Business Ideas Under 1 Lakh In India in 2023 |Best Business Ideas Under 1 Lakh In India in 2023 ?

  • INTRODUCTION
  • TYPES OF BUSINESS IDEAS UNDER 1 LAKH RUPEES IN INDIA
  • Consultant Business
  • Online store
  • Food-related business
  • Home service business
  • Recycled products
  • Creative businesses
  • Food delivery
  • Event management
  • Car wash
  • Mobile boutique
  • Small retail store
  • Flair for writing and designing
  • Biodegradable product production
  • A water ATM
  • Agriculture business
  • Courier service
  • TIPS AND TRICKS ON HOW TO CHOOSE THE RIGHT BUSINESS IDEA
  • CONCLUSION

Introduction

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Starting a business can be a great way to create extra income and fulfil your entrepreneurial dreams. Businesses can often require a large initial investment, which can be daunting. Luckily, it is possible to start a business with a limited budget. In India, it is possible to start a business with a budget of 1 lakh rupees or less.

  1. Consultant business

This type of business usually involves people offering their services in a specific field such as marketing, accounting, engineering, or design. For example, a consultant can offer digital marketing services or offer services related to business strategy. This type of business can be started with a limited budget as the cost of setting up an office is low. However, the income may vary depending on the type of services offered and their cost.

  • Online store

Online stores have become increasingly popular over the years, and it is relatively easy to set up. They can be set up with a limited budget, as there is no need for a physical storefront or large inventory. It is important to choose the right products and set up an effective website and marketing strategy to maximize profits. Additionally, an online store requires investments in payment processing capabilities, customer service, and shipping.

  • Food-related business

Many people love to cook, and starting a home-based business selling food can be relatively inexpensive. It is important to register the business with the authorities and ensure that it follows all the necessary health and safety regulations. It is also essential to come up with a marketing plan to reach potential customers.

  • Home service businesses

These businesses usually involve providing services such as repairing or assembling furniture, plumbing, electrical work, etc. These businesses do not require a large initial investment, as most of the work can be done from home or the customer’s premises. However, it is important to have the necessary tools and equipment and to set up an effective marketing strategy to reach potential customers.

  • Recycled products

These are one of the most rewarding businesses that can be started with a budget of 1 lakh rupees. This type of business entails taking products or materials instead of re-purposing or re-selling them, increasing their value and offering them to buyers with a significant markup. This option allows entrepreneurs to maintain a very low overhead while still making a decent profit.

  • Creative businesses

This could include arts and crafts selling, jewellery making, candle making, and even soap making. These types of businesses require minimal financial investment and can be great sources of extra income.

  • Food delivery

Start a food delivery business with a small investment. You can contact local restaurants to deliver their food to your doorstep. You will need to invest in a delivery vehicle and hire a few drivers. You can also partner with online food delivery platforms like Zomato and Swiggy.

  • Event Management

Event management is a great business idea which is considered to be profitable in the future ongoing. You can start with small events such as birthday parties and small corporate events. You will need to invest in a few event management tools such as decorations, catering services, and sound systems.

  • Car Wash

A car wash business can start by offering car wash services to car owners in your neighbourhood. The tools, such as a pressure washer and cleaning supplies need your investment.

  • Mobile boutique

This business idea has the potential to be a huge hit among today’s fashion lovers. With the popularity of eCommerce, shoppers are now more open to buying stylish fashion items at street stalls and boutique shops. All you have to do is get a space for rent preferably in a mall or any highly crowded area and get a good selection of trendy clothes and accessories. You could also team up with local designers to provide unique and exclusive items to your store. To successfully run such a business, you’ll need to invest in efficient storage, payment, and display options. 

  • small retail store

 You could find a place in your local area, buy some basic items such as clothing and accessories, and start selling. You would need to rent the space and buy the products, but you could make a good profit with this business.

  • Flair for writing or design

You could use those skills to start a freelance business. You could offer your services to other businesses, or even create your products such as e-books or website templates. All you’d need is a laptop, an internet connection, and some marketing skills.

  • Biodegradable product production

India has seen a surge in biodegradable product trends over the last few years and you can easily start a business manufacturing them by taking advantage of this new trend. You can produce jute bags, paper cups, environment-friendly cutlery and packaging materials. Capital investment in this business is quite low and you can easily kickstart your business without even 1 lakh.

  • A water ATM

This business has become quite popular in semi-urban and rural areas. One can also think of providing reverse osmosis (RO) water in the areas that are facing scarcity of drinking water. With lakhs of Indians struggling to access safe and clean drinking water, this business opportunity can set you up for a lifetime.

  • Agriculture business

India has an agriculture-based economy and this is one of the most profitable businesses in the region. All you need to do is identify the area you want to start your business in like sericulture, vermicomposting, mushroom cultivation, de-shelling etc.

  • Courier service

It has the potential of becoming a successful business with an investment of 1 lakh. You would just need to make arrangements for staff and the required communication equipment. Customers would contact you to deliver their products to different locations.

How To Choose The Right Business Idea ?

With more and more entrepreneurs looking to start their businesses in the coming years, it’s important to evaluate all potential business ideas before investing time and money into them.

Here, you have got a few tips and tricks to help you choose the right business idea for yourself!

  1. You should start by developing a clear understanding of your core strengths. This could include skills such as leadership, problem-solving, and financial management. Evaluating these skills will give you a better idea of what type of company you could create.
  2. Brainstorm ideas by looking around you and just think about what needs or problems people need solving. What services or products can you offer that will make people’s lives easier? Generate as many ideas as possible, don’t discard anything just yet.
  3. Do your research, by assessing each business idea, considering factors such as competition and customer demand. Make sure to visit local businesses in person, observe the environment, and take note of any emerging trends. Do your best to determine which products or services have potential.
  4. Narrow down your options by making a list of the ideas you find to be the most attractive options. Afterwards, assess the potential for success for each option. Be sure to consider the resources and capital necessary to launch the business.
  5. Start planning! Collect all the relevant data gathered from your research and create an action plan. Begin building an organizational structure and determine the steps you need to take to make the business a reality.

The Closing

These are just some of the business ideas that can be started with an investment of Rs. 1 lakh. Depending on your skills and interests, you can choose any one of these or come up with new ideas and make a profitable business. Remember, the best way of starting a business is to have a well-thought-out plan and work towards achieving success.

Kumud Sharma

Kumud Sharma is the First Well-Known Female Journalist of the Journalism World of Himachal Pradesh. I am the Founder, Editor in Chief, Managing Director, Promoter of Diary Times. As a Female Journalist, With My Experience of More Than Nine Years, I Tell You Every News of Himachal Pradesh From The Ground Level With Absolutely Accurate and Correct Information, Be it the Politics of Himachal Pradesh or the Ground Reality, My Perspective On Every News Will Give You Assurance. I Assure You That Every News of Mine Will Comply With the Expertise and Fact Checking Policy.