Best Business Ideas Under ₹50,000: How to Start & Benefits of It
According to customer behaviour in India, people here prefer buying affordable products and services. Therefore, an innovative product or service within a budget will sell more. However, if you are willing to be an entrepreneur and start a small-scale business with minimum investment, ensure these businesses are either creative or unique.
Keep reading this article to find the best business ideas under ₹ 50000, how to set them up and the benefits they carry!
What Are the Best Business Ideas Under ₹ 50000?
India is envisioned to become an economy earning trillions soon. Moreover, the business segment will have the lion's share in this massive growth. So, there is massive scope for small-scale businesses under the micro, macro, and small and medium enterprises segment.
However, if you are confused about which market to enter, follow the list below detailing the best business ideas under ₹ 50000. It mentions every detail on how you can begin it and the budget incurred for each:
1. Catering/Tiffin Business
A catering or tiffin business is an excellent and well-executed business that you can start with minimum investment. A personal favourite for many solopreneurs, this business is for the one who is passionate about food and has excellent cooking skills. If you are ready to project your skills and earn well, start from your home and think of expansion as your business grows.
Investment to Begin a Catering/Tiffin Business: Approximately ₹ 40000 - ₹ 50000 (depending upon the cost of raw materials, utensils, etc.)
How to Start a Catering/Tiffin Business?
The following are the ways to start a catering business:
Step 1: Do a market study and understand who your potential clients are. It will mainly depend on the location and food they want to have.
Step 2: Get a small business loan, raise funds, or invest independently. Then, purchase the required utensils, arrange for raw materials and appoint a delivery partner.
Step 3: Acquire necessary licences and registrations (FSSAI, GST, Trademarks, etc.) and build your website.
Step 4: Social media is the biggest platform to advertise your business. So, start investing in online and offline marketing to gain a strong customer base. Also, encourage word-of-mouth advertising too.
Step 5: Tie up with food delivery services so that it can expand and you can make profitable gains.
Step 6: Start contacting corporate buildings that will help you gain a maximum number of customers.
Benefits of a Catering/Tiffin Business
There are several benefits of starting a tiffin/catering service from home. Here it goes:
- Working people, students, and bachelors away from their hometowns can find homemade nutritious and hygienic food.
- People will find different menus each day that they will love to have.
- Timely delivery and quality food ensure you get more orders.
2. Online Grocery Business
Digitisation in India has changed the world around us. Everything we want, from buying clothes to medicines, is available with just a click. The grocery business can be an excellent option in such an instance where you can create opportunities for people who don't wish to visit the market often.
Investment to Begin an Online Grocery Business: Approximately ₹ 30000 - ₹ 40000 (depending upon the cost of vegetables as per market rate and delivery partner charges)
How to Start an Online Grocery Business?
To start this one of the top business ideas under ₹ 50000, follow the below steps. It will help you manage your grocery business from home easily:
Step 1: Register your business and create a unique identity (GST registration, FSSAI registration, etc.)
Step 2: Learn about your target audience by identifying their eating habits per the location. This will help you in stocking specific vegetables in advance.
Step 3: Select your delivery region and venture with a delivery partner for faster deliveries.
Step 4: Learn about inventory management and keep several modes of payment.
Step 5: Develop your website and a mobile application for easy order placement.
Step 6: Start advertising your business and begin by offering discounts.
Benefits of an Online Grocery Business
An online grocery store business can benefit in many ways. They include:
- Online grocery business supports customer demand with effective on-time deliveries.
- It saves a lot of time for people who have a busy schedule and want things urgently.
- People find everything under one roof and can avail the one they need just with a tap.
- Buyers can stick to what they want instead of having to explore unwanted expensive options.
- People find lots of discounts and hence tend to shop at their convenience.
3. Online Tutoring Business
Planning an online tutoring business is another unique small business under ₹ 50000. The only investment you have to make is to establish a computer setup, a powerful internet, and some accessories such as a good webcam, mic, etc. Besides, you can also partner with your friends who are excellent in other subjects to start an online study centre.
Investment to Begin an Online Tutoring Business: Approximately ₹ 45000 - ₹ 50000 (depending upon the computer/laptop and other accessories)
How to Start an Online Tutoring Business?
Follow the simple steps to start your online tutoring business:
Step 1: Choose a subject that you have in-depth knowledge of. Here, it is better to choose the subject in which you are well versed in.
Step 2: Analyse the current competition in the market in your niche. Also, find the fees other tutors charge and the way others teach.
Step 3: Chalk out a business plan, and make necessary marketing strategies for your business before promoting it.
Step 4: Start minimal investments such as - books, online tutoring accessories, etc.
Step 5: Build your website and start promoting it on social media. Additionally, shoot short videos of courses to attract students. Moreover, develop a student registration gateway for easy sign-up.
Step 6: Develop a set of courses, as students seldom enrol in a single course and plan a package accordingly. Develop payment modes too.
Benefits of an Online Tutoring Business
The benefits of online tutoring include the following:
- Online tutoring business allows incredible job flexibility and security as you can guide students at your convenience.
- It allows the elimination of travel time at both ends, reducing geographical constraints. Students and tutors can find each other from anywhere in the world.
- Students get the best tutors online, catering to their educational needs. Some tutors also offer additional services, such as – assisting with a project or assignment.
- You can come up with training and self-development sessions to create more fun in classes.
