All the recent talk about a slowdown in the Indian economy notwithstanding, India remains one of the fastest-growing large economies in the world. This makes it a great place to start a new business. As a matter of fact, there are many unique business ideas that don’t cost the earth. Here is the lowdown on six of them.
Editor’s note: Once you’ve chosen a business to start, put it online in less than 5 minutes with Online Starter Bundle.
6 low to medium cost business ideas
You don’t need a lot of money to start your own business — just the right idea. Here are 6 different small business ideas for you to consider.
- Paper or cotton bag manufacturing.
- Online store.
- Medicinal plants business.
- Paper plate manufacturing.
- Tuition classes.
- Selling indoor plants .
Be sure to look into the many sources of small business funding in India in case you still come up short.
1. Paper or cotton bag manufacturing
With the Indian prime minister’s recent call for phasing out single-use plastic bags, a huge opportunity has been opened for paper and cotton bag manufacturers to step up and plug the gap.
Photo: Lucrezia Carnelos on Unsplash
The price in the case of cotton bag manufacturing machines starts from Rs. 850,000. Given their modest levels of investments, these are businesses almost anybody can try their hand at. With a large market ready to buy, you could quickly be on your way to recoup your costs and start earning a neat profit.
Related: What is government loan scheme for small business?
2. Online store
India boasts an online market size of $33 billion and this is all set to expand, what with increased internet presence and a phenomenal growth in the number of people owning a smartphone.
India’s eCommerce industry is slated to grow at a blistering annual growth rate of 51%, by far the highest in the world.
Building an online store has the inherent advantages of low investment and a market unimpeded by geography. You can take the help of online eCommerce solution providers like GoDaddy who will help you create your web store, manage inventory and shipping, accept payments — even market your products and services.
3. Medicinal plants business
This again is a business which does not require much money to start. In addition, with the government of India providing its backing to this sector, you can be sure of success.
For your part you will be required to grow medicinal plants that are highly regarded for their unique properties.
Medicinal plants like tulsi, lavender, ashwangandha, brahmi and so on are seeing a huge demand from manufacturing and pharmaceutical companies. One bonus is that these types of plants require far less land to grow than traditional crops.
4. Paper plate manufacturing
Now this is another low-cost manufacturing business that requires minimum investments. You can even start it from home, considering that the paper plate manufacturing machine needs only about 1000 square feet of space. This will allow you to make as many as 10,000 plates a day.
The demand in large cities and towns is humongous and if one is able to ensure that the quality is up to the required standard, the sky is the limit with regard to how much your business can grow. With a healthy profit margin, this is definitely a great business for those who want to make the most amount of money with minimal investment.
5. Tuition classes
Indian is a nation with aspiration. A tuition or educational coaching center that helps students prepare for their board and competitive examinations is sure to do well in any part of the country.
Your investment is next to nothing if you conduct the lessons in your home.
Spreading the good word about your stellar services and impressive track record among students is quite easy and relatively inexpensive, thanks to social media. You can also rely on traditional promotion by way of pamphlets and referrals.
6. Selling indoor plants
For those with a gift for gardening, it might be a great idea to start a low-cost indoor plant business. This business primarily comprises of delivering and taking care of indoor plants in homes and offices.
The demand for this kind of service has grown quite large in India because of the ability of some of these plants to reduce pollution inside buildings.
The business requires you to market to corporate organizations and homes, which one can do quite cheaply with the help of a website and social media. Once you obtain the orders, you can source the plants from nurseries and make deliveries. You could easily set up a business like this for as little as Rs. 50,000 to Rs. 100,000.
6 unique business ideas that don’t cost the earth
The different small business ideas described above are the kind that are easy to set up and start making a profit within the shortest time possible.
Each one of the businesses described has market demand and requires very little capital investment to begin. A win-win situation for any budding small- to medium-scale entrepreneur.
If you are someone who wants to start a business that caters to a large pre-existing market and requires minimal capital investment, you now know what you have to do.
All equipment prices and income estimates quoted here were accurate as of the date of publication. Please do an internet search for up-to-date figures.
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