5 Profitable Business That You Can Start with 1 Lakh.
You want to start a small profitable business but don’t know what to start? Well, today we will up the ante and talk about 5 businesses that you can start under 1 Lakhs and with a small team. As you all may know, the more the investment, the more you will gain. This is the usual case for the business. The only exception being you making terrible decisions and a bit of bad luck. Taking that into consideration, if you have 1 Lakh to invest as well as a few people that you can trust with all your “heart and mind” for a business why don’t you check out this list? There we say “heart and mind” because if you are to involve multiple people to start your business, you have to think logically as well.
If a person that you trust with your heart is not fit for the business, you have to kick that person out of the team. Friendship is friendship and business is business. Be sure to never mix them more than necessary though. Taking these into consideration, let’s get started with our list, shall we?
Table of Contents
1. Coffee shop
This is probably the first thought in most people’s minds when we say a small profitable business with a small team. Now technically a coffee shop can be maintained alone. The only thing is, if you want it to last a long time, you need to think a bit about the aesthetics and workload as well. A coffee shop is a place where couples date and is a place for peace. Guys don’t make their regular junction here for the most part due to the quiet environment inside. Okay, this can still be done in a coffee shop but this is a rather rare case.
The coffee shop is not a Cafe though so don’t expect too much. You can say that this a mini cafe if we dumb down a bit. Due to these reasons, a team of at least two is required as one has to serve and another one has to make the beverages. The initial cost is usually somewhere between NRs. 50,000 to 70,000 with the basic rent, some design, and the basic equipment. The cost gets higher with the type of equipment that you choose to have in your shop.
2. Travel Agency
Travel Agencies are one of the well known profitable businesses in Nepal but did you know that to start this you need fairly less money? With the market that this business has, all of you must be thinking that one needs a lot of money to start this right? Well, you can start small in this field. The reason for this is because this is a connection based business and a seasonal one as well. With the main core being connection and service, the investment cost is reduced but you do have to remember that this is not a stable business and income is dependent on the flow of national and international tourists.
All you have to do is to set up some contacts with a few guides, a few hotels, a few cross country drivers, and promote a bit. Now, this process will take around NRs. 60,000-75,000 . Apart from this, all you need now is to register your business name and set up an office that takes less than 20,000 rupees if done right. You will earn through the dealings with the hotels and from the clients as well.
3. Online shopping.
This is a booming small but profitable business at this time. You do need a fair bit of investment at the start though and this can fail miserably if you mess things but as long as you don’t mess horribly, there is virtually no chance for a massive loss. The keyword here is “Massive”. What you need to do for this business is rent/have a warehouse and stock a few cheap and reliable goods beforehand. Then you have to build a website and or open up a page. Once you are done, you need to hire a few delivery boys and you are good to go. We are not counting the registration process from here on because it is needed in every business. All of this will cost you around NRs, 70,000 -85,000. You can invest the rest in the promotion and maintaining your warehouse.
Note* in case this business doesn’t bloom you can always sell your inventory and the only loss will be the warehouse cost. You can even auction your warehouse as well to recover most of the warehouse cost as well.
4. Online Education Business
Technically this business can be run alone and costs less than the previous ones. The reason why it is on this list and not the previous one is because of the practicality. You see running an online training agency alone is not very practical. You can theoretically do this but we are only human and being a jack of all trades is not good enough for this business. Especially when you have those smarty-pants students who ask mind-bending questions. So you need to hire a set of qualified personnel. As for the rest of the process, you need to set up a site and a two way medium for teaching. You can either do this via existing software like Zoom and Skype or build a custom one. The whole process can be completed within the NRC. 60,000 if you hire 4 teachers and spend 20,000 for a website, additional software, and promotion and pay 10,000 each for an initial payment. This is among that profitable business that covers a larger area and has a lot of directions to expand towards.
5. Software Reseller
This business works on the same fundamentals as the online Shopping one. The principles are the same but in this case, you won’t be spending money on delivery people but rather on security Software. You still do need to rent or buy storage spaces for this as they need a ton of space to be stored. Since you are going to be re-selling the software, you can’t exactly delete the old ones either so most of the cost will revolve around buying more storage and paying for the security.
To start this business, you first need to form a contract with the software companies whose software you are going to be selling. After that, you need to have the storage necessary and set up a secure data transferring medium. Then all you gotta do is set up the website and start selling. You will need a team to maintain security and keep track of the transactions. Totaling all of these, the initial cost will be between NRs. 40,000 to 60,000 depending on the deals you make if you hire 2 employees. How is this a profitable business? Well, the main profit comes from the sales but there is also a side profit during cash conversion that happens while in a transaction. This makes up for small but constant profits making this one of the more profitable businesses among this list.
If you want to learn more about business why don’t you check out our case study on “Bhat-Bhateni” and “Chaudhary Group” as well?