Low Investment Small Business Ideas In India (Easy Business Without Investment)
A national estimate suggests that India has around 51 million medium and small business ventures, operating in the market. This constitutes to a 37% market share, and offers employment to a whopping 51 million people. The small businesses still follow the traditional operation modes. In the age of digitization and online presence, 68% of all small businesses don’t have a suitable representation on the virtual platform. The growth of small and medium businesses is retarded due to the lack of funding and proper market exposure. Prime Minister Narendra Modi has mentioned time and again that without the expansion and increase in the number of small businesses, it will be impossible to develop the GDP of our nation. Thus, the central government launched several schemes to help the small and medium venture owners with adequate funding. The most popular scheme among these is the MUDRA loan.
Steps to start a small business
- Refine and evaluate the idea – Personal evaluation is vital before you even start working on your idea. Make sure that you are serious about setting up a small business. Though the business structure is small, it requires a lot of effort and sacrifice to make it work. If you desire to make a name in the business world, then ensure your foundation is stable. Doing market research will give you an idea about the demand and target clients. It will also come in handy to check out the strategies of your rivals. Once this is done, you need to work on your core idea. Jumping into a new sector is not a wise decision. Stick to something that you know well.
- Create a watertight business plan – The success of a venture, big or small, depends on several aspects. Jumping on to the main task, without taking these aspects in consideration, is a grave mistake. Chalking out a business plan on paper will assist you to identify the loopholes easily. Once the plan and the strategies are ready, you can show it to an expert. If any improvisation is necessary, they will be able to help with that. Apart from the operative strategies, one must also highlight a way that will help the entrepreneurs to roll up their venture, if it does not work out.
- Check financial availability – No matter how small the scale of the business is, you will require some capital to get going. The amount required will depend on the business type. If you have some savings, then you can use that to start the venture. Otherwise, applying for the MUDRA loan will come in handy. Some banks also offer loan to applicants who are willing to set up their business. No matter how much you invest initially, the creation of a contingency fund is a must.
- Apply for registration – The Indian government will offer loan to only those small and micro business agencies, which have official registration. Issuance of the trade license, PAN card in the name of the business and other necessary documents will act as marks of authenticity. Apart from this, one must also get a business insurance policy.
- Increase market presence – Working on the promotional strategies will come in handy to aid the development of the business. People will not come searching for your service. You will have to reach out to the target clients. Make sure you have robust and effective promotional strategies to aid the progress of the venture.
Ideas on low investment ventures
- Gadget repair business – If you have an inclination towards technical aspects of any machine, then you can open a gadget repair shop. Microwave, mixer-grinder, mobile phones and other such gadgets break down often. Take a vocational course to learn about the repair techniques in-depth. It is a lucrative sector, and you will not have to worry about a steady source of income.
- Tiffin service – Many people are forced to eat out as they do not have the time to cook food. Tiffin service or delivering home-cooked meals is a better alternative than eating out daily. If you are a skilled cook, then you can borrow your mother’s kitchen for a few days. Good quality and tasty food will soon bring in a flock of clients. Then you can get a separate setup for running your business.
- Second-hand book stall – Bookworms will go to any lengths to get their hands on a good novel. Opening a second hand book stall is a business idea that hardly ever fails. As you will get the books at low price, you need not worry about massive capital investment. Offering 30 to 40 percent discount on the old books will keep your profit margin high.
- Gardening and nursery – People, desirous of spending their free time constructively, turn towards gardening. Opening a small nursery, and selling gardening supplies, like tools, seeds and fertilizers will popularize your venture among gardening lovers.
- Decorative items – Home makers have a lot of free time. They also have the skills to use waste and turn them into eye-catching show pieces. If you possess the same skill sets, then opening a home-based decorative item shop will be worth your time. As you need not purchase expensive items, your profit margin will be high. Many videos offer tips and tricks to turn junk into amazing artwork.
- Customized jewelry making – Customized jewelry is high in the fashion trends. These pieces are attractive and will give you a creative outlet. Unique jewelry lovers will not shy away from paying extra bucks to get the trinkets they like.
- Blogging – If you think that you are not good any anything, but have a knack of penning down your thoughts, this can pave the path for considerable dough in your bank account. Very few people can create magic with words. As digital marketing has taken over the new-age sector, the demand for content writers and bloggers is sky high. All you need is a laptop and a steady net connection. Your grip on the language and how you write the content is already in your head. The going rate for good freelance bloggers is rather high. You can pick the projects you like, and work as you please.
- Pet care center – If you are an animal lover, then you can open a pet care center. Many people in the metro cities want to have a pet, but go back on their decision as they live alone. It is not wise to leave the pet unattended for nice or ten hours. Opening a pet care center will give you the opportunity to care and spend time with animals, and it will also fetch a considerable amount at the end of the month.
- Ice cream & fruit juice parlor – The Indian climate is mainly tropical, making it favorable for ice cream and juice consumption throughout the year. Contacting with ice cream companies and fresh fruit dealers will help you to set up a small shop, selling healthy juices and yummy ice creams.
- Bakery – If you want to start something that does not take up much time, and can be run from home, then opening a bakery is the best idea. Just create your profile on the social media, upload pictures of the cookies and cakes you make, and food lovers will line up to taste your products.
The best thing about these businesses is you can expand them with time. As these ventures pick up pace, you can set some new strategies, and invest some more money to expand the business accordingly
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