There are some low cost businesses that one can start with the right knowledge and skill set.
Many people envision becoming an entrepreneur. Generating a large revenue, leading a company and attaining success are aspirations amongst young minds. However, these dreams shatter when they do not have required capital to build their business. Originally, a business cannot run merely through a business idea and strategizing but requires investment as well.
If a person cannot garner the required capital, it becomes difficult to actualise dreams. Later, he has to give up his aspiration and look for other options. However, there are some low cost businesses that one can start with the right knowledge and skill set. Here is a list of small business ideas that you can start with low investment.
Badge Making Business
Creating badges and selling them is one of the affordable, low-cost business ideas. To start this business, one would not require much capital. One has to infuse money into the business for procuring machinery and tools only. Once the business kicks off, the entrepreneur can sell badges directly. Otherwise, one can reach stationery stores and ask them for orders.
According to Statista, revenue in the hobby and stationery segment is projected to reach $1,744 million in 2020. Revenue is expected to show an annual growth rate (CAGR 2020-2024) of 12.8 per cent, resulting in a projected market volume of $2,826 million by 2024. User penetration will be 9.1 per cent in 2020 and is expected to hit 21.2 per cent by 2024. The average revenue per user (ARPU) is expected to amount to $13.83.
In the pandemic, maintaining a social distance has become one of the preventive measures. Owing to which, people have avoided stepping out of home and are majorly doing online shopping through e-commerce sites. In this adversity, e-commerce sites are turning very helpful for consumers. Considering this, one can also start an e-commerce site. For that, one has to create a website, bring small entrepreneurs onboard, list products on the website, and connect with logistics services.
As per Statista’ report, owing to the increasing internet user base and favorable market conditions, India has a lot of potential in the e-commerce industry. Growing at an exponential rate, the market value of the e-commerce industry in India was approximately $50 billion in 2018. This number was estimated to reach $200 billion by 2027.
Wedding Planning Business
Nuptials are one of the most enlivening commemorations in the family. They are held extravagantly in huge halls with first-class food and decorations. Ascertaining the right catering service, marriage halls, and decorations can be problematic sometimes. To resolve this problem, one can start an online wedding planning business. The website will offer wedding solutions comprising event planning, catering, and other allied services at one stop. It is one of the successful small business ideas with low investment presently.
Medical Tourism Business
Various foreigners and NRIs who reside in India look for top-notch healthcare services. One having a bit of knowledge of the healthcare segment can now start a medical tourism business. While starting this business, one acts as a facilitator and tries to meet healthcare, medical and surgical needs of ailing patients.
According to Ministry of Tourism, in 2018, as per the analysis 62.4 per cent of foreign tourist arrivals was for the purpose “Leisure, Holiday & Recreation” followed by Business and Professional (16.3 per cent), Indian Diaspora (13.5 per cent), Medical (6.1 per cent) and Other Purpose (1.7 per cent).
In the changing times, education has become an effective medium to break social barriers. As a result, students and their parents invest money into a coaching center. The coaching institute helps prepare students for entrance test examinations and further, groom them for other rounds.
Seeing the growing importance of education, one can start a coaching center. One has to find veteran teachers and create a curriculum for it. This business opportunity requires less investment but constant involvement of the entrepreneur in the coaching center.
You can start these business ideas at a low-investment. These businesses are reliable, affordable and successful. Many people would not know about such businesses; they adopt ordinary business ideas that are circulating conventionally. Besides these, if you have any other business ideas that you want to share with us, then comment below.