It is imperative to understand that setting up any business is always easier said than done. It’s not about the Innovative Business Ideas that bring success but your sheer hard work and commitment to it. You also need to set up relevant administrative and managerial systems for a seamless workflow. But, do understand that your business can heavily contribute to the Indian economy. So, instead of just having the idea of cashing out, once your business is up and running, make sure that you forward the value within the society.
Being an unbeatable entrepreneur with the most Innovative Business Ideas is nothing new, but it’s about the implementation that makes all the differences. Looking at the current standard of business in India, there are a plethora of opportunities to grab on to. With the internet by your side, promoting your business these days has almost become effortless.
At the same time, if your Innovative Business Ideas seem sustainable and promise growth, chances are that you can easily opt for monetary support from venture capitalists and angel investors. In India alone, millions of people have started their own business by having a modest amount of just 5 Lakhs and less. So, in this article, we have properly curated some of the right paths that you can choose to make your business story a grand success!
1. Franchise Stores (3-5 Lakhs)
If any of the Innovative Business Ideas that are booming currently in the market, setting up franchise stores would be a good ideas. Now, there are several benefits to the same.
- First and foremost, you shall be getting a pre-sold customer base. That means, if people are associated with the brand, you don’t have to worry a dime about marketing.
- There are also several franchises that can provide you with support from pre-opening to the entire operation.
- Free training to the staff members along with managerial support.
- When it comes to investment, you can easily get a license and open your franchise store under 5 Lakhs. Bear in mind that, the ROI period can range from around 6 to 8 months.
2 Online Advertisements (1-3 Lakhs)
With all the major companies competing to come online, you can actually make your fair share of profits by going on an online adventure! For instance, in the year 2019, online advertisement brought a whopping revenue of Rs. 600 Crores. No matter how intimidating it might sound, the online advertisement comes with its own set of hidden perks.
As you shall be starting a service-based company, you will require only a minimum investment, yet you need to have a superior stronghold on online advertisements, how social media works, and certainly a quality analytical and networking skills. Still, further down the line, you can also develop some of the skills all by yourself.
3 Water Purification Units ( 4-5 Lakhs)
Truth to be told, it is by far one of the most lucrative Innovative Business Ideas. As the name suggests, the sole idea behind this business is to literally provide customers with clean and potable water. Since the business model is based on necessity, there is a huge scope for profitability. The whole capital is invested in setting up water purification units along with the packaging and delivery. Just one pro-tip, getting certification for your business can definitely help you to win validation from your customers. Also, based on the distribution model you choose, you can either opt for residential or commercial setups.
4 Electronics Store with Servicing and Repairing (Under 5 Lakhs)
In the era of the internet, there’s hardly any individual who does not own a phone or a laptop. Joining the party comes accessories like headphones, VR systems, speakers, and much more….! Consumerism has pushed things further with the constant urge to upgrade and the need for newer gadgets.
Setting up an electronics store is one of the best Innovative Business Ideas you can possibly think of. In the meantime, you can also take your business online for a wider reach. Skilled technicians can be hired to offer repair services. In other words, everything for a person’s electronic needs!
5 Catering (3-5 Lakhs)
In India, occasions, and food go hand in hand. That is why catering is one of the most sought after Innovative Business Ideas. In any social event, serving quality food is fairly important. Hence, if you can win the hearts of the attendees, the market is all yours! Another great advantage of catering is that you do not need to think big, initially. You can even start with a small rented room, and work your way towards up, keeping your investment budget at a bare minimum. Just remember that rendering catering services are a collective job. Therefore, make sure to train your employees well. This is something really essential when it comes to handling the guests.
6 Delivery Services (50K-1 Lakh)
When it comes to minimum investment Innovative Business Ideas, there’s nothing that can outsmart delivery services. Now, call to mind that delivery services are not only constrained to food but could be anything you want. Take, for example, you can deliver food from restaurants, groceries from supermarkets, or even gifts for the loved ones, simultaneously.
There is no need to start competing with all the big players in the industry. On the contrary, you can start with your locality and make a name for your business. As for the investment, you will be spending only on the cost of fuel. That being said, as your business grows, you can increase your delivery radius.
7 Spa Services (Slightly Higher than 5 Lakhs)
People, today are becoming busy with their hectic work schedules and constantly racing against time, which can take a significant toll on their health. Starting your own spa services is one of those Innovative Business Ideas that’s bound to succeed. Neither less to say, with the context of India, the culture of the spa is just rising. So, there’s plenty of room for you to grow.
Some of the most common spa treatments include full body massage, facials, manicure, pedicure, hydrotherapy, and much more. The variation of massages also ranges from exotic to Ayurvedic with the use of herbal oils. Keep in mind that the quality of services and your approach towards the customer will determine your success!
8 Setting Up Online Stores (1-3 Lakhs)
E-commerce is, undoubtedly, one of the booming Innovative Business Ideas of the 21st century. But, when the idea of setting up online stores races our mind, we generally associate it with a huge investment. Rather, it is not only just affordable but also convenient to set up. In fact, all you need to do is head over to any website building platform and set up your online store.
You can either choose your specific niche such as handmade products or create a mix and match for the same. One of the biggest advantages of setting up online stores is that you don’t have to invest in a physical store that involves recurring costs.
9 Home Maintenance Solution (2 Lakhs)
Whether it is a residential property or a commercial one, everything requires maintenance and servicing over time. This particular business module works in a certain way. You can either charge an annual fee for the services provided or your customer can contact you whenever needed. This, in turn, provides a steady cash flow within the business.
Some of the most common services that you can provide within home maintenance include electrical, cleaning, pest control, carpentry, and everything else that requires assistance after day-to-day usage. The sole idea behind this service is to proffer satisfaction to your customers. The competitive advantage is that you are just a call away!
10 Fitness Centre (5 Lakhs)
In order to stay fit and live a healthy lifestyle, it is very important to take care of your physique. And you would be surprised to know how people are eagerly willing to spend a considerable amount of money for such services. Starting a fitness centre can surely be profitable with an assured return! Promotions and advertising ideas such as free gym membership, business partnership, advertisement in media, introducing a refer-a-friend system, etc., will strengthen your business and encourage rapid growth.
Note that the majority of the investment will go into installing all the equipment for cardio and weightlifting. You need to hire good trainers along with a manager who can properly organise the overall workflow. In addition, make sure that you put a lot of thought into the décor.
We think that these Innovative Business Ideas will be beneficial and supportive enough to aid you in setting up your own business at a minimal cost. Well, who does not want to be the owner of a business that can fetch huge profits with low investment? So, have you planned yet? Better late than never to make the most of your money!