New year is coming. Still have a question about How to start a business in Pakistan. Here are ten steps to start a business in Pakistan.
Starting a successful business is not very difficult these days. It doesn’t require you to have any business degree, hell of funds in bank accounts and business experience. You just need to have a good business idea and strong plan to start a best business in Pakistan.
10 Steps to Start a Business in Pakistan in 2020
1. Ask Yourself
Why you want to start a business? Maybe you want to make more money. If so, then try to start side hustle. We’ve listed 50 ways to earn money. At the same time, you can also check our freelancing guide to make passive income.
If you want to get freedom from 9 to 5 schedule, then maybe it’s time to leave your office job and turn your startup idea into business empire.
Once you are clear that why you want to start a business in Pakistan, try to ask yourself more questions so that you can find out what is the right business for you? For instance, you can ask yourself:
- What is your skills and what is your area of expertise?
- Where does your passion lie?
- How much you’ve funds to start a business in Pakistan?
- What is the best place to launch your startup?
- Do you need any assistance in financing, business incubation or just need a business partner?
Answer your questions honestly.
2. Think About Business Ideas
The very first step is to come up with innovative business ideas. Choose the best one that seems to be a killer business idea.
If you don’t have any startup idea, then there are some ways through which you can come up with an awesome business idea.
What is Next: Explore future business and tech trends that may change the business landscapes. Find out the opportunities and start your business today.
Find Problems: Pakistan is a country where you can find hell of problems and issues. These are basically opportunities. If you’ve the solution of the problems, then it maybe your next successful business.
There are even more ways to find excellent startup ideas like researching ideas online, introducing technology in the traditional businesses or using advance skills in the existing business models. At the same, you should attend entrepreneurial events in Pakistan, meet like-minded people and seek advice.
If you’re still stuck, no worry. We’ve mentioned 52 Small Business Ideas in Pakistan. Read it and choose your idea.
3. Do Your Research
It is always recommended that you should do some market research. It is mandatory because you’ll get to know that whether your idea is viable or not?
Try to find similar businesses and see how they started and running their businesses. Do not rely on secondary resources i.e. online resources or surveying from people you already know.
Come out from your circle, conduct interviews both face to face and telephone. At the same time, you should also conduct surveys from customers’ perspective. For example, you’re going to start eCommerce store in Pakistan then you may ask “what are the issues customers face while online shopping in Pakistan?”
Market research will help you to improve your business idea and staying away from business failure.
4. Write your Business Plan
After market research, write your business plan. Crafting a business plan is not very difficult. You just need to enlist following things on your business plan.
- Title page
- Executive Summary
- Business Description
- Vision and Mission Statement
- Marketing and Development Plan
- Operational and Management Plan
- Financial Plan
These are the basic points you should cover in your business plan to quickly start your business. Avoid jargons and irrelevant things.
5. Register Your Business
Once you are ready about starting your business in Pakistan, make it official. Register your business to fulfill all legal requirements.
Business registration is very important to avoid issues like copyrights and legal suits etc. Here is the checklist you should ensure while registering your small business:
- Decide your Business Structure? (Sole Proprietorship, Private Limited or Public Limited Company)
- Your Business Name
- Register your Business
- Register in FBR to get Tax ID
- Get Sales Tax ID
- Get Licenses, NOCs, Permits (If applicable)
- Apply for Bank Account
- Copyright, trademarks or patents
If you are not familiar with legal things, try to consult with lawyer or charter accountant consultancy firms in Pakistan.
6. Finance Your Business
It is very important step to start your business in Pakistan. If you’ve enough savings and investment, then finance your business and start it today. If you don’t have enough funds, try to find out ways through which you can introduce capital in your business. For example, you can raise funds from
- Your own savings
- Friends and Family
- Business Partners
- Apply for business loans
- Seek assistance from business incubators in Pakistan
There are even more ways to raise money for your business. Check out our 23 ways to finance your business guide.
7. Develop your Product and Service
Once you successfully raise funds for your small business, the next step is to develop your product and service. For instance, you are going to start an online business. Hire web / app developer to make website and application for you. Here are some general steps that may help you while developing your products / services process:
- Learn about your product and service
- Note down requirements
- Find specialists and ask about rates
- Hire the best one that can develop your commodity in your budget without compromising on quality
7. Find Business Location
After developing your product/service, find best business location in Pakistan to start your business. Here is another guide on how you can find best business location in Pakistan.
8. Increase your Sales
To expand your business, sales is very important. Use innovating marketing strategies to spread your business word. You should do local as well online business marketing so that you can attract potential customers.
9. Build your Team
Once your business grows, increase your office team to manage work. Read our employee hiring guide to hire best resource for your company.
10. Grow Your Business
Business growth is very important. Because if your business grows, you’ll create jobs and help the unemployed people to get employed in your organization. Directly / indirectly, you’ll contribute to the GDP of the country. So, it is very important for you to apply strategies that can increase your business growth.
Hope this article has answer your question on how to start a business in Pakistan. If we miss anything in this guide, please mention it in comment box.
Best of Luck!