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.
Business Under 1 Lakh in 2024
Cafe Entrepreneurship
Embark on the journey of opening your own café if you’re passionate about crafting delightful tea or coffee. Launching with a focus on quality and some delectable savouries 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
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 specialised clothing is vast, making this a highly profitable small business idea with low initial investment.
Mobile Food Business
Rather than diving into the expenses of opening a restaurant, consider the simplicity and profitability of a food truck business. With an initial investment of less than a lakh, you can start your own 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.
Laundry Services
Offering laundry services in an underserved area can lead to a break-even within the first three months. Enhance your appeal by providing home collection and delivery services. In a busy world, people seek to minimise household tasks, making laundry services an excellent small business idea with a modest investment of ₹ 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
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. Investment covers shop rental, bouquet designers, and raw material expenses.
Electronic Repair Shop
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.
Conclusion
Business Under 1 Lakh in 2023 – 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!