4. Pickle-Making Business
Pickles are a specific and common requirement of every Indian family. Not only this, but it is a traditional delicacy that most of us love to have. So, if you are willing to invest in such a business, it is a good choice as you can begin it from home. Since pickle-making is a relatively lengthy and laborious process, most people buy it from an online store.
Investment to Begin a Pickle-Making Business: Approximately ₹ 25000 - ₹ 30000 (depending upon the raw materials and packaging)
How to Start a Pickle-Making Business?
Here are the simple steps to start your pickle-making business:
Step 1: Start by planning the pickle you want to make. It will depend on your location and demand.
Step 2: Invest in the necessary equipment you require to make the pickle. It includes utensils, jars, etc.
Step 3: Arrange for the necessary registration and licences (FSSAI registration, GST registration, etc.)
Step 4: Plan storage and preservation facilities. This mainly includes the transportation process to protect them from fungal attacks.
Step 5: Plan packaging, pricing and payables by introducing several modes of payment. Also, try venturing into local online grocery stores.
Step 6: Build your website and start promoting your range of products through online and offline marketing.
Benefits of a Pickle-Making Business
The following are the benefits of a pickle-making business:
- This business allows you to introduce a wide range of products so that people have variety.
- The process involves easy preparation. Moreover, you can even hire a local expert in this work to assist you.
- Pickle is an 'evergreen business', meaning its demand is suspected never to fall. Thus, it instigates an expansion in the long run.
- It requires minimal space and less equipment; hence a basic investment is enough for you to begin.
5. Handmade Clothes/Accessories Business
Another one in the list of best small business ideas under ₹ 50000 is to begin your handmade accessories and clothes business. You can start this from the comfort of your home. Moreover, nothing can be better if you are good at designing clothes and want to give your skills a touch of business. Another benefit of handmade products is they require low investment, but the product has high market value if you engage passionately and provide correct pricing.
Investment to Begin a Handmade Clothes/Accessories Business: Approximately ₹ 40000 - ₹ 45000 (depending upon the raw materials, clothes, and packaging)
How to Start a Handmade Clothes/Accessories Business?
Here is a step-wise guide on how you can begin with your clothes business:
Step 1: Start by planning the type of clothing and accessories you want to focus on, depending on market demand.
Step 2: Decide and decorate a space in your room for the business. The place must be clean and have good lighting to display your products.
Step 3: Create your website, register your business and build up a space for selling and introducing payment options.
Step 4: Start promoting your products through online and offline media, make videos and share feedback stories to engage the crowd.
Step 5: People love to avail discounts or special offers on products. Try introducing them as well.
Benefits of a Handmade Clothes/Accessories Business
There is a long list of benefits attached to this business. Some of them are:
- Handmade clothing ensures better quality clothing, and hence people invest in them.
- You can upcycle your clothes with your creative instincts.
- Handmade clothes can produce exclusive styles and designs according to marketing trends. People love when they can find customised products as per their requirements.
- The manufacturing process is simple and eco-friendly.
6. YouTube Channel
A booming business for many, creating a YouTube channel can be an excellent business idea if you have a good delivering capacity. It incurs minimal investment, including a good-quality camera, mic, and editing tool.
You can share your experiences regarding products, services, cooking, teaching, etc. Moreover, you can also create your niche and build a website to allow people to enrol in social media courses.
Investment to Begin a YouTube Channel: Approximately ₹ 30000 - ₹ 45000 (depending upon the camera, mic, and related accessories)
How to Start a YouTube Channel?
Here are some simple steps to help you build a successful YouTube channel:
Step 1: Start by planning the content you want to sell.
Step 2: Run a competitor analysis and understand which content sells the most.
Step 3: Register your business and build a social media account to promote your work online.
Step 4: Now start channel branding and promoting your business offline too.
Step 5: Focus on the problem’s solution. It is a must since people will only get attracted if they find a solution to their problem.
Benefits of a YouTube Channel
There are several benefits you can start while starting your business based on YouTube:
- You get access to a large mass through a single channel and c request them to buy your products or services.
- You can promote your products and tie up with other businesses and paid partnerships to earn revenue.
- Connecting with your customers is not a geographical barrier anymore. You can do it from anywhere in the world.
- You gain heavy traffic and higher visibility on Google, resulting in higher conversion rates.
7. Homemade Sweets Business
This is another evergreen business that will never fail to please and attract people. So, if you are a pastry specialist passionate about making people get a taste of it, nothing can be better than starting your own homemade sweets business.
Investment to Begin a Homemade Sweet Business: Approximately ₹ 40000 - ₹ 45000 (depending upon raw materials and packaging)
How to Start a Homemade Sweet Business?
Here is how you can begin your homemade sweets business:
Step 1: Start understanding the requirements of people in your locality and your area to introduce a special dessert.
Step 2: Register your business and develop your website to showcase your products.
Step 3: Create a space in your home to make the sweets and invest in utensils. Also, arrange for the raw materials you need for preparation.
Step 4: Prepare a space for storage so the sweets remain fresh.
Step 5: Start advertising and promoting your product through online and offline media to reach the maximum number of people.
Benefits of a Homemade Sweet Business
The benefits of a homemade sweets business include the following:
- People can enjoy homemade customised sweets without having to deal with additional sweeteners or condiments added in store-bought products.
- You get to create a variety of desserts rich in taste, attracting more potential crowds. However, you must keep in mind your customer base.
- It is easy to make and requires less time and space. Hence, it is not a laborious job.