5 Businesses to Start Under INR 10 Lakh

The market is normalizing again after the recession. The pandemic-led economic downturn has affected several businesses across the globe. As a result, many entrepreneurs have closed down shutters and are looking for buyers. This is nonetheless the perfect time when you can find cheap businesses for sale. 

If you are thinking of taking over a business, then there are a plethora of businesses that are immensely successful and are available at cheap rates. Here is a list of businesses that you should think of buying. 

Fashion and Jewellery Business 

As the wedding season has begun, women would be splurging on jewelry and fashionable clothes. A nuptial is one of the ideal occasions to embellish oneself. According to a report by Statista, as of 2018, the gems and jewelry segment contributed to 7 per cent of the country's retail market. It also accounted for the largest share of the value of the domestic personal accessories market that year worth almost INR 4.4 trillion. Moreover, the value of the jewelry market further reflected a growing trend with estimates between 2018 and 2021 projected to rise by 38.3 per cent approximately.

Seeing the current trend, you can think of purchasing existing fashion and jewelry businesses. While ascertaining the business, you need to learn about the industry in its entirety. 

Beauty Salon 

With the wedding season, the demand for beauty salons has risen. Beautifying the body and releasing stress are vital reasons why people head to salons. If you like the beauty and wellness industry, then you can plan to buy an existing beauty salon.  

During the lockdown, salons were shut completely thereby, salon owners faced immense loss. Entrepreneurs, who were not able to stabilize themselves and are in-debted, are actively looking for buyers. You can plan on buying such salons after examining their background and other important factors. 

Food Outlet 

Even though, the lockdown has been lifted for quite some time. People are still hesitant to dine outside. Since the pandemic hit the nation, customer footfall has massively decreased in the restaurants thereby, halving their revenue. In such a situation, small food outlets see a dim future as they could not survive the pressure caused by the pandemic. Such food outlets look for buyers. 

Rather than going to big restaurants, you can opt for small food outlets. They are cheap and easy to manage. You would not require a huge staff to operate it. Although, before taking any further decision, you need to check the monetary, market, and managerial factors of the business. 

Automobile Service Center 

As people's life has returned to normality, so does their lifestyle. Like pre-COVID times, roads are jammed and long queues of vehicles can be seen. However, small automobile service centers could not bear the recession and ran out of business. 

If you have prior knowledge of automobiles and understand their mechanism, then you can purchase an automobile service center. It is one of the cheap businesses for sale at present. Before buying a business, you need to check its location, equipment and financial backdrop, and then, come to a decision.

Pharmacy Business

Medicines are a prerequisite for curing any illness. It is counted as one of the essential items and therefore, its demand is invariably constant. According to Statista, India's retail pharmaceutical market was valued at around $25 billion in the financial year 2017, with a projection to reach $59 billion by the fiscal year 2023. With over 800 thousand pharmacies spread across the country, retail pharmacies are still the dominant medical distribution channels. Offline drug stores account for over 85 per cent of the overall pharmaceutical sales and include the sale of over-the-counter drugs, prescription drugs as well as a variety of FMCG products.

Witnessing the demand for medicines, you can buy an existing pharmacy business. The business would remain stable and eventually rise if more infusions will be made. Before procuring it, you need to buy a license to run a pharmacy and further connect with some distributors. 

These businesses are lucrative and can be attained at inexpensive rates. Before entering any of these industries, you need to grasp a thorough knowledge of the space and accordingly, procure the apt business. Besides this, there are plenty of other businesses that you can explore. If readers have any suggestions, then write in the comment section below.