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Self-employment ideas under a lakh!

Being self-employed is the mantra of this age. The scope of formal education is limited for those who cannot afford to or do not wish to have a long academic run. Many students nowadays complete their 12th standard and look for vocational training which would enable them to start earning. There are also students who want to invest in their entrepreneurial skills and hence ditch the long hours of formal education. Here are some low budget ideas that one can start with.

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In the beginning, it is important to assess one’s assets. There are two types of assets- fixed and dynamic. Fixed assets are those which cannot be moved. For example- land or a property or equipment which cannot be converted to cash easily. Essentially these are the tangible assets. The other type is the assets include the ones which you have to acquire for the sole purpose of business like raw materials, skilled labour etc.

In case one has fixed assets like a room or land then there are certain business ideas under a lakh which can be opted-

  1. Electronics goods shop, stationary goods shop, dry foodstuff shop etc. There is an average 10-15% profit on these items and it takes about two years to reach the break-even point.
  2. Game parlour- Another interesting venture can be investing in gaming and tapping the interest of the young generation. It is advisable to buy a few second-hand pcs and have a good network connection.
  3. Renting for boardroom meetings- If one has a spare room then they can rent it out for boardroom meetings. Simple furnishings would do the trick. Many companies, even after having their own space, look for outside venues to hold corporate meets.
  4. Renting out for photo-shoots- If one has a part of the house empty then it is a very lucrative proposition for them. Nowadays photographers look for space to hold their shoots maybe for modelling or for different product shoots. In such cases, one can earn high returns with proper advertising and contacts.
  5. Opening a beauty salon- This can be another such idea provided you have a spare room they can buy parlour equipment and products along with hiring a person with relatable knowledge.

In case one does not have any fixed assets but wants to start a business, here are a few examples-​

  1. Mobile garage- Cars and two-wheelers can break down at any place and at any point in time. In those times of crisis, a mechanic can be a Godsend! One should advertise well and voila, calls will soon start to pour in. One needs to have a good mechanic and a toolbox and some means to reach the spot where a car/bike has broken down.​
  2. Opening an advertising agency- An advertising agency works based on the resources and people they have. One needs to have a talented workforce and contacts for this kind of startup to get running.​​
  3. ​Digital marketing and social media assistance- Digital media and advertising is a booming market right now. Social media also plays an important part in the wellbeing of a business. New launches can be announced on social media which ensures a wider market reach.

Hence, based on these ideas one can think of venturing into the world of self-employment within a budget. The low budget makes for a low-risk investment and so one can try their hands at quite a few things before deciding on the final venture.

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