INTRODUCTION

According to a report in 2022, India ranked 89th in the world economic freedom. A Startup ecosystem is generating in the country. Every year, hundreds of Startups are registered and new innovations are coming by the young generation. Do Read point number 19 !! The are some AI- related and Non-AI related Business ideas under Rs. 5 Lakh in India. Here is the list of Top 20 Business ideas under Rs. 5 Lakh in India:

AI-Related Buisness ideas under Rs. 5 Lakh

1.AI-Powered Content Creation:

In this era where content is the king, there are a lot of companies that require content for blogs, social media, and ads on regular basis. Investments on writers, AI software’s and websites is always worth it in this niche. Investment of around Rs. 1-2 lakhs is enough. You can invest mote once you start getting more projects. You can create content related to health, finance, or travel content.

2.AI Chatbot Development:

To improve customer service, businesses are using chatbots or they are looking to outsource this service. You can invest ₹1-3 lakh (chatbot development software). With this, you can focus on industries like retail and customer support

3.AI-Based Resume Screening Service:

Applicant tracking systems(ATS) are must for any company to manage volume of job applications. With an investment of Rs. 3-4 lakh, you can develop an AI parsing tool and then offer customised screening based solutions to companies.

4.AI-Driven Market Research:

Each and every company require deep market analysis for competitive advantage. You can invest around Rs. 2 to 5 lakh in these data analytic tools and grow in the field of market research. A lot of multi national companies in the field of Automotive, Healthcare, Retail and E-commerce are outsourcing or partnering with Research firms for better analysis .

5.AI-Powered Personal Finance Advisor:

People have become more conscious now-a-days in relation to their finances. They are seeking tools to manage and optimize their finances. If you can develop a financial development app, then you can rock in this field. The investment to make a customised app can range around Rs. 4-5 lakh. You can offer tailored advice to people for savings, investment and budgeting.

6. AI-Based Inventory Management System:

In the field of wholesale, where inventory comes in thousands, inventory management systems come into place. Retailers and wholesalers use the inventory management systems to track and manage inventory. You can develop around Rs. 2 to 5 lakhs to develop an inventory management software. After this, you can reach out to small and medium sized business at start and offer the AI-based inventory management system.

7. Voice Recognition Software for Small Businesses:

In fields of Legal and healthcare, there is a requirement of Voice Recognition software for small businesses. You can make a speech recognition software with an investment of Rs. 2-4 lakh. Yoi can learn more about it and then develop a software that can do dictation and stuff like this.

8. AI-Driven Real Estate Analysis:

With increase in salaries and profits, people have started investing. The professional investors need accurate data on values of property and current trends. You can start a portal or a website or a software which can help these investors do data analysis. This can be made with an investment of around Rs. 3-5 Lakhs.

9. Predictive Analytics for Small Retailers:

Retailers in the market want to predict the demand of the people so that they can optimise stock levels accordingly. With an investment of around Rs. 2-5 lakh, you can generate steady revenue.

10. AI-Based Translation Services:

This is the hot topic in news. The innovation of the translation services can be beneficial for industries like tourism and education. You can invest around Rs. 3-4 Lakh to make a translation software. You can then get this thing copyright and then start selling this to the specific industries in demand.

Non-AI related Business ideas under Rs. 5 Lakh

11.Food Truck Business:

From Tier 1 city to Tier 2 city, Food trucks are getting popular day by day. With a mere investment of around Rs. 2 to 3 Lakhs, you can start a food truck business. All you need to do is to get a food truck and setup kitchen in it. Offer unique, local flavours or your speciality dish and you are good to go !!

12. Mobile Phone Repair:

As the amount of phone sales are increasing, so is the increase in demand of mobile phone repairs. If you can get tools, spare parts and other required stuff of around Rs. 2-3 lakhs, you can start your own business. This is something which can offer a good Return on Investment in less time.

12. Digital Marketing Agency

Every business require some help with online presence and social media otherwise theyh an miss out on clients. You can invest around ₹1-3 lakh (website, marketing tools). Focus on social media or SEO services and you are good to go.

13. Personalized Gifts Business:

This is something which anyone can do. You can make customised gifts or shirts for events and festivals. Buy some materials and printing machines and you are fit for the role. YOu have to invest around Rs. 3-4 lakh in the inventory and then you can start your business.

14. Home-Based Bakery

Customized lacto-vegetarian bakery are in demand nowadays. Low investment is required to setup your own small bakery. Start with a few popular items and expand based on demand. Invest around Rs. 50k-1 Lakh and start the business.

15. Freelance Graphic Design

Invest somewhere around Rs. 2 lakhs and 3 lakhs and start your own freelance graphic design software . Offer deals for branding projects and attract your customers.

16.Yoga and Meditation Classes:

Interest of people for ayurveda and Yoga has increased. Yoga business can be profitable. It takes a less investment of around Rs. 1 Lakh to Rs. 1.5 Lakh. Get your contacts, advertise and offer physical and virtual classes for more people.

17.Tiffin Service

Students and professionals require home-cooked meals. They do not want to make food in their homes. Learn from Tiffin service of Bombay and invest around Rs. 1-2 Lakh in ingredients and packaging. Focus on unique diets like vegetarian or gluten-free.

18.Event Planning and Management

Events require organized and creative event planners. Begin with small gatherings to build a portfolio. Invest around 1-2 lakh (decor, marketing).

19.Tuition or Coaching Classes

The demand of coaching or tuition classes is at all time-high. Ed-tech industry is flourishing at insurmountable pace. Specialise in high demand subjects like maths or languages and then invest around Rs. 1-2 lakh in renting or marketing.

20.Freelance Photography and Videography

Invest around Rs. 3-4 Lakhs in camera, equipment and advertising. Offer special services like wedding at corporate events and you will find that your ROI can be covered with just one event.

CONCLUSION- Business ideas under Rs. 5 Lakh in India

With the range of exciting ideas available, you can now learn about the details of a business in a click. Choosing the right business depends on how you assess the demand in your area. You need to look insight, get a skillset and move on. Whatever path you choose, give your best in a dedicated way and the WIN is sure for you.

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