“Never depend on single income. Make investment to create a second source” – Warren Buffet
In this fast-moving society, everybody needs a supplementary income source to maintain and enjoy a comfortable living standard. Whether you are a doctor, professor or a successful businessman, you should always look out for extra business opportunities and ideas. There are risks in all business but to become successful, one must overcome the fear of failure. Here is a list of business ideas which have low risk as the initial investment is very less (< Rs.100,000/-)
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The Ultimate 10 Best business ideas under Rs.1 lac:
1. To-let services:
A large number of people move to other cities/towns for education or job. These people face a lot of difficulty to find a place for staying. In such cities, to-let services prove to be one of the most successful business ideas.
i). A comfortable office room with tables, chairs, AC, sofa, computer, etc
ii). An assistant who would do field works like visiting and showing houses.
i). Stay in touch with several landlords throughout the city who are interested to give their apartment/houses for rent.
ii). Keep updates on to-be vacant rooms/houses and their prices.
iii). Marketing plays a pivotal role for any business to be successful. Make sure that a large number of people comes to your office for finding rooms/houses. For this, a good advertising campaign through banners/posters/FM/newspaper is necessary.
iv). Take a specific amount of fees to show houses or cut your service charges after the candidate has selected a house to stay.
Expected Income through To-let services:
Rs.15000/- pm to Rs.80000+ Depending upon your reach and advertising, your income varies.
Advantages of To-let services as a business:
i). Part-time Income: As most of the work takes place through phone, with the help of an assistant (who would show houses to people), this business can be operated on part-time basis.
ii). Increases social contact: As the work profile requires to talk to a large number of people on daily basis, the social circle and number of acquaintances would definitely increase, which is a positive thing. Candidates with a good communication skill can excel in this business.
iii). Good Income: Sometimes, there are some consultancies in some cities which earns Rs.2 lac to Rs.5 lac per month providing excellent to-let services.
High Competition: As to-let services is considered as one of the most easiest business options, there is quite a high competition in this sector. However, all new candidates start small but gradually go on to expand their to-let services.
2. Food Delivery Service:
Taking inspiration from the ‘Dubbawalas’ of Mumbai and home-delivery facilities of MNC’s like Domino’s, Pizza Hut, McDonald’s, etc, a small-scale Indian food delivery service can be opened in any city.
i). A kitchen with 3-4 cooks available for at least 12 hours per day.
ii). 4-5 delivery boys with 4-5 bicycles/moped who would deliver the order at home/office.
iii). A formal office with Telephones, notepads, tables, chairs, etc for taking orders and meeting customers/guests.
i). Start with a small group of 6 to 10 people (including cooks, delivery boys, telephone operators, etc)
ii). Target a small area initially (within a radius of 4-5 km). For greater profits, choose an office area and not residential.
iii). Advertise extensively through posters, banners, pamphlets, etc within that area. Mention the facilities that you are providing in the Ad, like “Free Home Delivery within 30 minutes”, “Eat Fresh and Warm Homely Food”, etc. Mention the menu, telephone number, etc.
iv). Prepare delicious foods at low prices. Do not try to make profits initially. After acquiring a large customer base, the profit margins can be increased.
Note: You may also avoid to prepare food if you can have contract with the local hotels for the supplies.
Expected Income through Food Delivery Services:
In the initial months, you may not get much profit as very few people would know about your service. However, after 3-4 months of proper advertisement, you may earn more than Rs.40000/- pm as profits.
Advantages of Food Delivery Services:
i). Low Competition: Food delivery services are not very common to find. If advertised properly, advantage can be taken for its low competition.
ii). Increasing Profit: This is one of those services which would keep on expanding automatically by word of mouth, if good quality is maintained.
i). High Risk: If not advertised properly, this business would gradually cease to exist.
- ii) Maintenance issues: The team preparing and delivering the food has to be coordinated properly as delivery on time is an important factor here. Also, quality of food should be good.
3. Internet Cafe (+ Mobile/DTH Recharge + Online Ticketing):
Internet penetration is increasing at a rapid rate. At a time like this, setting up of an internet cafe would prove to be a very ideal business endeavor.
i). A spacious room, ii) 3-4 computer tables, chairs, iii). 3-4 PC, iv). Printer, v). A Broadband Connection.
Services to be provided:
i). Internet Surfing/Downloading/Printing
ii). Online Ticket Booking,
iii) DTH and Mobile Recharges,
iv). Bill payment of Telephone, Electricity, etc.
v). Online Application of Jobs and Exam Results.
Once established, monthly profits can be anywhere between Rs.25000/- to Rs.50000/- pm.
4. Laundry Services:
Providing laundry services has also become a good income source especially in areas lived by students/working bachelors.
i). A small shop for receiving and delivering laundries to customers.
ii). 2-3 men who would undertake the work of washing, drying, pressing and packing.
iii). A nearby open water source like a river, pond, etc (for large-scale laundry services).
i). Laundries are collected and marked properly to be identified when needed.
ii). The date, name, mobile number and address of the depositor is recorded in a notebook, diary. A receipt is given to the depositor which would be required to be shown at the time of collection of laundries.
iii). All clothes collected on a day are sent for washing, drying and pressing the next day.
iv). Delivery is made on the 3rd or 4th day and payment is collected. To make the service better, free home delivery of laundries can be made.
Expected Income through Laundry Service:
After deducting all expenses of labor, washing powder, electricity, water etc a medium-sized laundry business is able to generate a profit of Rs.1000/- to Rs.1500/- per day.
No big office, set-up or investment is required initially.
5. Travel Agency and 2-wheeler rental:
Running a travel agency does not necessarily requires to have vehicles of your own. A number of contacts with vehicle owners who are ready to give their vehicles for rent would be sufficient to set up a travel agency.
Also, if you are staying in one of the tourist attractions of the country, then 2-wheeler rental services can also be a profitable business for that place.
i). Contact with a large number of vehicle owners of that place (both 4-wheeler as well as 2-wheeler) who are ready to rent their vehicles
ii). Good advertisement of your travel agency.
Daily profits by renting vehicles can be as much as Rs.5000/- per day.
6. Maintenance Services:
Often, we find ourselves struck at house with our faulty appliances, devices, machines like refrigerator, AC, cooler, water pump, grinder-mixer, fan, television, washing machine, computer, taps, etc. Most of the time we have to carry these ourselves to the mechanic or repair shop and bring them back after repair.This is where maintenance services would come into effect. A simple phone call might be the solution to all these above problems.
i). Contacts with all types of mechanics, electricians, repair shops and plumbers.
ii). A couple of phone to receive call and provide services.
iii). A really good advertisement campaign.
i). Initially cover a particular area or town for providing these services.
ii). Whenever any appliance or device stops working, people would call you.
iii).Note the problem and address. Send the appropriate mechanic or electrician/plumber as per the requirement.
iv). If possible, he would repair it on the spot or would bring it to his shop for repairing as well as deliver it after repairing.
If you can make your customer happy by providing them good services then money would not be an issue for most of them. Earning can be from Rs.20000/- to Rs.100,000/- pm, depending upon all the expenditure on labor and area of service covered.
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