Best Small Business Ideas [Under 5 Lakh]

Table of Contents:

Best Business Under 5 Lakh

Is Business Under 5 Lakh Profitable?

FAQs On Best Business Under 5 Lakh

Best Business Under 5 Lakh

Earlier, business idea implementation required a lot of investment and heavy funding backup to launch in the marketplace. Now, there are sundry small profitable business ideas available that you can start with limited investment. Undoubtedly, hunting for the best business ideas within a budget is a pretty tedious task as it involves lots of risk factors if not selected wisely. So, if you are looking for some well-researched business ideas within the budget, check out the detailed write-up covering six unique businesses under 5 lakhs.

1. Water Purifying Plants

Water-purifying plants are one of the most demanded and new business ideas in the market that has witnessed reasonable profit rates and returns lately. Clean and purified water is essential and necessary for the people of any city or town. So, planning to start a small business within a limited budget of water-purifying plants and supplying the filtered and purified water supplies will be the best business idea to plan.

Prerequisites to start the business – To get started with the Water Purifying Plants service in a city, you will need an investment of around 2,75,000 INR. To rent a space for installing water purifying plants with pieces of machinery, pack and store water bottles and containers, recruit workforce for handling the kinds of machinery, pack the containers, and manage the distribution cycle within the city.

2. Paper Manufacturing Business

The demand and usage of paper in various sectors of society is unbeatable. From writing to creating stationery products, paper is required with a high consumption rate. So, planning a small-scale business idea of a paper manufacturing business will be the most profitable one. To kick start this business idea, you will need good research on the best pieces of machinery used to produce papers and a detailed list of consumers who need paper for various needs.

Prerequisites to start the business – To get started with the Paper Manufacturing Business in a city, you will need an investment of around 3,75,000 INR. You will need a space for installing paper manufacturing plants with pieces of machinery, pack and store end-product created. For this business idea, you will have to recruit a workforce for handling the kinds of machinery, pack the products into the cartons for export and import transactions, and manage the distribution cycle across cities, states, or countries.

3. LPG Agency (Sub Franchise and Retail Outlets)

Irrespective of the tier type of the city, LPG cylinders are required for households as well as business owners. The business idea falls under essentials. It necessitates business ideas whose demand and scope is invincible. So, plan for an LPG Agency as sub-franchise and retail outlets to earn higher profit rates within a couple of months. To open this business, you will need to have a legit distribution license, work permit, and security certificates issued by the local governing authorities of the state or city.

Prerequisites to start the business – To get started with the LPG Agency (Sub Franchise and Retail Outlets) in a city, you will need an investment of around 4,50,000 INR. You will require a work permit and valid license signed by the authoritative representatives. It would be best to have a spacious area (rented or leased) for refilling the LPG cylinders, storing the LPG cylinders, and managing the refilling and distribution cycle of the LPG cylinder. Apart from space and valid work permits and license, you will also need a workforce for handling the kinds of machinery, maintain the safety norms in the outlet, and manage the LPG cylinder distribution cycle within the city.

4. Tiffin Services

From working professionals to hostellers, everyone prefers to have home-cooked food as their meal option for the day. So, if you want to plan a business related to food or cooking, the tiffin services business idea will be the best fit. Initially, you can start the business from home with limited investment and fund rates. Refer to the prerequisites to get insight into the required assets and investment rate to smoothly put the business idea.

Prerequisites to start the business – To open this business idea, you will require hygienic and well-ventilated space to cook and all the essential raw materials and supplies needed to cook food, such as cooking oil, spices, vegetables, flour, and more. Some resources necessary to open this business are commercial LPG cylinders, tiffin boxes, a workforce to handle and manage tiffin delivery cycles. The estimated budget can be around 1,50,000 INR.

5. Photography Services Providers

In the era of social media and digitalisation, the scope of photography-related services has experienced a significant boom in its demand and scope in the marketplace. People in cities and towns prefer photography services on many occasions and festivals. So, if you are adept in clicking and editing pictures or have learned professional photography via esteemed institutes, you can start your photography services provider with limited investment in any city. To kick off with this business idea, you will need the required assets to click and edit pictures and a detailed business plan to execute the business idea in the city with proper marketing strategies.

Prerequisites to start the business – To become the demanded photography services provider in the city, you must be skilled at clicking pictures with a creative and imaginative mind. For that, you will require an investment of about 4,85,000 INR to purchase assets related to photography services. Some of the assets are – high quality and reliable DSLR or SLR camera set, drone camera set, lights, flash stands, editing software, spacious and reliable graphic card and external memory cards.

6. PG Services

Do you want to start a business from home without much ado? Then the PG services are one the best options for you to get started with the business idea. If you have a spacious home with a few rooms that are not being used and accessed much, then you can begin the PG services business from your home. Ensure that the rooms are well-ventilated, have an attached washroom or a shared washroom, have basic amenities such as fans, lights, geyser, AC, bed, Almirah, table, and chair. Check out the detailed prerequisites mentioned below to start outlining the business plan for your business.

Prerequisites to start the business – You can open PG services from home within the budget of 2,50,000 INR. To open PG services from home, you will need to have a well-ventilated set of rooms with basic amenities and resources. Also, you will need a cook, security, and cleaning staff to manage the cooking, security, cleaning, and maintenance services.

Is Business Under 5 Lakh Profitable?

So, the article might have given the detailed ins and outs of the various unique and profitable business ideas under five lakhs. Prepare a to-do list, buckle yourself up to do extensive market research to arrange supplies, raw materials, and other required assets to get started with the best business idea.

Also Read:

1) What Are Some Business Ideas for Women in Manipur?
2) What Are Some Business Ideas for Women in Haryana?
3) What Are Some Business Ideas For Women In Uttarakhand?
4) OkCredit: All you need to know about OkCredit & how it works.

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FAQs On Best Business Under 5 Lakh

Q. How to start small business ideas from home?

Ans. Starting a small business idea from home is convenient, flexible, and cost-effective too. You can explore many business ideas from home without investing a considerable amount of funds in gathering resources, supplies, and investing in other resources. Some of the small scale business ideas are bakery, handmade candles, handmade products, etc. To start the small business idea from home, you will need a business plan and skill to execute the business objective.

Q. Which small business ideas are profitable?

Ans. The success of a business depends upon various factors such as marketplace demands, research work, detailed and structured business plan to execute complex business strategies efficiently. Some of the most demanded and small profitable business ideas are coaching institutes, tiffin services, pharmacy business, paper manufacturing business, and more.

Q. Which new business ideas have a better scope in the marketplace?

Ans. Many start-ups and other online ventures are in-demand these days and have a proven record of yielding higher profit rates and returns by investing at a lower investment rate. Some of the most demanded and profitable new business ideas are – digital consultant, yoga training classes, water purifying service providers, fitness classes, translating services, etc.