10 budget friendly business ideas
BYOB – Be your own boss!
There are few experiences as rewarding as owning and running your own business. With the right idea, proper research, a bit of guidance and awareness about the dos and don’ts of doing business, you can be your own boss. With so many inspiring business ideas to choose from, it can be difficult to know where to start. You have to find the business that works for you and avoid any missteps (read our blog about 10 common business mistakes to avoid). Successful entrepreneurs know what, where, when and how to kick off a business and how to stand out from the competition. Here are 10 different business ideas that could work for you.
Tuition and coaching centres are in high demand in India and easy to implement business idea. Parents use these to supplement their children’s education at school. Tuition need not only be about academic support but also for extracurricular activities such as sports, drama and music. It’s a fairly simple setup requiring simple infrastructure, such as boards, markers and desks and chairs. Private tuition centres can be managed in a single room in one’s house.
Translation & transcription
Both translation and transcription are high demand businesses. A translator converts text or speech from one language to another or several others. A transcriber, on the other hand, creates a written documentation of an audio or video recording. Their services can be required by corporates, content and public relation and advertising agencies, media agencies, publications and freelancers. Both translation and transcription require a fairly simple setup requiring not more than a laptop, an internet connection and thorough professional knowledge of one or more languages.
Freelance writers are generally in demand for creating diverse content, for a range of clients across various industries. You can work on articles, blogs, scripts, instruction manuals, white papers, research papers and more. For experienced and new writers, it is important to continuously hone writing and research skills, and grammatical knowledge. Thorough knowledge of style guides is also essential. Like translators and transcribers, writers can work from anywhere and communicate with clients over emails and calls.
Personal fitness trainer
There has been an awakening among working professionals about health and fitness. As a result, the demand for personal fitness trainers spiked dramatically. Whether, in-person or over video conferencing, freelance trainers are helping people get fitter and feel great. A recent study indicates that the post-COVID-19 demand for fitness training classes has increased by 234%. You can focus on fitness regimens such as yoga, exercises and workouts. You can help your clients create and stick to a fitness routine as well as provide counsel and support for healthy dietary habits. You need to have a certification course to enter the field of fitness.
Photography and videography is a highly popular business idea. Professionals in these fields can either opt for conventional or niche opportunities. Conventional gigs are related to personal and business events, corporates, assignments for media houses and agencies, modelling and performing arts. Niche opportunities are in the form of culinary assignments, or wildlife shoots, to name a few. Photographers and videographers need to be good at editing content. They should have in-depth knowledge about editing tools such as Final Cut Pro, Adobe Premiere Pro, Adobe Photoshop and Lightroom, among others.
If you have interest in fixing things then a repair shop could be a good idea for your business. You could set up a repair shop based on your area of interest. You could open an auto repair shop where you can fix cars, motorbikes or heavy vehicles. The other option is to start an electronic repair shop where you can repair ACs, TVs, and mobile phones among other electronic items. You can also choose to start repair shops for accessories like shoes, clothes, bags, etc.
Tiffin service/ Bakery
Tiffin service and bakeries are one of the fastest-growing businesses, especially in metros and tier-2 cities. These areas are populated by working professionals who often order meals and bakery products to be delivered at their office or home. This business is in demand as it provides convenience to people pressed for time. They require low investments to be set up and often are run from the home kitchens. They are also easy to scale as per the demand from customers.
Bed & breakfast
A bed & breakfast (B&B) is a facility that is owned and operated by a family, usually assisted by a small team. B&Bs should not be confused with hotels as they are much smaller in size and will have lesser rooms. To set up a B&B you must have a property with rooms, kitchens, and toilets. People who run the B&Bs also need to provide breakfasts or meals of their customers’ choosing. To start a B&B you should be prepared to bear the following expenses – personal expenses, food and beverages, merchant services, linen, room furnishings, business supplies, etc.
A boutique is a small shop that sells clothes, jewellery and other accessories. While you can sell these items to your customers, a lot of boutiques also rent clothes and accessories. To set up a boutique, you could rent a physical outlet or operate from your home. You can also sell/rent your accessories online.
Grocery store or stationery shop
You must have seen a grocery store or a stationery shop in almost every corner of every city, town or village. Both these businesses are almost always in high demand. Both these shops require investment to set up and are run from brick and mortar shops, although some of them do deliver orders placed via calls. The most important criteria of setting up and running a grocery store or a stationery shop is assessing the locales where demand is high and suppliers are limited.
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