Best Business Ideas In India Under 10 Lakhs – There may be times when you get hit by a curveball and you need to be prepared for it!
Many have lost their jobs or had to take pay cuts due to the impact of Covid-19. So if you lose your job, how will you cope financially?
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To handle such unusual situations, it is important to save a portion of your income as an emergency fund. It can be parked in low-risk liquid funds.
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Liquid funds are easily accessible at any time. Ideally, you should set aside three months of expenses in your emergency fund.
These funds moderate your overall portfolio as they carry less risk than their equity counterparts. Also from liquidity point of view for short to medium term.
Note to check the instruments that these debt funds invest in For example, if these are investing in AT1 bonds, you should be aware of the risks
ELSS funds are equity linked savings schemes. These funds invest primarily in equities and equity-related securities. And provide better returns to investors.
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These funds can form a part of your portfolio as a whole from a taxation point of view. Note that ELSS comes with a lock-in period of three years. You can claim a tax benefit of up to Rs 1.5 lakh under Section 80C of the Income Tax Act.
These funds seek capital appreciation over time and are suitable for investors with medium-high risk appetite and long-term investment horizons.
Of course you should consider investing in gold. Indians love the yellow metal and it can act as an inflation hedge in uncertain times. However, it is better to invest in gold as an asset class other than jewellery.
PPF is considered a risk-free instrument that offers tax benefits on both interest and principal.
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Remember before you invest in PPF, you must consider that PPF is not liquid, as it comes with a lock-in period of 15 years. This investment helps you fulfill any future goals such as buying a house, car, or perhaps marrying into the family.
Regardless of whether you explore any of the investment options mentioned above, you as an individual narrow down on a comprehensive health policy. The younger (age) you buy a health policy, the more benefits you get.
Consider buying a health cover that also covers your spouse and children (Family Floater Plan). For those who are single, you can opt for an individual (individual) health policy.
If you have a family history of health problems like diabetes or cancer or cardiac problems, it is even more important to buy a health cover and a critical illness cover. This can help you financially in times of emergency or if you are diagnosed with any of these illnesses. An important advantage of critical illness policies is that they are benefit policies This means, after diagnosis of critical illness (list of illnesses mentioned on health insurers website), the full policy will be paid out. You can use it for any purpose as a policy holder. treatment or otherwise.
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Term insurance is very important for dependents. Especially, if you are the sole breadwinner in the family, you should consider buying a term policy (life insurance). If you buy it young, the premium charge will be less.
After the death of the policyholder, a lump sum will be paid to the nominee (spouse or parents or children). If you have outstanding debts, this payment can help your family.
Remember that a pure-term cover is better than return of premium. Earlier, you pay the premium and only after death, your nominee gets the payment. Later, you pay the premium and if you survive the policy term, the premium paid is refunded.
If you have any high-value debt such as a home loan, credit card, car loan or any personal loan, try to pay off the highest debt first.
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So it is better to start saving from the first day of your retirement so that you can start earning. Start from Rs 500 or Rs 1,000 per month. By the time you are 60 years old it can accumulate to a large corpus. Thanks to the compound.
You can consider National Pension Scheme, few retirement funds or start saving in any of the mutual fund schemes (only after thorough research) and invest for long term.
So, we believe if you haven’t thought about your retirement till now, use a portion of Rs 10 lakh to start your retirement planning.
Even if you don’t have Rs 10 lakh now, you can still consider all or some of the options mentioned above.
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Franchise business offers many benefits to both the franchisor and the franchisee. One of the biggest demands of franchise business is to build a bond of trust and support between franchisor and franchisee to grow their business and achieve their objectives. Franchisees including entrepreneurs and small business owners look for brands with low investment but quick and high end returns, so franchises under 10 lakhs in India are a top choice. With the pandemic striking arena trends across the country, franchise businesses in the food, healthcare and wellness and home furnishings and decor categories have however reported resilient and steady growth. Hence, franchise businesses have nevertheless observed a steadily growing graph despite the challenges, attracting more and more investors and businesses to them.
Franchise business is a fast growing business segment due to recent market trends and high profitability. Here is one
It is a growing franchise business in India under 10 lakhs that sells different styles of sandwiches including submarine sandwiches and salads with a touch of Indian spices. Established in 2013, it now has more than 25 stores across Mumbai, Pune and other major cities. It provides staff support and affordable kitchen technology to its franchisees.
It is a growing business company firm that provides online marketplace for recruitment based on logarithms combined with AI and ML that helps fill vacancies at a faster pace with effective operability and technology. It operates under a single contract and transfers new onboarding suppliers to an existing preferred supplier list which works to simplify the recruitment process and achieve a better high end profit. With numerous advanced business tools and unique segmented business models to gain more business in the system.
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Doctor at Doorstep is a healthcare startup launched in February 2017 under the initiative
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