If you are an aspiring entrepreneur or a businessman looking to expand his/her business, but you are short on money, then you do not need to worry. There are plenty of business ideas requiring lesser amounts of investment, which can fetch you high returns. What they need is your dedication to it. In this article, we will explore 5 of the best business ideas requiring less than 50 thousand rupees as investment, which you should consider. These businesses are relatively easier to set up and promise relatively higher returns.
1. Honey Production
Honey production is a great business idea if you have some amount of knowledge about farming. The investment that you make in honey production can vary widely. But you can easily set up a honey production business in less than 50 thousand.
While starting out in this business, you can consider both B2B and B2C approaches. You can either supply honey to pharmaceutical firms and candy makers (B2B) or you can sell your honey directly to retailers and consumers (B2C). However, the B2C approach may require some more investment in marketing and supplying.
Things that you need to keep in mind while starting a honey production business are:
· You need to acquire some knowledge about beekeeping before starting this business. You can gain suitable information and expertise from the local agricultural department.
· There are certain types of mites that cause several diseases among bees. You should take necessary precautions to protect your beehives from such diseases.
· There exist several different species of bees that produce honey. Which species one should buy for producing honey depends upon the region.
· You should consider identifying a local agent and contacting him/her in order to sell your product in advance. This will reduce the risk of running losses.
Advantages
· This business has a huge scope as the demand for honey is large. India is also a major exporter of honey in Germany, France, the USA, the UK, Japan, Italy, and Spain. Therefore, if you succeed in this business, you can also export honey overseas at a much higher rate than the local market.
· India has experienced a 200% growth in honey production in the last 12 years which suggests that this business is booming.
· Apart from honey, honeybees also produce bee wax, bee venom, and royal jelly which can also be sold in the market.
Disadvantages
· Bad weather and natural calamities such as hurricanes and typhoons can adversely affect honey production.
· Poor work done by the laborers can negatively affect the quality of honey.
Cost distribution
· Bee pollen powder- Rupees 100 per kg
· Wooden beehive frame- Rupees 20 per piece
· Equipment- Rupees 5,000 (one time cost)
· Packaging- Rupees 10,000 per month
· Marketing- Rupees 2,500 per month
2. Bulk Domain Buying
Buying and selling domains is a very profitable business that does not require too much investment. One can easily start a domain selling business for less than 50,000 Rupees. The business involves buying domains in bulk and selling them at a much higher rate. This business can be easily set up with elemental technical knowledge and research about domains.
Find domains using a keyword and buy them in bulk at a low cost. Then sell them individually to different customers on platforms such as GoDaddy. You need to spend nearly 699 Rupees for every domain you purchase. But you can start selling them at an initial rate of 5000 Rupees and can increase it further. The rate at which you sell the domains depends on the demand of each domain. If you are lucky, you may find a domain that you can sell for even Rupees 1 lakh!
Things that you need to keep in mind in this business are:
· You need to select domains from a niche that has a high demand. You can do this by effective keyword research.
· You need to have a basic understanding of what domains are and how they work.
· Apart from domain selling platforms, you can also market and sell your domains in certain social media groups.
Advantages
· This business involves high returns. Even if you manage to sell only 10% of the domains that you purchase, you will still be able to make quite some profit.
· You are not required to spend a lot of time in this business and can do it as a side hustle.
· It is not very technical and requires only the basic knowledge about domain buying and selling.
Disadvantages
· If you do not conduct proper keyword research, you will find it difficult to buy the right domains for selling at high rates.
· If you end up buying domains that are not in demand, you will be unable to sell them any further.
Cost distribution
· Domain- Rupees 699 per domain
· Premium domain selling service at GoDaddy starts with an initial commission rate of 20% for domains of a selling price up to $5,000.
3. Fresh website selling
If you have the know-how of creating a website, then you can start the business of selling websites. The websites that you will sell do not necessarily need to be created as per individual preferences. What you need to do is buy domains and modify them before selling them. The modifications made by you will serve as a template for further development of the site and increase the price of the domains.
Things that you need to keep in mind in this business are:
· It is a technical business and you need to be skilful in creating websites.
· You need to modify the domains as per the purpose that they will serve. For this, you will need to understand what each domain will be used for.
