2018-06-01 23:20:54 Starting a Business English Explore business ideas where you need less than 5 lakhs to launch. Blogging is one of the least expensive and most lucrative businesses to... https://d3hrajprm8dqcv.cloudfront.net/wp-content/uploads/2018/06/01232027/Entrepreneurs-agree-on-an-online-business-idea.jpg Business Ideas 3 Small Business Ideas You Can Start with Less Than 5 Lakhs

3 Small Business Ideas You Can Start with Less Than 5 Lakhs

3 min read

Raising money to launch a business can be challenging. If you’re just starting out, you most likely don’t qualify for loans, and you may not have a business idea that’s right for investors. Try not to be discouraged. There are plenty of businesses that cost 5 lakhs or less to launch, but have the potential to help you earn fairly decent income.

Professional Blogging

Believe it or not, blogging can be a financially lucrative business. A professional blog is very different from a personal blog that might read more like a diary. Think of a professional blog a highly specialised magazine. You create and publish high-quality content — articles, photographs, and videos — for specific niche consumers. For example, fashion bloggers create content for internet users specifically interested in fashion. They make money by selling relevant advertisements and working directly with brands to share information about products and services on their blogs.

You can create a professional blog in any niche. To be successful you need to grow your audience, which you can accomplish inexpensively by optimising your content for search engines and reaching out people interested in your niche on social media. The good news is that becoming a successful blogger requires more time and energy than it does money. Access to blogging platforms is free, but to brand your blogging business, you need a customised domain name and web hosting, which might cost you around Rs 6,667 a year.

Home-Based Baker

Are you a natural when it comes to making tasty, beautiful cakes? If you’re already baking cakes for friends and family, consider launching a bakery in your kitchen and selling your creations online. Marketing is key to becoming a successful home baker. To get started, you might bake and fully decorate the styles of cakes or cupcakes you want to sell and take good-quality photographs to share on social media. You also want to make sure that everyone in your circle of influence — family, friends, and acquaintances — know that you’re taking orders.

In your first year, your turnover might not be higher than Rs 12 lakh, in which case you only need to register as a petty food manufacturer with Food Safety and Standards Authority of India. Registering as a petty food manufacturers costs around Rs 100. Depending on the equipment you already have on hand, you can become a home-based baker for as little as Rs 2,000.

Freelance Social Media Strategist

Large businesses can afford to hire teams to help them with their social media strategy but what about small businesses? As more consumers in India go online, small businesses may be left out in the cold if they don’t know the best strategy to engage them. As a freelance social media strategist, you’re skilled at shaping a business’s social media messaging. You’re also skilled at creating content strategies for business, which helps consumers find them online organically.

As a novice in the social media strategy field, you can take free online marketing and advertising courses with reputable companies like HubSpot and Google. Their courses are free and come with certification, which gives you the credibility among potential clients. You also need a robust online presence including a website and profiles on business-focused social media sites like LinkedIn and Twitter. Like blogging, this business is fairly inexpensive to launch and you may spent about Rs 7,000 to get started.

Some of the most successful business people like chain restaurant owner Patricia Narayan and car leasing company owner Ramesh Babu started their businesses with next to nothing. Matching your skills with products and services in demand is the best way to zero-in on a business you can start for cheap.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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