What business to start with 1 lakh?
Before starting a business, you should thoroughly research the prospective venture. If you have ₹1 lakh, you can invest in businesses that have good profit potential. Some industries where you can invest include online sales, food business, franchise business, life insurance agency, real estate business, cleaning services, software development, and more. These industries not only offer practical benefits and rewards but also have the potential for attractive profits.
However, before starting a business, you need to gather necessary information about understanding entrepreneurship and starting. Therefore, you should examine these options and be prepared to start in the industry that interests you the most.
If you have the ability to invest one lakh rupees and want to do something good with it, you can start several small or medium-sized businesses. You can choose a business according to your capabilities, interests, and location. Some businesses can be started from your home, while others may require a shop or office.
1.Start a courier business with 1 lakh rupees
Starting a courier business can be a good option that you can begin with an investment of 1 lakh rupees. A courier business combines commerce with service, offering home-related services suitable for people of all ages. It allows them to provide services directly from home.
To start this business, you’ll need to register for either an authorized franchise or as a self-service business. You can start this business with a good startup level or begin it independently with your organizational skills. You’ll require appropriate vehicles, office spaces, equipment, software, logistics teams, and necessary infrastructure with the help of the internet and technology for your courier service.
2.Start a food business with 1 lakh rupees
The food business is one that encompasses the production, marketing, distribution, and provision of services related to food products. This industry includes a wide range of food-related products such as grains, meat, fish, dairy products, bakery goods, food services, and various food items.
The food business can expand in multiple ways, such as developing new forms of products, entering new markets, focusing on product quality and safety, and utilizing digital platforms to make products easily accessible.(LINK)
3.Start a product photography business for 1 lakh rupees
The business of product photography involves creating images of business products that are useful for various businesses. The primary objective of this business is to showcase the beauty, features, and utility of products. This business is becoming increasingly popular because businesses and online sales platforms such as Amazon, Flipkart, etc., require high-quality product images.
To start this business, you would need a good camera, a photographer, and an editor. You can set up a studio for product photography or go to locations based on the products’ nature or usage to capture their photos. Additionally, you would need to create a website or social media pages to showcase your work to potential clients.
4.Start a life insurance agency with 1 lakh
Life insurance agency is a commercial unit that provides financial security to people for their lives. It is an insurance financial service that offers economic support to a person’s family in case of their death. Life insurance agencies offer various plans of insurance coverage based on the individual’s age.
In this business, you can work as an insurance agent and provide advice to people regarding insurance plans according to their life’s financial security needs. In this business, you need to understand good sales techniques and acquiring more customers. Additionally, you should have knowledge of insurance and financial understanding to keep your customers’ information secure.
5.Start a real estate business with 1 lakh rupees
Real estate business is a venture where you can earn money through the buying, selling, and exchange of properties and assets. It encompasses various types of properties such as houses, residential buildings, commercial land, apartments, bungalows, warehouses, land for maximum utilization, hotels, retail spaces, and more.
In this business, you assist buyers and sellers in purchasing and selling properties. You provide customers with advice tailored to their needs regarding property prices, legal processes, loan facilities, market trends, property capacity, and investment-related suggestions, helping them buy and sell their properties accordingly.
6.Start a car wash and service center for 1 lakh rupees
A car wash and service center is a business where vehicles are cleaned, maintained, and serviced. This business is essential for the proper care and upkeep of vehicles. It ensures that ongoing issues in vehicle systems are addressed and keeps vehicles safe.
In this business, you can provide services for all types of vehicles, such as cars, scooters, bikes, buses, etc. Additionally, you can expand your services by using various chemicals, biodegradable materials, etc., to eliminate skin diseases and other skin problems
7.Start a mobile repairing business in 1 lakh rupees
The mobile repairing business is a venture that provides services for the maintenance and repair of electronic devices such as phones and tablets. Through this business, you can leverage your technical knowledge to troubleshoot and repair various types of phones, ensuring customer satisfaction by resolving their issues.
Today, mobile phones and tablets have become essential for everyone, and repairing them is often more cost-effective than replacing them when they malfunction. In this business, you can easily outcompete others by utilizing your expertise. Success in this business requires having a skilled team of technicians who are experienced in resolving complex issues with electronic devices.
8.Freelance services
Freelancing has become a popular avenue among skilled individuals, allowing them to offer their services globally. Whether you’re a writer, graphic designer, digital marketer, programmer, or have expertise in other areas, freelancing platforms like Upwork, Fiverr, and Freelancer provide a vast marketplace to showcase your talents. The best part? You don’t need substantial capital and can easily kickstart this business idea under 1 lakh.
Potential: The freelance market continues to grow, with businesses and individuals seeking specialised skills on a project basis. This presents ample opportunities to secure projects across various industries.
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