Friday, May 31, 2024
Friday, May 31, 2024

Low-Cost Business Ideas Suitable for Starting Under 1 Lakh in 2024

by Aishwarya Agrawal
Business Ideas

The limitations of entrepreneurship in the era of cut-throat competition is disregarded, even financial burdens are not an obstacle. The emergence of technology and changing market trends trigger the low start-up costs option. Be it private limited company registration or LLP registration, there is a variety of low-cost business ideas to explore with an investment of less than 1 lakh in 2024.

Business Ideas under 1 Lakh in 2024

Launching a profitable enterprise need not require massive capital outlay. India’s changing consumer preferences coupled with technological progress now permits scalable commercial pursuits with modest initial investments. Here are five such businesses that ambitious entrepreneurs can commence under Rs. 1 lakh in 2024.

1. Handmade Candles

The enduring candle-making trade demands minimal financial commitment to operationalise. By allocating between Rs. 20,000-30,000 to set up manufacturing, enthusiastic entrepreneurs can craft and retail handmade candles from their homes. Candles experience perennial marketability owing to their extensive utilisation in religious ceremonies, aromatic therapy, mood lighting, and décor. Personalised shapes, sizes, colours, and scents can boost product uniqueness and customer appeal for such type of business registration.

2. Pickles

India’s affection for achaars sustains favourable prospects for aspiring pickle lovers. An approximated capital infusion of Rs. 20,000-25,000 suffices to obtain necessary apparatus and ingredients to kickstart production. Beyond household consumption, burgeoning quick-service restaurants, clubs, and bars are driving bulk-order potential. Maintaining quality benchmarks and signature flavours constitute differentiation strategies in such business registration.  

3. Incense Sticks 

Rising exports and spiritual adherence keep agarbatti business registrations and sales rising, inviting competition from emerging manufacturers. Investing around Rs. 50,000 in procuring powder-binding equipment sets entrepreneurs on the road to tapping this demand by churning out incense sticks with custom aromas. Positioning products as natural and non-toxic can fetch premium realisations.

4. Buttons and Lace Accessories

Giving apparel and soft furnishings their aesthetic appeal are buttons, bows, borders, trims, and lace. An outlay of Rs. 25,000-50,000 on sourcing machinery and materials empowers entrepreneurs to fashion and supply such embellishments to garment fabricators and vending outlets. Keeping trends updated ensures sustained offtake.

5. Ice Cream Cones

As frozen desserts show their popularity in India, the complementary market for wafer cones indicates lucrative prospects. Deploying Rs. 1-1.5 lakh permits compact manufacturing operations. Tactical tie-ups with ice cream brands, coupled with visibility across many avenues and retail points, can drive volume sales. Introducing innovative flavours, shapes, and packaging further enables market differentiation.

6. Handmade Chocolates

As Indian palates develop an appreciation for confectionery, specialty chocolate makers can whet their appetite for growth. An estimated Rs 40,000-50,000 appropriately deployed into procuring ingredients and basic equipment enables the homemade production of artisanal chocolates. Catering to gift-giving occasions, weddings, festivals, and impulse consumption through innovation in flavours, shapes, packaging, and pricing tactics promises rewarded efforts.  

7. Noodles

From instant to gourmet varieties, noodles typify convenience food in Indian homes and eateries. With approximately Rs 40,000-1.5 lakhs channelled into buying machinery, entrepreneurs can fabricate noodles on a small scale to serve localised demand. Playing to regional taste preferences and health-conscious trends can attract market share.

8. Disposable Crockery 

India’s ban on single-use plastics is bolstering consumer adoption of eco-friendly disposable plates and cups, constructed from areca leaves, bagasse, paper etc. An investment of around Rs 50,000 enables manufacturing to cater to fast-growing requirements from events, railway services, takeaways, and other institutional clients through competitive pricing and credible quality.

9. Jute Bags

Jute’s organic and biodegradable fabric properties position it advantageously to service India’s contemporary needs for eco-conscious shopping and storage alternatives. Giving Rs 50,000-1 lakh into machinery and labour can propel entrepreneurs into crafting custom jute bags for businesses seeking promotions through giveaways.

10. Organic Personal Care

Surging awareness about chemical additives has precipitated demand for organic skincare formulated from botanical ingredients. An operating capital of Rs 1.5-2 lakhs facilitates the production and marketing of handmade organic soaps and cosmetics, targeted at urban customers prioritising natural wellness and sustainability.

11. Coconut Hair Oil

Rising cognisance of adverse chemical reactions has sparked demand for natural hair care formulations like coconut oil. An investment of about Rs 1 lakh in ingredients, packaging, storage and processing equipment empowers startups to manufacture quality cold-pressed or fermented coconut hair oil at competitive rates. Targeting beauty retailers, spas and online platforms can quickly garner sales.  

12. Smartphone Screen Guards

As cell phones become known, protective accessories like tempered glass guards experience surging adoption. Deploying between Rs 75,000-1.5 lakhs on inventory, machine tools and business registration stimulates entrepreneurs to deliver made-to-order screen protectors profitably to local mobile vendors and consumers. Custom sizing, next-day delivery and installing services should boost customer experiences.  

13. Event Management Services 

India’s proliferating wedding and entertainment industries necessitate budget event coordinators for venue décor, catering, entertainment and hospitality management. By dedicating Rs 50,000-1 lakh upfront into digital promotion and vendor empanelment, solo entrepreneurs can start by specialising in specific offerings like budget wedding planning.

14. Home Tutoring

Quality supplementary education is sought by parents despite financial constraints. Expertise in academic topics or extracurriculars like music, sports etc. permits entrepreneurs to offer home tutoring services at modest rates. Planning curriculum, acquiring teaching aids and customer acquisition through digital and community outreach entails roughly Rs 30,000-50,000 initially. 

15. Home Bakery

Launching cooking operations from home to supply customised baked goods like artisanal bread, desserts and snacks to residential colonies and offices is growing popular. Investing approximately Rs 75,000 on ingredients and baking equipment sets entrepreneurs up to deliver tasty, affordable and personalised orders. Digital platforms can also be used to garner visibility for such business registration.

Final Thoughts

Finally, therefore, starting a business in 2024 with just 1 lakh can be quite an achievable task as long as right Business ideas and execution is there for proper business registration. The low-pricing innovative Business ideas provide an equally attractive opportunity for upcoming entrepreneurs to come in the market and apart from sharing thoughts, the forum also help in letting others know about challenges that they may face while starting up with their company registration process. 

Through targeting niche markets, ascertaining the demands of consumers and making use of the assets of creativity and innovation, entrepreneurs looking for an efficient company registration process may create resilient and profitable businesses even with minimal initial resources.

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