· The better you modify the domain, the more price you can sell them for.
Advantages
· This is a unique business as not everyone has the capability to design websites. Hence, if you are skilled enough, your work will always be in demand.
· This requires an investment that is lower than buying domains in bulk.
Disadvantages
· Designing a website is time-consuming. It may take up to 6 months to modify a website.
· It requires dedication to learn web designing. If you do not know how to design websites, then it may take you quite a while before your business is up and running.
Cost distribution
· Domain- Rupees 99 to 699 on GoDaddy
· Hosting- Rupees 2,000 to 3,000
4. Selling on e-commerce websites
Selling products on e-commerce websites is another business idea that does not require you to have any technical knowledge or skill. You can get into this business with the fundamental knowledge of how e-commerce websites operate. Even if you do not know how things work on e-commerce sites, you can learn about them very quickly.
This business involves buying products from wholesalers or directly from manufacturers in bulk and selling them to customers on different e-commerce websites such as Amazon. The price at which you will sell the products will be much higher than the price at which you bought them.
Things that you need to keep in mind in this business are:
· You need to select a niche product so in order to attract consumers with a particular need or interest.
· You need to set the pricing according to the local market.
· Selecting less expensive products with high margins will enable you to sell on Amazon without a monthly plan which comes at $39.99.
· You can also buy products in bulk from a website like Alibaba.com and resell them on other platforms. But the margin for profit would be less in such cases.
Advantages
· This business does not require a high level of expertise in any field.
· You can sell a wide range of products from sporting equipment to home décor.
· The margins of profit on each item is very high.
Disadvantages
· If you are dealing with large items like furniture or appliances, you will be needing a warehouse to store them.
· If you buy products that you can’t resell at a much higher price, then you will be experiencing loss.
Cost distribution
· The budget depends on the type of products that you resell
· Referral fees for selling on Amazon range from 6% to 20%.
· Individual Selling Plan on Amazon charges $0.99 for each item sold.
5. Catering service
Catering food is quickly becoming a popular choice for business in many metro cities. There is a high demand for low-cost, well-cooked food in large cities as individuals often lack the time to cook food themselves and ordering food from restaurants is expensive.
If you are passionate about cooking and have the time to cook meals for a large number of people, then this might be a viable business option for you. What you need to do is cook food and get it delivered to various people on a daily basis.
Things that you need to keep in mind while starting out with this business are:
· You need to be skilled in cooking and have prior experience of cooking for a large number of people.
· It is better to figure out a rough estimate of the number of people you will be cooking for regularly in order to avoid wastage.
· You should try contacting corporate buildings about your catering service as offices will fetch you a good number of customers.
· You can offer discounts to regular customers in order to attract more customers.
· Marketing your service on social media platforms will help spread the word and get you a wide reach.
· You may need to hire people for delivering food if you wish to cover a larger area.
Advantages
· This is a rapidly growing business as quality home-cooked food is always in demand.
· Once this business is up and running, it will fetch you an income on a daily basis.
Disadvantages
· You will be required to cook multiple times a day on a daily basis, which is tiring.
· Cooking is a time-consuming task. So, you will need to focus all your time and energy on this business.
· It is often difficult to cook the exact amount of food that is needed. As a result, there may be either shortage or wastage of food.
· The profit margin is not very high as compared to other businesses in this list.
Cost distribution
· Vegetables- Rupees 5,000 per day
· Spices and condiments- Rupees 4,000 per day
· Packing material- Rupees 100 per day
· Delivery boy- Rupees 5,000-6,000 per month
· Advertisement in the form of pamphlets- Rupees 3,000 per month
Conclusion
There are plenty of business ideas available for you to try out with a stringent budget. But every business comes with its own upsides and downsides. Therefore, it is necessary that you choose a business idea that fits you. While selecting a business idea, you need to take into consideration, your skills, the time you can afford to spend on it, and the local market.
In this article, we talked about 5 of the best business ideas that you can adopt at less than Rupees fifty thousand. These business ideas are tried and tested and promise you high returns if carried out properly. However, starting a business requires dedication towards it and patience before you start seeing any results.
I hope this article was insightful and helped you to choose the best business idea for you under Rupees 50 thousand.
