If you really want to start a business with low investment in India, and looking for the perfect mentor, then let me congratulate you that you have landed on the very right article.
I can assume that some people were about to start up a business around 2020. and they were not aware that Corona Pandemic was at the door of the world.
Due to it, many people had to postpone the business idea to execute and many of them lost some of the money from the investment, and also other occasions occurred with many of them.
If you are one of them or not one of, but if you are looking for how to start a low investment business, then you are going to be guided in this article.
Every Business is the combination of some modules, processes, strategies, and other aspects which you should plan and follow, starting a business avoiding its necessary aspect is equal to aiming in a dark.
According to this, if you want to start a business with low investment or high investment, you are supposed to have some basic information and strategical knowledge.
How to Start Business With Low Investment in India
The concept of working for the company for 8 hours per day has not become for every person, some people are not made for working under anyone’s surveillance, they want their own ownership on their working pattern.
Yes, honestly it can be a difficult task to start a brand business with low investment, however, it’s not impossible if you come in touch with the right mentor, masterbusinessideas is one the best business mentors across India.
Finding a scalable business idea is the seed of a successful or unsuccessful business which is decided by the future time.
First of all, you must have a strong mindset about starting a business and when you starting a business with less investment, then your focus must be more than 100% on your business.
You must clarify each step in the micro-level, you have to channelize all the small steps with each other and make a perfect chain of running a business.
For example, an online vegetable selling business is the best example of a small investment business that is built by making a proper chain of business.
In this article, you will learn those steps which convert your low investment business idea into a huge business later on.
So without wasting time, let’s explore how you can execute the low investment business idea in India and make it a successful startup.
Focusing on The Right Business Idea
Do you know that the selection and execution of the wrong business idea forces you to leave the business from the middle and all your investment, invested time and money will be ruined?
Find the right business idea according to the trend requirements and your skills, for example, if you are good at marketing, you can open a marketing agency instead of working as a marketing person for any company.
Seeing the trend, if you open a marketing company that does the marketing in a traditional way, it will give you less potential.
Instead of that, you should open a digital marketing company and providing online marketing services to your clients which will be beneficial for you and the client as well and which is the demand of the current trend.
Nowadays, the Indian government is also supporting the self-generated business under the Make in India Campaign.
Market research, need of products from people, online tracking of trends of the market can be helpful aspects for selecting the right idea of business.
Sharpen Your Skills
Remember one thing that you must not be dependent on anyone to run and sustain your business before and after starting up.
You need to keep yourself updated with the latest change in the market regarding your business niche and apply the latest implements on the same.
You must have the knowledge of almost every aspect of your business, it may be quite difficult, so you should have the knowledge of overview of some of them.
For example, if you are not good at accounts, you can hire an expert in finance, but you should have information about at least your account, how much you spent and how much you earned, and how the tax is calculated.
Running a business needs a constant focus on skills and the market trend, you need to sharpen the skills according to the trend requirements.
Repeating the example of the opening of the marketing company, you should start a digital marketing company because companies are diverting and investing in digital marketing in place of traditional marketing.
Now, if you are having an existing business or marketing company, you should learn digital marketing to sustain your business for the upcoming time.
The reason behind this is that people are engaging their time on mobile more than TV and newspapers so that companies are focusing on meeting the people on mobile instead of other places.
So, if you won’t update your skills, you will lose customer potential after a certain time.
Make The Business Plan
The business idea must be executed in your mind first, then on the notepad, and then it is supposed to be executed practically.
You must have a clear vision of what business you want to start, how you will execute it, what will your Plan B if you are stuck anywhere.
If you are unable to find the right business idea, you have to scan it by researching, doing market research, surveying, and by summarize the surrounding situations.
Like, in the Covid duration, many people earned too much by starting a business of vegetable home delivery because it was the demand of current trend of that time.
Analyze your experience and knowledge about that business and conclude that what is your weak point and how would you handle that situation if it will occur.
Take an Advice of Expert
This is a very most important part of executing any new business idea, even if you are a lot experienced then also I strongly recommend you discuss with the experienced person and share your plan strategy with him.
