5 Fantastic Startup Ideas with investment less than 5 Lakhs. Being an entrepreneur is the best career decision one could make.
Parents of potential bridegrooms used to consider government employees the most suitable bachelors. They had job security.
This was the time when India was a socialist country and there were few jobs. This was the era when every business required a license from government to start their operations.
Under the guidance of Manmohan Singh, then Finance Minister, the Indian economy began to open up in the 1990s with the Reforms.
The private sector began to emerge slowly, offering better products and services in an economy that was previously dominated by the government.
In a very short time, the competition was quickly overtaking the PSU’s. BSNL, which held a 100% market share up until 2000, is a good example.
It now has 8% market share in mobile markets, and its fixed-line business stagnant.
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Startup India
Policymakers and entrepreneurs are now interested in a new breed of company. Startups are different from traditional businesses in that they use new technology to disrupt markets and constantly innovate. Startups are usually more focused on gaining customers than making a profit. Many startups, such as WhatsApp, were able to obtain billion-dollar valuations despite not having any revenues. This was mainly due to their large user base. WhatsApp boasted a user base exceeding 1 billion as of January 2016.
These are the most innovative and churning sectors for startups. Start your business with an investment of Rs 2-5 Lakh. You can later solicit investments from Seed Investors and Private Equity Investment Firms as you grow your business.
6 Startup Ideas to Make 2-5 Lakhs
1. Housekeeping and cleaning services
Because of the scarcity of skilled labor, cleaning and maintenance services are highly in demand in urban areas of India. To attract and retain talent in this area, employers are offering hourly rates. You can hire 2-3 employees for a minimum investment in the region of Rs 1 Lakh and then pitch your services to small-scale businesses.
Photo by Karolina Grabowska
2. Accountancy Services
Today’s companies must work harder to keep their books in order and comply with regulatory requirements set forth by the Ministry of Corporate Affairs. They need a lot of bookkeepers and accountants to do this. To provide low-cost services, you could hire 2-3 interns to start your own accounting firm.
Photo by Olya Kobruseva
3. Mobile and Computer Servicing and Repair Services
Everybody has a smartphone or laptop these days. Many families have multiple gadgets in their homes. Some of these gadgets will eventually need to be maintained or their software reinstalled. This business can be started with a Rs 3 Lakh investment. You will need to purchase the testing tools as well as rent a space for your shop.
Photo by Skitterphoto
4. Food Truck
Food trucks offer high-quality, tasty food that is both affordable and delicious. A food truck can be expensive. You will need to invest at least Rs 5 Lakh in order to buy a used vehicle and modify it. Fries and burgers are the most popular items sold by food trucks. This trend is slowly becoming more popular in India.
Photo by Artem Saranin
5. Dog Breeder
Quality Dog Breeders make extraordinary profits. A Bangalore dog breeder recently purchased a pair Korean mastiff puppies at Rs 2.35 Crore. The breeder plans to keep the pups and make a good profit online for many years. To become a successful breeder of dogs, you will need to invest at least Rs 10 Lakh. Access to a large farmhouse is necessary in order to house the dogs. If you are a dog lover and have the desire to make a living, this business is for you.
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