A slew of business opportunities have emerged during the pandemic. On the other hand, employment has declined as companies are not recruiting professionals anymore. At this point of time, survival of an individual is important and for that, one can start businesses with a small saving.
With a minimum investment of INR 5 lakh, there are various business opportunities that are knocking the door. Here is a list of businesses that one can kick-start under INR 5 lakh.
In the pandemic, when people are avoiding to dine outside, restaurants are shutting or limiting their sitting space. Thus, people aspiring to be food entrepreneurs can kick-start their business by investing into food vans or trucks.
To start a food truck, one has to infuse money in procuring manpower, raw material, equipment and obviously, a truck. Besides this, purchasing licenses are important if one has to register the business. In the beginning, one has to ask family members to work along as it will reduce expenses exponentially.
According to Market Watch’s report, with the slowdown in world economic growth, the Mobile Food Truck industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years. Mobile Food Truck market size to maintain the average annual growth rate in 2020, BisReport analysts believe that in the next few years. The Mobile Food Truck market size will be further expanded, we expect that by 2025.
In this dire situation, people have not stopped on grooming themselves. Despite the lockdown, general masses were visiting salons to get their hair trim and avail other beauty services. This shows a relentless demand for beauty salons in the country. Taking this cue, one can start this business under INR 5 lakh.
One has to attain professional training, buy equipment, hire trained staff, promote business and rent a shop. All these expenses will be easily covered under set minimum investment.
According to ValueNotes Database, the beauty salon industry has an estimated turnover of more than INR 2,000 crore with metro cities accounting for nearly 60 per cent of this.
In the pandemic, masses are avoiding consumption food from eateries but are procuring packaged food and drinks. Seeing this as an opportunity, one can establish immunity booster drinks and packaged food.
Immunity boosting products are immensely purchased by people. So, one can prepare such drinks and sell to retailers at a reasonable price.
As per Statista, the impact of the coronavirus (COVID-19) on Indians in May 2020, retail stores seemed more reliable in terms of sourcing essential grocery. For those ordering online, only ten percent got everything they needed easily, compared to 40 percent among retail store shoppers.
People who want to upskill themselves would definitely enroll in classes. This is one of the best ways to convert a coaching center into an edtech firm. By this, one can create a change and at the same time, earn a decent income irrespective of unfavourable conditions.
According to the Asian Development Bank (ADB), the coaching sector in India is estimated to be worth more than $6.4 billion in 2008.
If one wants to buy a coaching center, then here are some coaching centers that one may be interested in.
These businesses can be established under INR 5 lakh. There are other business opportunities that can be started in a similar financial budget. If you know any business that can be started under INR 5 lakh, then share with us in the comment section.