Business Standard

Business ideas under 3 lakh: Here's how you can set up your own business

Setting up a business is not a tough nut to crack, as all you need is a business idea and dedication to build something on your own. Here are the 5 business ideas under Rs 3 lakh

n April 7, the AAP claimed that while the Bharatiya Janata Party-governed states were in huge debt, Delhi was the only “state” with a surplus Budget.

Sudeep Singh Rawat New Delhi

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After the COVID-19 outbreak, people's faith in jobs reduced significantly. They started turning to other earning alternatives or even trying to open their own businesses and means of earning.

Having a good business idea is one thing, and implementing the idea is an altogether different thing. There is no point in having a business idea, if it's never being implemented. 

Every country struggles with the economy, lack of job opportunities, and finding new ways to feed the markets. To tackle such struggles, small-scale businesses are making significant contributions to the country.

There are plenty of business ideas available that you can start with under an investment of Rs 3 lakh.

Business ideas under Rs 3 lakh

Here are the business ideas that you can begin with just Rs 3 lakh:

Customised Products

In the 21st century, the demand for customised items has been rising significantly, such as customised mugs, pillows, key chains and many other things. 

Adding thoughts and memories to your stuff increases the value of the item and makes it more unique. Dealing with personalised items is not just simple, but it is inexpensive as well, you can start this business with just Rs 3 lakh. The popularity of customised items is touching the sky.

Photography business

People often practise photography as their hobby and rarely take it as a profession. You can start your career in the photography business with a few courses and improve your photography skills.

Thereafter, you need a professional camera and click some incredible pictures to attract people towards your work or you can also post those pictures online and advertise. You can start off by investing just around Rs 3,00,000, to set up your photography business, and depending on your passion and dedication, you can start earning very quickly. 

Event planning

This is one of the most widely flourishing businesses nowadays. People nowadays celebrate everything in a grand way, which can include setting up new businesses, birthday celebrations, banquet functions, marriages, and a host of other activities. Spending lavishly and extravagantly on such occasions to show one’s passion and social status has become commonplace, and therefore, event planning is becoming a hugely profitable venture.  

Starting an event planning firm could be a great business idea. This business doesn't require heavy investment, all you need is the skill of managing and organising things properly and you are ready to rock.

There are plenty of event management categories available, such as virtual event management, themed event decor, children’s party planning, wedding planning,  corporate event planning, etc.

Start Papad manufacturing unit

Starting a Papad business unit under the Mudra Loan scheme, in which you begin your career with 2 to 3 lakh rupees can be a lucrative venture. Papad business is easy to set up, and you don't need much infrastructure to set up papad business. 

The government also supports the papad business under the it’s Entrepreneur Support Scheme and you will get a subsidy of up to Rs 1.91 lakh rupees for setting up a Papad manufacturing unit. The food item has a huge demand in the Indian market and it can be set up anywhere with limited financial resources.

Tutoring services / Academy

The education sector has been one of the fastest growing sectors in India in the last few decades, and the business opportunities it has spawned are tremendous. You can start off by going online, creating content and disseminating on channels such as YouTube which are freely available and accessed by millions of students every day. And such platforms provide a plethora of avenues of earning and growing. 

Setting up a Tutor business is not a very hard task if you have a specialisation in any particular subject. You can set up your Academy business in less than Rs 3 lakhs. The number of students seeking online tutoring has been rapidly growing over the years. Therefore, this field holds tremendous promise and has immense potential to support you through life with handsome earnings.

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First Published: Aug 24 2023 | 6:57 PM IST

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