A large majority of us want to start our own business some time. However, risk aversion turns people apprehensive about starting their own venture. A business idea is usually a means for side income, where one prefers to delegate the work to others rather than vesting his or her time and efforts. Students want to start their own business for financial freedom and entreprenurial experience. The only turn off for such budding individuals is the initial investment required. Not everyone can afford to begin with a huge capital investment.
Worry not for there are a lot of small businesses one can start with an investment as low as INR 1 lac. This list contains various business ideas that you can start with just INR 1,00,000 and generate profits. These businesses are viable options for a source of side income with minimum manual intervention once they are in full swing.
Best Business Ideas you can start with 100000
You can buy a used car or a couple of bikes, register them with Ola, Uber, Rapido, and other on-demand cab services. Hire some people to drive the cab for you. Even after the necessary deductions like paying the driver's salary along with the maintenence expenditures, you'll still end up with deep pockets.
Home Automation Services
Speech recognition devices Amazon Alexa or Google Home have become common in today's homes. With some knowledge of electronics and coding, you can help people pair their home appliances with speech recognition devices. This would allow them to control devices and appliances by giving commands to the speech device. One needs to purchase electronic equipments and hire a few talented guys to take care of the programming and configuration part.
There's a constant need for custom designed uniform with logos and pictures. As a reult, T-Shirt Printing is a lucrative business that one can pursue. You can help customers by printing their required designs and logo on T-shirts. For that, you'll have to invest in a good T-shirt printing machine. There are many affordable machines available in the market, starting for as low as 50k. If it sounds expensive, one may rent the machine from someone on a monthly basis or longer and once the business turns profitable, the venture owner could buy his own machine. With the constant growth of social media influencers, this business is in high demand at the moment. And there's no dearth of offline opportunities as well!
If you're knowledgable about trading and investing, you can provide the service of handling people's money and generating profit for them through the share markets. But to take off with this idea, one will need to demonstrate the knack for making successful predictions and trades in the market because people believe only when then see. Moreover, it requires immense trust to hand over one's hard earned money to someone else. So, start by investing money for relatives and friends, turn them into success stories and then aim for the big fish!
Also read: Best Fintech Startups in India
Stationery Store Startup
You can open a stationery store and cater to new startup offices since they require a lot of stationery related items like pen, paper, markers, etc. Serve them the best quality stationary products at reasonable prices. You can also partner with schools and coachings to establish your presence in their centres. Subsequently, students will come only to you for stationeries and connectivity with your main store means shortage of supplies can immediately be taken care of. You will need to build an effective transport network for connectivity between the mainwarehouse/store and your franchises to meet any urgent delivery request. A home delivery facility will only attract more customers.
Canteens are no less than a necessity in public places such as parks.Even hospitals and office spaces are known for the crowd they bring. You can lease a space in such locations and start a canteen there. Start with limited options like Tea, coffee and biscuits. If there's a growth in your customer base, you can then increase the options offered. Once the entire business is in motion with windfall profits, you can then think of expanding the canteen chain.
According to Asianage, the gifting industry in India is expected to reach $84 billion by the year 2024. The current worth of the industry is $65 million. The millenials have contirbuted significantly to the rise in gifting culture. Starting a personalised gifting business can prove to be a profitable business. All you need is creativity and innovation by creating awe-inspiring photo frames, custome cofee mugs, etc. Test your initiative on your acquaintances and see what they think of custom gifting as a customer. You can also distribute samples with your information alongside for promotional reasons. Closing a deal with corporate offices, especially during the festive season, is also a good idea for marketing.
Professional Cameras on Rent
Social Media platforms like Instagram and Facebook social media have ushered in a new era, one where everone's crazy about selfies and videos. By the time you'd be done reading the previous sentence, hundreds of thousands of pictures must have been uploaded online. People are desperate for good quality images and videos. They need excellent cameras for that. You can buy a high-end camera that easily ranges between INR 50,000 to 80,000 and rent it to people on an hourly basis. If you can invest in a good quality drone with camera provide instructions on its usage, nothing like it. You can easily command more than Rs. 1000 per hour as people are willing to pay astronomical amounts for those precious drone clicks!
Xerox & Printing
Although everything's online now, requirements like photocopying and scanning shall never fade away. You can buy a xerox machine and start a business near a coaching centre, college, or offices.
With the Millenials (and everyone in general!) moving towards a healthier lifestyle, juice shops are the place to go after that intensive workout. Be it fruit juice or protein shake, juice shops are a favorite for many. Starting a juice shop business near a jogging park, fitness centres or in a commercially bustling area stands a good chance of making money. If you cannot find any such place unfortunately, you can always start with a movable setup like using your car and parking it near a jogger's area every morning. All you need to start this business is a good juicer, fruits and necessary permission for your venture.You may have to seek police consent and those of the concerned authorities. Target residential socities, if possible. As more and more people throng to your shop, you'll get an idea and insight of their preferences and thus come up with even better offerings.
Some eat to live while others live to eat. All in all, a Food Corner has all the ingredients of a profitable business. Aim for affordable meals so that people from all walks of life have something to consume at your joint. Since we're talking about businesses under one lakh, start with a stall type of setup. Talk to the southern meals and MOMO vendors you find on roads to understand how they work.
Also read: How to market a restaurant
Homework Help Services
There are many students who would pay to get some help for their homeworks. You can start Homework/Assignment consultation service online. Students can call you to get some help regarding their assignment and you can charge them on hourly basis. You can target hostels and colleges for this business.
The gaming industry is witnessing a boom. The current value of the Gaming Industry in India is $850 million and it is growing at a rate of 14.3% every year. If you think people in your locality are into mobile or PC gaming, you can buy a few high-end mobile phones and PCs and set up a game parlour. Many people want to play high performance mobile games but don't have compatible phones. There's tremendous opportunity in mobile lending. Apart from the money you will make from the games, you can sell snacks in the parlour for some extra cash.
Used Car Dealership
There are many people who prefer to buy used cars in good condition. They buy a used car, drive it for a year or two, sell it, and buy another used car. You can start a used car dealership and find customers easily. All you need is a used car, have it repaired and find a buyer. If you can add some value to the car in modification, people will be ready to buy it on higher price too.Start your business by scouting for a used car that can be purchased and enhanced in a lakh's budget.
Driving school was and continues to be in the market. It is still a good business that mints money as the number of driving licenses issued every year burgeon. For a driving school, you need a good marketing plan as you cannot target specific people as customers. You will have to use the traditional channels of advertising like newpsaper and pamphlets. Social media marketing can also work for acquiring customers.
Some more business ideas you can should know about:
- Affiliate marketing
- Resume writing
- Article writing
- Short story writing
- Content writing
- Web designer
- Graphic designer
- Interior designer
- Fashion designer
- Online store
- Mini shop
- Fashion store
- Courier shop
- Craft store
- Online advertising
- Dancing school
- Music school
- Consulting business
- Real estate agency
- Travel agent
- Fitness trainer
- Career guide
- Web maintenance service
- Event manager
- SEO Consultant
- Amazon seller
- E-book writing
- Laundry shop
- Paper bag making
- Cleaning service
- Plumbing service
- Home renovation service
These business ideas might be small but the sky's the limit once you establish your footing with these initiatives. Focus on marketing and the business model's correct execution. You may not see overnight results so hold your horses and be patient.
If you know any other busienss ideas, please let us know in the comments.