Everyone wants to start a business of his own. The most common barrier is fear of unknown related to the business ideas. The initial capital, growth rate and return on investment details for each business are not usually available through all sources. This article talks about the top business ideas in Chennai.
Home based classes
Investment – 10,000 to 20,000
ROI- 6 months to 9 months
Do you have a skill that you can impart to others? May it be academic knowledge or extra-curricular activities; you can make money out of it. If you are planning on creating a formal ambience, you might need to buy some desks and chairs. Blackboard becomes an important asset. You can use a room in your house or you can rent a small area for less than 10,000 rupees a month. The speed of growth depends on the number of students. Even if you are able to recruit three to five students, you can break even within 6 months.
Investment – 50,000 to 80,000
ROI- 1 to 3 years
The human resource market is always in demand. If you can have a flair for recruiting, you can start a recruitment firm. You need to get in touch with a few firms to get details about their requirement. You need to spend on infrastructure, internet, phone lines and other equipment like computer, printer and so on. The main function of your business is to interview candidates and send shortlisted candidates to companies. If selected, you can gain commission from both the candidate and also from the companies.
Real estate consultant
Investment – less than 10,000
ROI – 2 years
The demand for real estate properties is very high in Chennai. You need not spend a lot on infrastructure. You would need internet connection, computer and a strong contact list. You should be aware of the real estate builders around the city and advertisement is must for business growth. You can earn one to two percent as your fee. Since the initial investment is very less, you can break even easily, but getting hold of clients would be tiring in the initial stage.
Mobile food centre
Investment – 50,000 to 1, 00,000
ROI- 6 months – 18 months
Do you want to venture into catering related business opportunities in Chennai? If you choose high end business plan, you would need about 3 lakhs to 5 lakhs to buy a franchise, a commercial area for rent and other assets. Instead, if you want to attract local crowd, you can start a mobile food court. The rent of food court vehicle can vary from 20,000 to 50,000 depending on your requirement. The utensils, human resource and other assets would cost about 30,000 rupees. The operational working capital can go as high as 5,000 per day and if you are able to hold a niche and get some regular customers, you can break even within a few months.
- Read more: How to Start a Fast Food Business in India?
Ice cream parlour
Investment – 50,000 to one lakh
ROI – 2-3 years
Ice cream parlours are always in business in Chennai. If you are ready to spend some money on the infrastructure, you can attract a niche of customers. The product is a fast moving one and you can always be in business if you are able to attract a niche by location. Choose a location where a lot of children would visit like schools, parks and so on. If you want to take up a franchise, it would cost around 7 lakh to 10 lakh.
Beauty salon or spa
Investment – 3 lakh to 5 lakh
ROI – 1 – 2 years
If you are ready to spend considerable amount in equipment, human resource and location, you can start a spa without any basic hands-on experience in spa techniques! The business opportunities would be high if you are ready to spend on advertisement. Hire qualified human resources and buy equipment through loan. You can attract high level customers if you are able to create a pleasing ambiance. Discounts, offers, banners and other promotional offers would help you to gain more customers. If you are ready to spend about 30 to 60 lakhs, you can invest in international franchises which would increase your growth rate and ROI would be between 50 and 60 percentage per year.
Xerox, print-out and internet
Investment – 20,000 to 35,000
ROI-3 months to 6 months
Not all would have a printer at home. Thus, you can earn a considerable income by starting up a store where you provide photocopies, print outs, scanning, internet and other related services. You would not a need a large commercial place and thus, you might have to spend 5,000 to 7,000 rupees as rent for space. If you are not providing internet service, you would need just one computer. You would need about 3-4 computers, internet connection, printer, scanner and other hardware items. You may need to hire someone who has basic knowledge in taking photocopies. Make sure to choose a location near any college or school to increase the business growth.
Fashion jewellery making
Investment – 5,000 to 15,000
ROI- 6 to 12 months
If you are creative and skilled in making fashion jewels, you can start your own business with a small seed money. The success of your business depends upon your skill in attracting customers. If you could find a considerable number of regular customers, you can easily break even and get a good turnover. Remember that fashion changes every now and then. You need to stick up to the latest trend to keep your business going. If you are planning to learn the skill before starting your business, there are a lot of centers that would teach you for a small fee.
Gym and fitness studio
Investment – 3 lakh to 5 lakh
ROI – 1 -2 years
For starters, this is an ever-bloom business. There are always thousands of people around you in Chennai who wants to reduce their weight or enhance their posture. Your business should provide them a good ambience and equipment to reach their goal. You can also hire an instructor to help your clients. Promotional offers and discounts would help to increase your customer base. If you are ready to spend more, you can also opt for franchises which would increase your business opportunities.
Baby sitting services or crèche
Investment – 1, 00,000 to 2, 00,000
ROI – 3-5 years
This might look like a simple business, but it is not so. You need to have the best ambience to attract children and parents. Your curriculum for children should be interesting and educative. You should spend a lot to maintain hygiene. You should have equipment and structure which would keep the child busy throughout the day. Patience is very important. Today, there are a lot of working mothers in Chennai. If you are able to find a location where working mothers are found in abundant, you got yourself a business.
These ten are not the only business opportunity in Chennai. There are several other business ideas. Make sure to learn about the market, opportunities, threats and other environmental factors that might affect your business ideas before starting it. A complete research would help you to choose the right business. Apart from researching about the business, learn about government procedures like license, taxation and others in prior. Last but not least, these business opportunities are tailored for current market condition of Chennai. These tips may not work for another metropolitan.