You all must be thinking about how famous entrepreneurs get a business idea and start their business. Once they start the business, how much profit do they earn, and how they can expand their business. In this article, we will tell you about the various business ideas that you can choose as per your investment and risk-taking capacity.
What is a business idea?
Before starting a business and being the owner yourself, you must be working somewhere as an employee or a service provider. A business idea is born when you identify a problem, realize the scope for growth, and try to solve the problem.
You can look at the success story of Wakefit mattresses. The company identified that in today’s busy life, people are working for over 12-15 hours every day. Thus, they want a comfortable sleep that not only relaxes their body but also their mind. If the motive to solve this problem, they manufactured and offered Wakefit mattresses and attracted a large market as they give you a 100 nights trial period to ensure that you bought a high-quality product.
For selecting your business idea you have to first study your own area of expertise. Area of expertise refers to the business you can do best. Also, you have to study the future demand of the product or the service that you are choosing for your business.
When you start a business, you create a business environment and more and more people get connected with you. As a businessman, you generate employment and provide products or services to the customers.
What are the types of business ideas?
There are different types of business ideas. For choosing the correct business plan, you have to identify the types of business ideas available for you. Business ideas are divided on the following basis:
1. Business Risk
Business risks are the various factors that are responsible for more loss than profit. On the basis of business risks, the two types of business ideas are:
a. High-risk business ideas
High-risk business ideas are the new or innovative ideas that are not practiced till now and are new for the market. Also, the businesses with the big capital investment are the high-risk business ideas.
b. Low-risk business idea
Low-risk businesses are started with less capital investment. Such businesses help you to earn reasonable profits with less risk of losses.
2. Nature of business- While finalizing your business idea, you need to decide whether you want to produce, manufacture or sell a product or you want to provide your services to the customers.
3. Opportunity of Business- Opportunity refers to the demand for the product or the service in the coming future. While selecting the business idea, you need to see if there is a scope of that business in the future.
4. Investment- Money is a very important factor to start a business. Basically, business ideas are divided in two categories, which are, less than 1 lakh rupees and more than 1 lakh rupees.
Now we will help you to understand the top business ideas that you can choose as per your capacity to invest. Also, we will tell you their demand in the future and the profit you earn from it.
Top 20 business ideas of less than 1 lakh rupees
If you are good at photography and have the skills to be a professional photographer, you can buy or rent a professional camera, lenses, tripod, and other accessories. You can start this business in less than 1 lakh rupees. There is a large scope of marriage photography, portfolio shoots, event photography and it is a one-time investment.
2. Financial Consultancy
You can start this business as this does not require much investment. All you need to have the skills to understand is the best investment option, calculate business risks so that you can provide good service to your customers. In this business, if you are able to provide excellent services then only you can earn a good profit.
3. Digital Marketing
You can provide digital marketing services to customers and easily earn 10 times your investment. There are a number of digital marketing courses available at an easy fee of 5,000 and above. You can do the course and provide freelancing services or start your own company. There is a very high scope of digital marketing services.
4. Electronic Toys
Starting a toy business is a low-investment business. You can use your private space or rent a small place for manufacturing toys. Raw material can be bought from the market at bulk wholesale prices. Toys are always in demand. You can sell directly to the customers or big factories.
Vegetables are a necessity and are a daily need for everyone. It is a small investment business which you can start in less than 1 lakh rupees. You need to have a good knowledge of storing the vegetables and buying them from the wholesale market.
6. Stationery Shop
It is a low-risk business with less investment. Stationary is required in schools, offices, shops, and everywhere. You can buy from different wholesalers and sell in your store. You need to invest only in the setting up of your store and getting the stationary for selling it.
7. Bakery Shop
A bakery shop sells cakes, pastries, rolls, bread, and other edible stuff. For this business, you can sell the food items baked by you, or you can buy them from someone else and sell them in your store. You can easily set your bakery in less than 1 lakh rupees and it is a low-risk business. You can easily earn a good monthly profit.
8. Event Management Agency
India is a land of festivals and traditions. Thus, there are events for all the occasions. Event management is a very profitable business but profit is totally dependent on your performance. This is a low-risk business and you need to have full knowledge of all the things you require for every event and your customers' needs.
9. Interior Designer
Interior designer is a service-based business where you need to have a creative mind and a lot of experience to meet your customer’s expectations. This low-risk business can help you make a profit if you have a good command of your skills.
Clothing is a necessity for everyone and we want clothes for all occasions. You can set up this business easily as there are many wholesalers available for you. If you are good at marketing and understanding consumers' needs, you will be able to earn a good income from this evergreen business.
Some more examples of small businesses are:
- Honey Business
- Goat Rearing
- Jewelry Business
- Exotic vegetables and fruits business
- Dance Class
- Share Trading
- Tour & Travel
- Papad Business
- Agarbatti business
- Achar Business
- Chatni Business
- Washing powder Business
- Tourist Guide
- Language Translator
- Solar Business
- Hydroponic Farming
- Fish Farming
- Atta Chakki
- Lunch Service
- Delivery Service
- Dance Classes
- Paper Plate
Business Ideas for the investment of 1 lakh- 15 lakh rupees
The business ideas given below are the small to big investments business that can be set up with around 1 – 15 lakh rupees. All these businesses have low or moderate risk and profit is dependent on your performance. But all these businesses have a huge scope and demand in the present and the future.
- Franchise Business
- Dealer / Distributor Business
- Agency Business
- Beauty parlors
- Printing Shops
- Cab Service
- Restaurant/ Café
It is very easy to start your own business when you are able to calculate the risk and have money to invest. You can deal in making a new product or selling an existing product. You can sell grocery products, electrical appliances, and gadgets, deal in automobiles, or solar products. The market of solar products is flooded with buyers as everyone is aware of the importance of solar products. Solar manufacturing companies like Loom Solar are known for their latest, reliable and efficient products. Dealing with their products will offer you a great market of customers. You can contact them on the official website of Loom Solar.