For the seventh straight quarter, GDP growth in India is falling, and at this time of economic slowdown, if your entrepreneurial mind wants to create something, obviously it will demand a little more than usual (if really in-to starting your own business) to initiate proceedings.
And when you are planning to land in the unknown territory in this case, which is business, it all boils down to what should I do?
Well, there is no-one-the-best-answer for this. Any small idea or unique vision can be turned into humongous success as it was in the case of Mark Zuckerberg, Bill Gates, Elon Musk, or countless entrepreneurs who did something great. But still, there are some least explored opportunities which if tapped sensibly, can significantly increase your chances of success.
Today, we will explore one such less explored opportunity that not only has great potential but also requires less initial capital investment, which is often the concern of emerging entrepreneurs. We are talking about online laundry services.
Online Laundry Services
Online laundry services is a very simple basic business model that has huge market potential. All you have to do is pick the laundry, wash, dry, fold, and if demanded iron it, and drop it back. It is easier said than done yet simple.
Market Size and Growth Potential
The estimated size of the Indian laundry market is whooping Rs. 2,20,000 crore.
Well, well, well…
I am pretty sure that this large potential is enough for any emerging young entrepreneur to give goosebumps.
Many young entrepreneurs fall in the trap of immediate returns and overlook the very basic aspect of the future growth of a business and end up paying for that.
One must invest one’s time into an idea that has a long reach and a bright future. And fortunately, the Indian laundry market not only has huge existing potential but also a bright future. Also, as more and more people are moving to the cities in awe of so-called urban living, the working class is going to rise, and in today’s comfort-driven world, students are also in your reach. So your target audience is quite vast. Also, don’t forget the commercial laundry market if you want to reach the pinnacle of the laundry business.
Initial Investment Required
Well, it all depends on how much you have to spend. You can start your business from your home with an investment of as small as Rs 50,000 or straightway establish a huge setup with an investment of as large as Rs 10 lakhs. It all depends on the resources you have.
So this was all a little insight into the online laundry business.
If we try to cover it as a whole, how to establish it, what is legal documentation required, how to manage finances, and so on, we may have to stretch this post very long. Today, we will leave you only with possibility. If you want to know how to turn possibility into reality, comment below to let us know.
Also Read: Top 10 Business Ideas With Minimum Investment In India
