Give me a business idea, and I shall deliver an empire, sayeth the passionate entrepreneur for whom a good business idea is like a seed to be nurtured. This seed can become a formidable tree through proper implementation, financing and dedication.
Whether you are a budding entrepreneur looking to start a new business or a seasoned investor searching for business opportunities, these top-tested business ideas under 10 Lakh are just for you.
1. Logistics franchise
Companies providing logistics services are always in demand in a growing economy. Instead of starting a logistics company from the ground up, a good strategy, with limited funding, is to purchase a franchise of a well-established logistics company.
Your logistics franchise can provide many services, such as warehousing, delivery, trucking, courier and distribution. You would need storage space (preferably 600 sq ft), computers, an internet connection, and barcode scanners.
2. Ecommerce company
With increasing digitisation, people are always looking for convenient ways to shop. If you have basic coding and internet knowledge, starting an e-commerce company is a fast-growing business idea under 10 Lakh.
To start your e-commerce company, you’d need a computer, a domain name, office space and contacts with prospective sellers. Be sure to think of an attractive name for your website to stand out from the competition.
In the beginning, you might have to adjust with low margins owing to a smaller seller pool and attractive discounts to buyers. However, once established, you can rapidly expand your company to include more sellers and earn more profit. Don’t forget to advertise your company on social media.
3. Cloud kitchen
In a sea of available food options, there’s always a demand for unique and tasty food among people looking for a change of routine.
If people reminisce about your cooking exploits at parties or if you have guests consistently cheating on their diet for a serving of your delicious dishes, a cloud kitchen might be the best under 10 Lakh investment business for you.
You would need cooking space, cooking equipment, packing materials, refrigeration facility and support staff for your cloud kitchen. Your investment would depend upon the menu you plan on offering. For example, when offering pizza, you might need an oven, which can be moderately expensive compared to a cooking stove.
You can sign up with one of the reliable food delivery apps at the beginning and start cooking. In case you decide to offer your own app, you might have to make additional investment for app development and food delivery.
4. Home and office housekeeping business
Most working people don’t find time for proper housekeeping due to irregular and long working hours. If you live in a city that is home to a large office-going population, a home and office housekeeping company can be a great under 10 Lakh investment business.
An advantage of this business is that you require minimal space to start functioning. Get a small office space, hire experienced staff, buy the required cleaning supplies, and you are all set. With a little more investment, you can offer your housekeeping services through a website or an app.
Once you have amassed enough home and office clients, you can move to a bigger space and hire more staff to offer round-the-clock housekeeping services.
5. Fitness gym
With increasing awareness about the numerous benefits of healthy living, more and more people are investing in personal health, especially in medium and large cities. To cater to this increasing demand, starting a fitness gym is a good under 10 Lakh investment business idea.
Your initial investment would vary depending upon the services you plan to offer at your fitness gym. For a standard fitness gym, you need a moderately sized space, suitable equipment and experienced trainers to get started. Once you establish enough regular customers, you can expand the fitness gym to include more services, such as yoga and massage therapy.
Don’t forget to use digital marketing to your advantage by advertising your fitness gym on various platforms. Also, choose a suitable, accessible location to attract more customers.
6. Online Travel Agency
Tourist places around the world are experiencing high tourist volumes after the pandemic. Tourists are not just looking to travel but to have a meaningful experience as well. This has created a demand for travel agencies that can provide unique and comfortable travel experiences.
If you’re a seasoned travel junkie, starting an online travel agency is a profitable business under 10 Lakh. All you need is a website, office space, computers, and staff. Once everything is in place, you can start taking bookings from prospective tourists.
To make your agency more attractive, you can offer customised packages that include travel, food and stay. You can also leverage your extensive travel experience to offer your customers a chance to discover not-so-well-known tourist places. This can make your agency stand out from the competition.
7. Online Tutoring Services
Our country is home to a growing student population of all ages. Demand for tutoring services for every educational field is consistently high.
If you hail from an academic background and have a passion for teaching, you can open an online tutoring business. The business doesn’t require heavy investment and is one of the best under 10 Lakh business ideas.
With a laptop and preferably a website, you can start offering tutoring services in your preferred educational field. You can go for both one-to-one and group teaching.
When established, a natural extension to your tutoring services can be educational content generation. With a dedicated team of experts, you can provide students with quality teaching and educational content. This will ensure multiple income streams for your business.
Final thoughts
This brings us to the end of the list of best business ideas under 10 Lakh. After the ideation phase comes the question of funding. Instead of funding your business through savings, consider business loans.
Tata Capital provides versatile business loans with competitive business loan interest rates and minimal business loan documents required. Further, with Tata Capital’s flexible loan repayment schedule, you can focus on growing the business without the burden of high EMIs.
29 May 2024
6 mins read
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