Start These Businesses with INR 5 Lakh Investment
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Jun 23,2021
- 12 Mins Read
Small businesses are the backbone of the Indian economy. India is the 11th largest economy in the world. Owing to fewer restrictions for noval entrepreneurs and a business-friendly environment, establishing a business is comparatively easier in the country. The spirit of entrepreneurship invariably sparks in the Indian demographic which, in turn, induces them to begin a unique and successful business.
The scope of small businesses in India is growing every day. With the government promoting and supporting SMEs in India, these businesses are growing at a faster rate than ever before. However, just because the government is promoting these businesses, doesn't mean that you can just start one and succeed without any prior knowledge or experience. For establishing a business, you need to answer or garner knowledge about these questions:
- What are the most important things that you need to know about starting a small business in India?
- How do I start a small business in India?
- How will the government support small businesses in India?
Once you find apt responses, then comes the most important question -- What business should you start? In recent times, there is a multitude of small business ideas under INR 5 lakh. Here are some of the flourishing businesses under INR 5 lakh:
If you have good culinary skills and want to become a solopreneur, then you can start a food truck business. By opting for a truck, you would not have to pay for a restaurant space. Also, you would save money from paying for additional facilities such as water and electricity.
Purchasing a food truck will be a lifetime investment for the business. Electricity, water supply, and other necessities will come along with the truck or you will have to do adjustments; therefore, you would be saving oodles of money. Once you purchase the truck, find a crowded region wherein you can park and attract customers, or else, find a route where you can travel as well as sell your food.
India has a rich cultural heritage. Besides the country’s cultural richness, various other things attract tourists such as indigenous fabrics, aesthetic sculptures and spices. These things are specialties and thus, are not found anywhere else across the world.
Young aspiring entrepreneurs can mold foreigners’ growing interest in Indian commodities into an opportunity. They can establish an export business and start sending the country’s commodities abroad. For that, first of all, define the products that you want to deal with. Then, ascertain skilled laborers who can create products in bulk and following that, struck down deals with foreign clients. That’s how you can easily start an export business.
Shoe Laundry Business
People nowadays are more concerned about their clothes and shoes. Similar to opulent clothes, they prefer maintaining their footwear and increasing its lifecycle. Cleaning shoes is a pesky task; it requires knowledge and precision to save shoes from damage. Considering the demand for shoe laundry, young millennials can kick-start this business for under INR 5 lakh.
To start this small business, you would require to rent a shop and also, imbibe pro laundry skills. After that, you can advertise your business and start taking customers’ orders. As your business grows, you can think of adding helpers to your business.
If you want to realize your entrepreneurial dreams, then choose these small business ideas with INR 5 lakh. Besides these ideas, there are various other business opportunities available in the market. If you know any, then share with us in the comment section below.
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