Starting an entrepreneurial venture with INR 3 lakhs, seeking a return of INR 50,000 monthly, is a great ambition. India, with its vast and varied market, presents a plethora of business opportunities that can be tapped into with relatively modest capital. Here are a few suggestions for your entrepreneurial quest:
- Franchise Business: There are several small-scale franchise opportunities in India, ranging from food kiosks to retail stores. For instance, tea and snack stalls or mobile recharge booths can be established with low initial investment, and they often promise steady returns if placed in strategic locations.
- Digital Consultancy: If you possess expertise in any field, say, digital marketing, graphic design, or content creation, starting a consultancy can be fruitful. With a majority of businesses moving online, this sphere is expanding rapidly. Setting up a home office reduces overheads, ensuring higher profitability.
- E-commerce or Dropshipping: You don’t necessarily need a product of your own. By tying up with suppliers, you can sell products online without holding inventory, akin to running a relay race where you’re just one essential part of the whole chain. Platforms like Shopify or WooCommerce make setting up easier.
- Tuition or Coaching Classes: If you’re skilled in any academic subject or activity, offering tuition or coaching classes can be lucrative. With the current emphasis on online learning, you could even extend your reach beyond your locale using platforms like Zoom or Google Meet.
- Event Planning: With the increasing demand for curated experiences in weddings, birthdays, and corporate events, if you have an eye for detail and organizational skills, event planning can prove to be a profitable venture. It’s like weaving a handloom fabric where every thread matters.
- Food Business: Whether it’s a small takeaway counter, a homemade food delivery service, or a niche catering service, if you’re passionate about food, there’s always room in the market for delectable offerings. Remember, food, like gold jewelry, never goes out of demand.
While these options present many opportunities, it’s crucial to research extensively and perhaps even consult with a professional startup coach and possible an Investment Advisor. Making informed decisions will significantly elevate the chances of your business’s success. Investing some of the money in financial instruments, guided by a trusted advisor like Jama Wealth, can also serve as a safety net, ensuring you have a fallback.
And, a golden nugget from the world of investing that equally applies to business: “Risk comes from not knowing what you’re doing.” – Warren Buffett. So, equip yourself with knowledge, and your entrepreneurial journey will be smoother.
