Many people aspire to become successful entrepreneurs. However, investing life savings into a business can be risky and overwhelming. Fortunately, there are business opportunities that require minimal investment, and with a good strategy, you can achieve high returns and business success.
There are about 334 million businesses globally, which means competition is tough. To succeed, you need a unique approach. Forbes Advisor India has highlighted 10 business ideas with low startup costs that could help you make smart choices and grow your business.
Top Business Opportunities to Start Now (With Low Investment and Potential Returns)
Identifying business opportunities is easy, but choosing the right one can be tricky. It is important to understand the business, the required investment, and the expected return before you dive into any venture. Below are some business opportunities you can start with minimal investment:
Cloud Kitchen
Tiffin services in India have been around for a long time, and with platforms like Swiggy and Zomato, the market has expanded. Cloud kitchens make it easier for homemakers to leverage their cooking skills and take food orders through calls or online platforms. You can start a cloud kitchen business with an investment of less than INR 1 lakh.
Digital Marketing Agency
Starting a digital marketing agency is a great option with minimal investment and the potential for high returns. You can do it solo or in partnership with someone experienced in marketing, design, and content creation. You’ll need to invest in marketing tools, a laptop, and software, with an estimated startup cost of INR 80,000.
Affiliate Marketing
Affiliate marketing involves promoting well-known brands on your website and earning a commission when someone makes a purchase through your link. Even without a website, you can join affiliate programs like Amazon’s. Startup costs can be as low as INR 3,000.
Dropshipping Business
Dropshipping is a low-cost way to run a business where a third-party supplier manages inventory and shipping on your behalf. You don’t need to worry about purchasing or storing products. You can start a dropshipping business with around INR 10,000.
Virtual Assistant
Virtual assistants provide administrative support to clients from remote locations. The services range from social media management to graphic design. It’s a flexible business that doesn’t require you to be in the same city or country as your clients.
Website Design
Every business needs an online presence, and if you enjoy creating websites, this could be a profitable venture. You’ll need a well-defined niche and a strong portfolio to attract clients. The estimated startup cost is around INR 30,000.
Airbnb Host
You don’t need a second home to become an Airbnb host. If you have a spare room, you can rent it out for extra income. Create a pleasant guest experience to ensure positive reviews and repeat bookings.
Freelancing
Freelancing allows you to offer your skills in areas like writing, design, and marketing without needing a large investment. All you need is a laptop and some essential tools. Focus on building a strong portfolio to attract clients.
Event Management
Event planning can be overwhelming, which is why people hire event managers for weddings, parties, and concerts. You can start small by organizing school or college events before moving on to larger functions. Startup costs are around INR 50,000.
Clothing Business
The clothing industry is always in demand. You can start by selling printed T-shirts or buying clothes from wholesalers and reselling them online. The estimated investment to start is INR 50,000.
Photography/Videography
With a creative eye and the right skills, photography and videography can be profitable businesses. Many people want to capture special moments, so a strong portfolio is essential. Startup costs include a good camera and editing software, totaling around INR 80,000.
Fitness Classes
Starting a fitness business doesn’t require a fancy studio. You can conduct classes in public spaces or even offer online sessions. Options include yoga, Zumba, or other fitness activities. Startup costs can be as low as INR 20,000.
How to Identify New Business Opportunities
Understanding the types of business opportunities available is key to growth and survival. Here are some ways to spot new opportunities:
Market Research
Before deciding on a business, conduct thorough research to determine if your idea is viable. Gather insights from industry reports, customer surveys, and interviews to better understand your market.
SWOT Analysis
A SWOT analysis helps you identify your business’s strengths, weaknesses, opportunities, and threats. For example, if changing market trends offer an opportunity, adapt by adjusting prices or introducing new products.
Process Review
Evaluate your existing processes and look for ways to improve them. Ask questions like, “Can this be done more efficiently or cost-effectively?” By finding opportunities for innovation, you can enhance your business’s performance.
