down the road.
This post was written by Vinay Gupta who is an SEO Manager at Webpromoterz, one of India’s leading SEO for Google ranking companies based out of the Delhi/NCR region. The opinions expressed here represent his personal views and not those of his employer or any other organization/company he represents
7) Pet Grooming Business
If you’re an animal lover, then a pet grooming business is ideal for you. You can start your business from home or rent out a small space that can double up as a store and a workshop. There are various tools and equipment needed for grooming including shampoos, brushes, combs, clippers, bandages, towels, and nail trimmers.
Your clients will include dogs, cats, and other pets like rabbits and guinea pigs who need to be spruced up regularly to prevent hairballs, etc., Plus pet owners these days are willing to pay good money if they get guaranteed great service!
So get creative in thinking of ways to attract new customers! What about making professional-looking pet ID tags? Or giving away goodie bags with every visit? The sky’s really the limit when it comes to using your creativity and imagination. Remember, it pays off in more ways than one!
8) Garage Sale Business
If you have a bunch of stuff cluttering up your house and not enough space to store it, why not turn a profit off it? Hold a garage sale and make a day of it with friends, family, and neighbors. The added bonus is that you can clean out your home at the same time!
Be sure to post on Facebook or Pinterest in advance so people know when (and what) you’re selling. While there are some major downsides (including pricing everything, renting/cleaning tables, hours of work for low profit), if done right you could definitely see decent profits from all those other people’s junk!
A word of caution though—you’ll need an area where potential buyers can park easily without blocking driveways or taking away from others’ business. It’ll also be difficult (though certainly possible) to get people who live outside your neighborhood interested in what you have on offer.
Most people want to start a business because they have an idea and are itching to get it off of their chests, but sometimes we need more than that: more research, planning, thinking through what other competitors might do and whether or not customers will pay for it; in short, we need a business plan.
When you think about opening your own restaurant chain or writing your first book on how to be a world-class investor, you’re essentially launching a new business – with all of its complexities – from scratch.
It can be as simple as knowing exactly who your customer is or where you’ll find them; ensuring you have enough capital for both product launch and marketing; determining pricing structure; hiring employees…and much more.