Starting an individual business is a dream of millions as it provides an opportunity for unlimited earning along with the chance to be your own boss. But for successful operation of a business, it is very important that you select the best business niche as per your capability and skills. Starting a lottery business is a low cost and easy to setup business option in India. Due t its high demand, it also offers a huge market opportunity to have a successful run in the business.
Lottery Business is Not Illegal in India
A lot of people assume that starting a lottery business and playing the lottery is illegal. But it is not, it is a kind of gambling game which is legal in many countries along with India. Many state governments run their own lottery agencies also. Thus, there are no legal issues in starting a lottery business.
Benefits of Starting a Lottery Business
Profit and success are the two major goals of starting any kind of business. But there is a long and difficult path in every business to achieve the success. So, it is always important to choose the business type which has the best-suited benefits for the individual.
Below is the list of benefits that you can enjoy by starting a lottery business: –
- Low Cost: A shop is what you all need to start this business. There is very minimum expense in starting the same. You can easily start the business with your savings. If you even want to start it on a large scale, an investment up to 20K will be enough.
- Easy to Start: There are no complications in starting the lottery business. It can be easily started within a week after completion of all the required legal formalities.
- High Profit Margin: A lottery business owners can earn huge from the money invested by someone else. A lottery business owner gets a huge percentage of profit from the ticket he sold which hits the jackpot. So, with no or very little investment, you can earn a huge margin of profit.
Combine Lottery Business with Others for More Cash Flow
Lottery business doesn’t take a lot of space in your shop. Thus, you can easily run any other business alongside this. Below is the list of other business which you can operate easily along with the lottery business. These businesses are also easy to start and require very less investment.
- Ironing Business: A good quality iron is all that you need in this ironing business. Ironing can be done by anyone, but still, it is the most hated task by most of the people. Thus this gives a great business opportunity of the same.
- Dry Cleaning: People always look for a quality dry cleaning service for their expensive garments. Thus, this business also has a great market potentiality.
- Cyber Café: It may need some amount of investment, but it also has a great market demand. The cyber café business is best suited for online lottery business.
- Travel Agency: Travel agencies have a great demand in the Indian market. So, you can also start the lottery business along with this.
These are the examples of few of the small scale business which can be easily operated along with lottery business. There are many others too. Lottery business has a great flexibility thus can be easily started along with most of the other businesses.
Benefit of Combining Business
Operating different business together might be a difficult task but it also has many benefits too, like: –
- Attracts more customers: Customers will get a different choice of services under one roof only. Thus, will prefer to visit your business rather going to two different places.
- Flow of Cash: It is not mandatory that both the business will bring profit together. When one business will have lesser customers, the other one will help to keep the flow of the cash.
- Auto Promotion: When a customer visits your business for a particular service, will automatically get attracted towards the other option of service you are providing. This will work as a promotion to both the business.
- Give Flexibility: If due to any issue, one business doesn’t work for you, you will have another one to operate. For any instance, if you even need to close one of them, the other business will keep bringing money to your pocket.
Types of Lottery Business
There are two basic types of lottery business in India: –
- Online Lottery
- Lottery Ticket
Lottery ticket business is one of the most traditional ways of a playing lottery and can be started with least amount of investment. However, the online lottery is more attractive but will need equipment like a computer system, internet connection, and others to operate. You can start with both the options or select as per the market condition.
There are not much of legal restrictions for starting a lottery business in India. You can contact your local administrative office for the complete details of the legal steps required to take for starting the lottery business. Different states may have different rules and regulations.