In today’s society, corporate jobs are ending the passion and creativity within us, while businesses are one of the major sources of huge incomes. Business can bring you a lot of money only if done right. Many people have unique and diverse ideas but lack the funds. Keeping the ideas aside, there are various things most people aren’t aware of when starting a business. This article is all about business ideas but keeping in mind the budget of people who cannot invest big.
Researching before starting any work is essential, and before starting a business is a must. If you wish to start a business but are confused, then you are at the right place. This article includes the top 10 business ideas that require an investment of 5 lakh rupees or less.
Here are the best business ideas for starting with or under a 5 lakh investment.
1) Food truck
Starting or establishing a food truck business is relatively easy. It is a cost-effective way to enter the big industry. All it requires is an investment of five lakhs or less. For this business to be successful;
- You have to either rent a truck or buy one
- You must purchase cooking equipment and food items and have some cooking experience.
- You might also need a license or permit to park your truck or to sell food in particular areas.
- If you don’t know how to drive or cook, you can have two or three employees to help you handle the heat!
The main ingredient to become famous or having success in owning a food truck is to hold a unique dish and change your location occasionally. Changing locations helps reach new customers. Some places serving tasty and fast food are near Universities, corporate offices, or tourist areas.
2) Real estate
You don’t have to develop a real estate company. You can also open a small office and start work in this field. To start a real estate agency, you only need to;
- Rent a place; the rent of the place depends on the location. Posh or crowded areas have higher rents compared to others.
- After renting the place, Fix the furniture, set some tables-chairs and computers.
- Make sure the place looks professional.
- Hire employees who have already been in this business. It makes work easy while generating good results. And hiring employees with the proper knowledge and connections can boost your business.
3) Tutoring service
online tutoring is among the safest and most profitable businesses. With the rise in the education sector, people want organizations with experienced mentors to teach them things easily.
- Investment or sponsorship of five lakhs can help you set up a website or rent a place to hire tutors or teach kids yourself.
- You can also purchase teaching equipment, cover marketing expenses, pay tutors, and more.
- Remember that the tutors you hire must specialize in their field. They must have experience. Only if you follow these pointers you have the chance to flourish your business.
4) Social media management/marketing agency
Social media is usable for almost everything, and having a great social media presence is quite influential. You can do everything from shopping and booking tickets to marketing on social media platforms. However, you need the perfect team to do so. You cannot hire individuals and focus on them or make them work as a team; this is where digital marketing agencies help. It’s all about the growing need for experts who can help a company grow by managing its social media presence. An investment of five lakhs or less can help you build one such business
- All one need is a team of experienced employees, maybe a place to rent, and some technical equipment, and you’re good to go!
- However, the employees you hire must deeply understand how social media platforms work and how digital marketing benefits organizations.
No better business to develop for under five lakhs than a cafe. Building a café is easy; not only does the increasing preferences in cuisine help, but the employees who are smarter than Ratatouille are a plus point.
How to open up a café?
- The first step is to select a location and rent a space. Renting should be under budget, keeping the cost of maintenance in mind. The location should be near a valued place like a university, a theme park, etc. It increases the chances of people coming by.
- Depending on the space, you can select a theme; having a theme will work well. Nowadays, influencers and people tend to visit places with an aesthetic or unique touch.
- The next step is to add tables, chairs and have a small kitchen. It’s where the preparation of food will take place.
- And at last, Hire employees with expertise, and your cafe is ready to bloom.
6) Franchise of a brand
when you open up a brand’s Franchise, you get already existing customers. It’s a done deal on the part of marketing; you have to invest 0rs when it comes to advertising. Franchise systems often provide training and operational guidelines that increase the likelihood of success.
Benefits of opening up a franchise;
- You get an already existing system to follow
- It is cost effective
- Low risks with high-profit margins
- Training and guidelines are offered by the brand itself (most of the time)
7) Departmental stores
Department stores are like a one-stop shop for multiple items. You can find anything from basic clothing bleach to avocados. It includes everyday items, groceries, and as a result, they never go out of business. It can be expensive, but it offers decent profits, and you often get stability. You can use special discount deals or have a regular customer card, to increase sales on the first day.
How to open up a departmental store?
- Select a location and rent a place. The location should be the centre of attraction, near places where people frequently buy, such as college PGs, universities, corporate offices, etc.
- Have a tie-up with wholesale sellers or connect with local suppliers. Make sure to choose the supplier that fits your budget.
- Either have your transportation or manage it with a transportation agency.
8) Renting festival equipment/decor items
Renting festival items or décor items is cost-effective for both the consumer and the buyer. Many times, decor items are pretty expensive when it comes to buying them. While hosting parties or events, most people rent decor items as they are affordable and slay at the job. This business idea does not consume a lot of money, and you can start small.
How to do so?
- For this idea, you only need to rent an office or a room to keep all the equipment you bought. Then rent it to people.
- You just have to buy the item once and then charge the actual amount of the product to everybody who rents it.
- You can also increase the price and include the maintenance, repairs, cost of handling those items, etc.
- You can also include costumes and other decor items. If you want to go big, you can try buying items for different themes, such as; Halloween, Diwali, or Christmas.
How is this field exactly beneficial?
- For starters, you have to invest once and get multiple returns
- You slowly build connections with top-tier organizations or clubs which can help you expand your business.
- Having connections with influences or top brands can elevate your social media presence.
9) Party and event services
Virtual events happen, but offline events at the real deal. Have you ever heard of a virtual party that did not stink? Lol. Parties and events occur daily, and this industry is considered one of the most profitable businesses. You can start small by decorating events like birthday parties or anniversaries; as experience builds, you can cover weddings, bridal showers, and more.
How do you start?
- You can tie up with trustworthy businesses to offer you services at a low cost.
- Sell those services at a higher cost; you can include the management, the transportation, and the cost of providing the service.
- Make sure to rent or buy a vehicle to help transport equipment or items required for the event.
10) Travel agency
Opening a travel agency sounds exciting, doesn’t it? However, you need to have good knowledge about various destinations across the globe or at least across the country. A travel agency can flourish quickly, especially if you have connections and tie-ups with hotels around destinations. Often people book travel agencies or hire travel agents when going on a vacation; it is cost and time effective. Why would anyone look around for hours, pay extra and not get any? You don’t require special skills or expertise. But you must know about the places and activities and be good at math.
How do you start up a travel agency with just 5 lakh rupees?
- Rent a place; it’s going to be your office. You can also rent a small apartment and divide it into various sections. Ensure the rent is under budget and does not exceed or affect your funds.
- Build connections and have tie-ups with hotels, transportation agencies, or restaurants that fit into the budget and are ready to collaborate with you
- If you want to gain profits and spend less, be ready to please people, try to persuade them, and make their book under the budget that benefits you.
VARIOUS POINTERS TO KEEP IN MIND WHILE STARTING ANY BUSINESS
- Having a passion for something and doing it for money are two different things; if you have passion, keep going and give it your best.
- Start small, invest small, and dedicate a small amount to your day. Make a schedule and slowly expand.
- Remember that failure is not an end stop; it is just another ladder toward success. Just because one of your ideas did not work out does not mean others won’t too.
- Businesses require discipline and smart work. Smart work is what will take you toward the peak of the mountain.