We all know how global giants Facebook was created out of a Harvard dorm and Microsoft being formed two years after Bill Gates dropped out of college. That Eureka moment has no monetary value, only potential. The point is many ideas need no great investment. With good planning, they can help you create a company with the lowest initial costs while yielding the highest possible returns.
Indians have business in their blood. While some may have the business acumen, they may not have homed in on the big idea to begin with.
Here are 10 business ideas that can be launched within an initial cost of just Rs 10,000.
1. Tuition centre
Children’s education being virtually recession-proof, a tuition centre has virtually no overheads. It is one of the most cost-effective businesses to launch as most teachers take classes in their own or in their students’ homes. What you need is, apart from being a great tutor, is advertise yourself on social media or go the old-school way with pamphlets and word-of-mouth recommendations.
Who knew bloggers would become superstars in their own right, with brands and companies queuing up to seek their reviews or services? Fashion, beauty, tech devices, movies, clothes… you name it and there are bloggers with huge readerships in these fields. Apart from wielding influence, this is possibly one of the most lucrative fields to tap into in the digital age. Professional blogging requires minimal startup cost: you only have to invest in a domain name and hosting space, all working out to less than Rs. 4,000. As for promoting your blogs through the right channels, the free and limitless expanse of the Internet is all you need.
3. YouTube channel
Just like bloggers, there are YouTubers who are hugely influential and making a lot of money. For every Logan Paul who bungled his way out of a lucrative YouTuber career, there are hundreds out there, creating independent channels and uploading their content for free. This business needs very little investment and a webcam or a mobile phone can produce clickbait videos if you have what it takes. YouTube itself pays vloggers whose channels are popular.
4. Costume jewellery
Costume and custom-made jewellery is big business. Nothing flatters an outfit more than a dramatic accessory. To get into the business, you need to have a creative eye and great bargaining skills to wrest deals from the manufacturers of these customised pieces, either by offering them a decent percentage from your sales or buying their products in bulk. Either way, the trick is to sell the pieces with a big mark-up at a shop or a pop-up in a popular place, for which you need to pay for rented space. Despite this, your overall cost can be pegged at Rs 7,000 or Rs. 8,000.
5. Social media strategist
Every corporate, startup and even individuals – particularly celebrities, know the importance of social media to add value to their image. While most of the bigger companies have their own in-house team to handle their online presence, the smaller ones outsource the job to stand-alone social media strategists. Here, the only investment that you, as someone looking to build a brand in this line. You can boost your online presence by advertising on platforms like Facebook and LinkedIn and with minimal spending to maintain your website for search engine optimisation.
Scriptwriting does not entail just cinema. All visual and audio media need scripts. Corporate entities, when they tell their stories on their websites, also need scripts. As for cinema, cities like Mumbai are famous for independent scriptwriters, who work on deadlines and have contracts with production houses. Scriptwriters do not need to spend on any initial costs to set up their brand as they can write from anywhere, especially undisturbed in their own homes.
7. Handyman services
Welcome to the world of unsung heroes - the electrician, the plumber, the housekeeping staff and others without whom we wouldn’t be able to go to work in peace. Locate freelancers and if you have the knack of cobbling together a team, you can get your handyman service up and running with very little investment. Initial cost will be spent on purchasing the necessary tools if they don’t have one.
8. Pet daycare/pet-friendly services
Pets are big now, either as emotional support or conversation pieces. There are any number of owners who would fork out a decent sum if they know their pets are in good hands. And if you are a pet lover, or are astute enough to bring together a dedicated team to look after pets, then you’ll soon be laughing all the way to the bank. Pets need to be fed properly on time. They need stimulation and nurturing. If owners are reassured that their pets are in good hands, particularly when they’re late at work or on vacation, your stock is bound to rise. This a very lucrative and nascent field in our country and holds great promises for those wishing to build a brand around it. The main costs for this would be in creating and maintaining a website.
9. Tour guide
Do you love travel? Even more, do you love chalking out the itinerary and micromanaging the nitty-gritty? Are you a people person? Then a great career as tour guide beckons. Millennials value experience and if you can get the best deals by trawling the Internet – be it tickets or stay – you’re well on the road to success. Whether it’s a done-to-death destination or something more offbeat, who knows, the world will beat a path to your door, school trips, college trips, domestic tourists, international travellers, you name it. Since the entire business can be done through the Internet, there are no major expenses other than your website and some pamphlets.
10. Cooking classes
With everyone leading busy lives and long commutes taking away precious home time, very few people are cooking at home, preferring to outsource it to professionals. However, weekends are more relaxed and there are people who wistfully long for the triumph of cooking something on their own. If you have the skills to impart here, cooking classes are great option. The best thing about being a professional is that you can conduct cooking classes both online and offline. For the former, you can either use a platform like YouTube and Facebook or launch your own website. If it’s the latter, you can book a studio to conduct your classes. Either way, it costs barely anything.
While each of these above businesses has its fair share of risks and surmountable barriers, they have the potential to become success stories. All you need is conviction and commitment.