Business Ideas Under 1 Lakh: Starting a business doesn’t have to cost an arm and a leg. In fact, there are plenty of companies that were started with almost no money at all — just an idea, some hard work, and the will to succeed! While you might not be able to start your business without any cash reserves, that doesn’t mean you can’t start one on the cheap. Read on to learn about 6 great business ideas that cost less than 1 lakh to get off the ground.
Business Ideas Under 1 Lakh
The most common misconception about starting a business is that you need to have a lot of money to begin. The fact is, it’s possible to start a business for as little as Rs. 1 lakh or less. Even if you don’t have any savings of your own, there are plenty of ways you can get started for free or nearly free—with capital from friends and family members (if they believe in your idea), loans from banks and microfinance institutions, and grants from government bodies.
Here are some ideas for businesses you can start for less than Rs. 1 lakh If you’ve got an interesting and original idea, getting people to notice won’t be difficult; in fact, getting them interested enough to actually sign up will be much harder. And yet entrepreneurs frequently neglect the task of creating an effective marketing strategy.
When it comes time to execute their brilliant plans, many entrepreneurs find themselves running into brick walls left and right. A simple lack of preparation at every stage costs startups precious time and resources–and often puts them out of business before they even get off the ground.
Starting A Small Ecommerce Site
Nowadays, setting up an ecommerce store is not rocket science. There are a variety of platforms that can help you launch and run your business such as Shopify, Magento and Big Commerce among others. These platforms offer robust features to grow your business and it just takes some work on your part to get things going. With that said, what if you’re starting from scratch? You might have a brilliant idea but not have any money or resources to set up shop.
In cases like these, it makes sense to start out by selling on marketplaces like Amazon or Flipkart. It doesn’t cost anything to join those sites and they both allow you to set up an online shop without having to put in too much effort. However, once you gain some traction, you may want to consider building your own website so that you can control everything. To do so, you will need a domain name and hosting which will cost around Rs. 2-3 lakhs (including GST).
And then there’s branding which could easily be another Rs. 5-10 lakhs depending on how elaborate it gets (not including GST). Add another few lakhs for marketing costs because even though traffic will come naturally through search engines initially, there’s no guarantee that people will buy something off your site immediately! So unless you already have a lot of money lying around, setting up an eCommerce site under Rs. 1 lakh is pretty much impossible! Still interested? Then here are six ideas for businesses under Rs.
Starting An Online Store
If you have an idea for a physical product that could be sold online, check out Kickstarter or Indiegogo. Both of these crowdfunding platforms will help you turn your campaign into a reality. Of course, if you don’t meet your fundraising goal, no one is charged anything and your ideas might not become a reality. There are some big brands who have used these services to raise millions of dollars in startup capital; however, most campaigns fall short of their goals and are never fully funded.
If raising money on Kickstarter or Indiegogo isn’t an option for you, consider checking out Shopify which has helped thousands of entrepreneurs create thriving e-commerce businesses without having to worry about how to fund it. You can start your own store with just $9/month. The best part? It doesn’t matter what type of business you’re starting – retail, service, digital product – Shopify can do it all.
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Starting A Food Delivery Service
It’s no secret that a ton of people are trying to make money from home using sites like Uber and Airbnb, but making food delivery work for you can be an even more lucrative option. One in four Americans order takeout on any given day—which is pretty astounding. So if you have your own car and know your way around town, start picking up some extra cash by driving for a service like EatStreet or DoorDash. And if you’re looking to make it more than just a side hustle, see if one of these 18 best online culinary schools will help you out down the line.
In fact, while you’re at it, check out these killer tips from TaskRabbit—the leading app connecting people with local taskers—to learn how to make money as a personal assistant. You could also do something totally different: Start selling your time (and skills) through services like Upwork or Fiverr and make full-time pay without ever leaving your house. But beware: As with any kind of freelance work, you’ll want to do plenty of research before diving into business ownership yourself.
Starting A Catering Business
Are you a foodie? Do you love to cook and entertain? Are you always on a quest for delicious new dishes to try out at home? Why not turn your passion into profit and start a catering business? With little overhead or startup costs, catering is an extremely lucrative business model. It’s also incredibly flexible—you can cater private parties, office lunches, dinner parties, or any other occasion. On top of that, it will be easy to get started because there’s such high demand for in-home catering services.
Many families struggle with dinner logistics when both parents work outside of the home; people are often more than willing to pay someone else to take over dinner preparations so they can focus on something else—and saving money never hurts. If you want to learn how to start a catering business, check out StartupBros’ guide here. The success of most companies relies heavily on customer service. No matter what type of company you run, customer service is one area where startups fail far too often. Here are some tips for improving customer service in your own company:
Make sure every employee knows how to answer questions about products or services: Make sure every employee has adequate training so they know how to answer common questions from customers (as well as uncommon ones).
Make sure employees know what information they should provide (pricing, availability) and what information they shouldn’t give out (shipping dates). Hire experts who have experience working with customers: Your customers don’t care if your company is new—they only care about getting answers quickly and easily.
Starting A Plumbing Service
If you have some basic mechanical skills and tools, starting a plumbing service is a great way to start your own business. Plumbing can also be lucrative as you build experience and tackle more complex repairs. Repairing and installing faucets and water heaters are common plumbing jobs that even beginners can take on. And if you’re handy with an electric screwdriver, you can get started doing electrical work that homeowners often need help with.
Here are other ways to make money as a plumber One key step in starting a plumbing service is developing relationships with potential clients in your area. Talk to local businesses about how they handle their plumbers and what kind of response times they expect when something goes wrong. Start by offering free estimates for minor issues and work your way up from there, until you feel comfortable quoting for larger projects that could include full replacement of older appliances or running new gas lines for major remodels or additions.
Don’t forget to promote yourself online with sites like Yelp and Angie’s List so future customers will find you when they search for local services like yours. Finally, consider getting professional liability insurance to protect yourself against claims made by clients or customers who weren’t happy with the services you provided them.
Starting A Photography Business
Start by posting photos on sites like Etsy and to personal social media accounts. Once you have a consistent audience, reach out to friends and family about any headshots or special events that might come up. And if you’re going to start a photography business, don’t let your expensive camera gear get in your way: it is possible to take great pictures with a simple point-and-shoot camera.
If you want some help figuring out how to start a photography business, check out our guide on How To Start A Photography Business. It covers everything from getting clients to pricing and marketing. The tips apply whether you’re looking to make money shooting weddings or senior portraits.
Also Read: Business Ideas Under 50k In Pakistan
If you’re looking for a business idea that won’t break your bank, these are all viable options. Of course, they’re only viable if you have a genuine interest in and passion for them.
That is key when it comes to small business success—even more so when running a startup on a shoestring budget. Use what you know and use what you love, and who knows? You might just have found your first successful venture!