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Many people think that starting their own business requires lakhs of rupees, but in fact a successful business can be started even with a small budget. If you are tired of your 9 to 5 job and want to be your own boss, a budget of 1 lakh can be enough for a good start. In particular, businesses should be chosen that do not require heavy inventory or large investments and make greater use of your skills.

Tiffin service, cloud kitchen, digital marketing service, dropshipping and other service based businesses can be started with a budget of 1 lakh. The initial investment in these sectors is relatively low and the business can be expanded gradually by increasing the number of customers. However, it is important to consider market demand, income stability, expenses, emergency fund and business plan before quitting a job. With proper planning and consistent hard work, an investment of ₹1 lakh can become the start of your own business.

Food and catering business is one sector where the demand remains constant. If you love to cook, you can start a tiffin service right from your home kitchen and provide home-cooked meals to office-bound employees and hostel-dwelling students. Starting this business may require an investment of around 20,000 to 40,000 for cooking utensils, packaging materials and initial materials. There is a possibility of earning daily income in this business. You can also register your business on online delivery platforms to increase customers.

If you have a good understanding of the digital field, you can start a business with less investment by offering services like social media management, seo, content writing and graphic design through tools like Canva or Photoshop. You can offer your services to local businesses and companies. This business may require an investment of around 50,000 to 70,000 for a good laptop, high-speed internet and necessary online courses. As there is no risk of inventory or perishable goods in this sector, high profit margins can be obtained with proper planning and good customers.

In the age of the Internet, e-commerce and reselling businesses can be started even without opening a physical store. You can sell items like clothing, gadgets, and home decor through platforms like Shopify or GlowRoad without buying your own inventory. Starting this business may require an investment of around 30,000 to 50,000 for creating a website and running social media ads. The major advantage of this business is that you don’t have to worry about keeping a large stock of products, packing yourself, delivering or warehousing.

The profession of sharing knowledge and expertise is always in demand. If you are an expert in coding, music, language or any other specific subject, you can train kids and professionals online or offline. Starting this business may require an investment of around 10,000 to 30,000 for essential items like digital board, microphone and basic seating arrangements. It is an evergreen business, which can be continued throughout the year and with the right skills and customer base can remain relatively stable even during economic downturns.

If you want to start manufacturing your own products at a low cost, a candle, candle or paper bag making business can be a good option. You can even start this business from a small room in your home. An initial investment of around ₹40,000 to ₹60,000 may be required to purchase raw materials and a small hand-operated packaging machine. As the demand for these types of products is usually year-round in local grocery stores, stationery shops and wholesale markets, this business can be expanded gradually with proper quality and marketing.

Before starting a new business there are a few things to keep in mind to reduce the risk of failure. First, talk to 5 to 10 potential customers before creating a complete business structure and try to get a pre-order or advance payment if possible. Since it can take 3 to 6 months for a business to stabilize and start making a profit after quitting, it is wise to set aside savings equal to at least six months of household expenses. Cut costs and give the business a solid foundation by doing things like marketing, calling customers and delivering yourself instead of hiring staff right away in the early stages.

Disclaimer: The information provided in this article is only based on the information collected from various places.