Here are some business ideas with a 100% success rate that can be started with ₹1 lakh, or less, in 2024 in India. Read the blog to know more.
No matter if the economy is sluggish, inflation is high, or a recession is underway, you might be seeking ways to earn some extra money. You may be surprised to find that some of the best businesses to start with minimal investment are easier to launch than you think. For under ₹1 lakh, you could establish a side hustle to help cover additional expenses or rising costs. Here are some business ideas under 1 lakh, or less, in 2024 in India.
Top 10+ Business Ideas Under 1 Lakh in 2024
-
Cafe Entrepreneurship
Embark on the journey of opening your café if you’re passionate about crafting delightful tea or coffee. Launching with a focus on quality and some delectable savories can keep initial expenses in check. Opting for a self-service model initially can further mitigate fixed costs, allowing you to shape your dream café on a budget.
-
Tailoring Venture Business
Initiating a tailoring business presents a lucrative opportunity with minimal investment. All you need are a couple of skilled tailors and sewing machines to commence operations. As demand grows, consider expanding operations and even bringing in a designer. The market for specialized clothing is vast, making this a highly profitable small business idea with a low initial investment.
-
Mobile Food Business
Rather than diving into the expenses of opening a restaurant, consider the simplicity and profitability of a business under 1 lakh which is a food truck business. With an initial investment of less than a lakh, you can start your mobile food venture. Key costs involve permits, licenses, manpower, the food truck itself, and raw materials. It’s an accessible and lucrative option in the Indian subcontinent. This idea is the best, and trending one in the top 15+ Business Ideas Under 1 Lakh.
-
Laundry Services
Offering laundry services in an underserved area can lead to a break even within the first three months. which also comes under the business under 1 lakh category, Enhance your appeal by providing home collection and delivery services. In a busy world, people seek to minimize household tasks, making laundry services an excellent small business ideas under 1 Lakh.
-
Newspaper and Magazine Distribution
While distributing newspapers might seem low-earning, the commission can be substantial, ranging from 30% to 40% of the paper’s cost. Consider this as a part-time business, and affiliating with other magazines or distributing pamphlets can further boost revenue.
-
Food Catering Business
Catering from home or renting a kitchen elsewhere, along with leveraging food delivery apps like Zomato and Swiggy, offers a low-cost entry into the food business. Managing party orders with a small team and basic marketing can make this a top business idea for those with a passion for food.
-
Tiffin Services
With the rise of the corporate culture, a reliable tiffin service can cater to those seeking daily home-cooked meals. Basic kitchen facilities, disposables, delivery personnel, and effective marketing are the essentials for this promising business.
-
Florist Business
A florist shop, procuring flowers directly from wholesalers or farmers, offers a hassle-free venture with a good profit margin. The investment covers shop rental, bouquet designers, and raw material expenses.
-
Electronic Repair Shop Business
In an era dominated by technological gadgets, an electronic repair shop can thrive. Offering repair services and selling spare parts, along with annual maintenance contracts (AMC), can ensure a steady income. The required investment includes system software, technicians, and application software.
-
Real Estate Agency
Entering the real estate market as an agent can be financially rewarding. With a small rental office, earning commissions ranging from 2% to 5% on deal prices, success depends on good contacts and effective communication with both buyers and sellers. This idea is the best, and trending one in the top 15+ Business Ideas Under 1 Lakh.
-
Bookkeeping Service
Technically, only a high school diploma is needed to become a bookkeeper, making this small business idea accessible to anyone. You can take courses at a local community college or find online classes to learn bookkeeping skills and earn a certificate.
Securing contract work as a bookkeeper requires some effort in marketing yourself on platforms like Upwork, social media, or even traditional methods such as placing an ad in your local newspaper. You can generally charge around INR 196 per hour, depending on your location and experience. Requirements: Accounting software, limited liability company (LLC) business license, professional liability insurance, professional website.
-
Consulting Business
Similar to a tutor, a consultant is an expert in their field. The key difference is that consultants are typically hired by professionals or businesses for guidance. Consultants usually have a college degree and substantial experience, or equivalent practical experience.
Networking is essential for securing contracts as a consultant. Utilise professional social media platforms like LinkedIn, attend local networking events and maintain connections with former colleagues. Ensure your website is up-to-date with contact information for your consulting business.
-
Online Store
Many individuals launch an online store with just one product. You don’t necessarily require technical skills or specialized training to succeed as an online seller, but having some marketing and sales experience is beneficial. Initially, you’ll need to select products to sell, choose a compelling business name, and establish a website.
Securing a domain name, building a website, and promoting your products are essential steps. While it can be one of the more complex businesses to start, a successful online store has the potential to replace a full-time job. However, keep in mind that running an online store entails ongoing expenses, including website maintenance, digital advertising, email marketing, and transaction fees.
-
Graphic Design Services
If you possess digital artistic skills, starting a graphic design business from home is viable. Acquiring clients can be achieved through platforms like Fiverr or Upwork, or by networking and word of mouth via social media or professional business cards.
Alongside graphic design software such as Adobe Photoshop or Canva, establishing a portfolio website is crucial to showcase your design prowess. Whether opting for a personal or business website, affordability is manageable with top website builders offering the necessary features. Graphic design services can earn approximately ₹102 per hour.
-
Homemade Chocolates/Desserts
Focusing on luxury chocolates or desserts entails utilizing premium ingredients and intricate methods to craft exceptional delicacies. These items are ideal for special events and can be marketed through upscale gift shops or gourmet-oriented online platforms.
-
T-shirt Printing
The custom T-shirt printing industry serves clients seeking personalized apparel for events, promotions, or everyday use. Employing methods such as screen printing and digital printing allows entrepreneurs to deliver premium, personalized T-shirts featuring diverse designs and messages. This service is especially favored among groups, events, and businesses seeking impactful promotional items. Building a strong online platform for customers to create and purchase their custom T-shirts is essential.
Additionally, participating in local events and markets can enhance visibility and attract a broad customer base. Utilizing social media effectively to showcase designs and highlight customer testimonials can also boost engagement and sales.
-
Customized Phone Covers
In the personalized phone cover industry, entrepreneurs can target smartphone users seeking distinctive, customized cases that mirror their style or interests. This business model thrives on digital tools that enable customers to design their covers or choose from a selection of fashionable pre-designed options. Success hinges on providing durable cover materials and high-quality prints that offer both style and phone protection. Effective marketing involves utilizing social media to highlight designs and forging partnerships with device retailers to expand reach. An online store serves as a central sales platform, offering a seamless interface for customers to customize and purchase their desired phone covers.
-
Handmade Candles
Launching a handmade candle enterprise entails creating candles using natural waxes, essential oils for scent, and a variety of dyes for coloring. The process involves melting wax, blending in fragrances and colors, and setting them in molds. These candles are prized for their visual appeal and customization possibilities, making them perfect for gifts and enhancing home decor. Marketing strategies can target online platforms, local boutiques, and craft fairs, highlighting the candles’ unique characteristics and handmade craftsmanship.
Conclusion
Business Ideas Under 1 lakh – It is undoubtedly not an easy task to start a business. Hence, if you are looking for business ideas and execution, you have this blog handy. Also, if you need any legal help related to starting a business in India, the team at Vakilsearch can be of great help here!