Ask him where you are missing a sensitive loophole and how you can accomplish it by taking actionable decisions.
When I started my first business of Vegetables, I did not take the advice of an expert, and in spite of having the investment of Rs. 2,00,000, I could not sustain and manage the business for more than 5 months.
While restarting that business again, I took the advice of an expert person in the vegetable business, and as a result of that action, my vegetable online home delivery business is still running by my team.
Collecting/Arranging The Investment or Funds
Most of the low investment Businesses in India are self-funded or executed by borrowing the amount from friends or relatives.
You are supposed to collect funds or investments with almost equal backup before executed the low investment business idea.
The reason for arranging a strong backup is that almost every business does not give you the expert revenue at least for the first six months, and during that, you have to sustain your business with less revenue.
If you have a great business idea, you can apply for a loan to the government banks, which will review your business plan and then will approve if they find the potential in your business.
Select The Perfect Location For Your Business.
If the revenue of your business is relying on the walk-in customers, the location selection of your business is a very sensitive aspect.
For Example, if you want to open a cafe, your preferred location should be around the college, or a multinational company, or a crowded residential area.
If you select the crowded residential area, you must verify that the population around your cafe is upper-middle-class, because a lower than a middle-middle class person can rarely afford the rates of the products of the cafe.
Another aspect of choosing the right location is in terms of checking the amenities, whether the supply of water is proper or not, the electricity supply is constant or not.
According to Indian Law, you have to register your company with your area’s local municipality or the village administration, so you should not skip that legal process.
Regestration of The Business
While starting up a business, many people skip this process to avoid the lengthy process which is not recommendable at all.
The process of registering a business is not as hard as earlier, everything has been transformed online now, and if you don’t know how to register a company, you can read a full guide of business registration.
Either you have another option that you can contact with CA or an experienced person of this field who will run the whole process on behalf of you, you would have to just submit the documents and pays the charges of that person.
While starting up a small business as a company, you will need the PAN (Permanent Account Number) and TIN (Taxpayer Identification Number) which are issued by the IRS (Internal Revenue Service).
These two aspects are mandatory while paying the annual tax to the government.
Final Step – Launch The Business
After accomplishing the above mention all the criteria, you are all set and ready to launch the business, but remember that launching a business is just starting, not the end.
Your journey is started from here, sustaining a business is quite difficult than starting a business, you have to implement certain strategies, changes with the passage of time, and according to the changing trend of the market and the world.
Keep The Online Presense
Just above in this blog, I mentioned that you have to keep in step with the latest trend of the market and world.
Do not ever forget to brand your business online, buy a domain name of your business, and launch the website of your products and business.
On the other hand, tie up with the e-commerce sites which will promote your products in each corner of India.
Nowadays, all the business ideas must be present in the online market, even I got a query to create a website for hair cutting saloon business.
The owner of the hair cutting saloon business started his website for the same business to aware the surrounding people about his business.
So, you can imagine the importance of online presence for any business by considering this event, it’s not an example, it’s a real incident happned to me.
Marketing of Your Business
Marketing is the first leg to run the business, until and unless you spread the awareness about your business by marketing, people won’t come to know about your products, services, and business.
You can choose an approach of doing digital marketing instead of choosing the traditional marketing strategies.
Because people keep themselves engaged with social media nowadays, you should focus on that place where your potential audience is.
People are using Facebook and other social media for their entertainment, but you will be making revenue from the same platform.
I strongly recommend you to make a significant budget for advertising, which must be apart from the other business expenses.
Conclusion on Starting Business With Low Investment in India
Starting up a low investment business is not quite an easy task when you have limited capital as an investment, but the execution of a business idea with appropriate strategies makes it smooth.
Go step by step according to the way suggested in this article, you will not come to face any chaos during your business journey.
I have done all don’ts of business and tasted the taste of failure 4 times, then I saw the face of success, and that is the reason I mention don’ts more than Do’s in each article in terms of business strategy.
Not following Do’s leave the second opportunity, but following only one don’ts does not leave at least a single repeat opportunity.
Great Business Idea makes the business long-lasting, sustainable, profitable, and scalable.