Q&A: What Kind of Biz You Should Start in Pakistan?! (Answered!)

Well when it comes to the question about the kind of business you should launch in Pakistan; the answer depends on many things.

Its not like, hey I think you should start property business because property business offer tons of money in profit or because Malik Riaz did so…😜 or you should go for setting up a private school as there is great return in education sector of Pakistan.

Or how about a sheesha, coffee shop 😜 😎 or stylish, super cool barber because you got students, university, college around you, well sorry to burst your bubble, honestly it doesn’t work like that! 😐, YES IT DOESN'T!!!

You would need to consider many many important things before even thinking about a specific business idea, business model, without clearing your mind about these important factors you will never be able to launch a successful business, so the kind of business you are looking to start really depends on certain things۔

I could have wrote a super long post about what should you invest in, what kind of business you should go for etc etc but I didn't because at the end of the day that won't help you choosing the right business at the right time for the right reasons consequently utter failure!

Now before I get to the many important things that you should consider while starting your own business, I think I should give you some really kick-ass practical articles on startups, business ideas I have already written about so do check 30 Biz Ideas For Pakistan with Great Profit Margins.

You must read the above mentioned article once you finish this one 😐, that article provides some really super cool business ideas 😋 that has the potential to bring you some really big fortune in matter of couple of years, provided that you give your 100% to it.

Yeah money will be raining down! 😵 Not kidding!

Okay jokes apart, that article not only provides business ideas but also highlights and other important aspects of each idea discussed like ROI, Human Resource requirements, initial required investment, minimum monthly expenses, minimum monthly sales target to make it to the success etc etc.

Now once you read that article you will have tons of ideas to choose from next step is, to learn step by step practical method on how to handle each and every aspect of your business efficiently and effectively and for that I am going to recommend, How to launch & manage any Business (practical & easy).

In this one you will learn about how to manage day to day affairs of any business, covering aspects like finance & accounts, hiring & firing, managing sales team to achieve business targets, advertising & marketing etc etc.

You will learn about all of this stuff in a practical manner, so do check this one after you get through the first one 😉.

Now there is another kind of business or business model that offers huge returns too, called manufacturing business, manufacturing business is different than other business models types due to complexity of manufacturing, extensive hard work, investment needs.

Again to learn how to launch any type of manufacturing business with minimum investment I am going to give you yet another article, this one too, practical, chockfull with actionable content on manufacturing business.

So read How to Start Any Manufacturing Business in Pakistan.

This article will give you all the information, practical know-how, details that you will need to launch a successful manufacturing startup!

If you want even more detailed articles on the subject matter then check Manufacturing Startups, here I have started a very thorough step by step article series that covers manufacturing business from A2Z, in practical, easy manner!

So do check it out too!

Okay enough of irrelevant blabbering 😌😖, let’s get back to the main topic 😉 of this super boring article… ops! I mean super awesome article, that is what things you should consider while starting business in Pakistan.

12 Things You Should Consider Before Starting Any Kind of Business in Pakistan!

Starting a successful business isn’t Bachoo ka khel!

Passion

You need to be really passionate about the business you want to start, if you don’t have that thing for a particular business it means you will eventually give up on that business, so passion is a must because there are going to be really tough days and you will need that passion to keep the hope alive!

Check Richard Branson on Importance of Passion

Investment

Even with super passion but no essential investment you are doom to fail, in fact you may never start, so you need that required investment with you, to make it happen!

In a nutshell you can’t make money without money!

Now if you have quite a healthy sum on you then you should obviously think about a big one but that doesn’t mean you should start big from the start, no you shouldn’t unless you are quite experienced, have support that you can count on when it comes to launching and effectively handling a big business!

Big Heart + Perseverance!

Bara dil, bht bara, one dam* big heart is what you need along with passion, investment because even though you may have invested awesomely in your business still it will take time to see some really dil khussh krny waly results and so you need to have big heart to not worry too much about the money you have invested and plus when seeing no results you need that useful dose of perseverance to stay calm in times of hardships!

Demand

At times a business idea may sound like one really super cool business idea that can give you big big money but once you launch you find the bitter truth that it was only you and ONLY YOU! who thought it was a great idea and everybody else doesn’t give darn about your product/service!

So you need to be sure about product/service demand!

Right Idea + Strategy

Yeah, don’t just jump into a business, rather see if you really want to start that business, if you really have good reasons to launch that business, if you really can objectively, rationally justify everything and after all of this you need a really good business strategy that covers everything from A TO Z.

To have that strategy you will either need to read almost all of the articles on this super boring website of mine or you would need to sit with an expert to help you out.

Remember business idea generation is the most basic attribute of a successful entrepreneur! (1)

Don’t forget to read importance of business strategy.

Expert Help

I am not talking about your university professor or teacher that teaches business blah blah to you at your school, college etc I am talking about the guy who has spent at least half a decade in running the type of business you are interested in.

You need to sit with this guy, learn all the tricks of the trade, the whole trade, which may take anywhere from 3 to 6 months depending on how much time you give, how smart you are, what kind of business idea, model you are planning to launch so on and so forth!

Why did I say half a decade experience, well it is based on research that to be expert in any field you need to spend at least 4 + years in that field, check Outliers

Life Priorities!

Business is quite a demanding life style, if you are couch potato type, family guy, only better half guy or have full time job then you shouldn’t start a business that requires a lot more attention, time because you won’t be able to do it and so you will fail.

To be honest majority of new businesses requires at least 12-14 hours daily, so think about that before you even think about launching your own business, I mean business plan alone can take 100-200 hours to make (3), that too with the help of an expert!

Physical Fitness

Yep, that counts too, you really need to be at best of your health to successfully manage your new startup, health is wealth saying much more sense, right ?!

Risk Taker!

It’s not really that necessary unless you are doing the same thing over and over and expecting different result!

In that case you need to take risk, taking bold steps, standing on your decisions and having the guts to change when things are not going well!

Never act like a stubborn a** 😣 unless you are really sure that you have taken the right decision!

Huffpost has put up a really great piece on risk taking in business and business success, don’t forget to check out this link

Avoiding Totally New Business Ideas!

Because you are more likely to fail, very likely, so instead of experimenting or thinking about hover board or hologram type of business idea you should think about business ideas that are being already worked with successfully and you launch that business with a new flavor, taste, look, feel, value!

Just thinking about launching exact carbon copy will not do it the way you want it to be! 

Doesn’t mean you won’t earn money, you will but it won’t be as satisfying as you won’t it to be!

Here are little stats on new product failure rate!

Nearly 50 percent of new products introduced in the market are complete failures and more than 70 percent do not reach their sales goals. (3)

Location

Although this one is not that important unless your business model type is that of wholesale, retail or franchise etc, in that case if you have good location with potentially great customer flow then you should invest in an idea that is based on retail/franchise business model.

Partnership or One Man Army

If you want to do the whole thing on your own then you should go for something like retail, wholesale, small scale business but agar app ki iraaday kuch bara krny k hain then you should go for partnership etc!

Partnership can also be considered if you think you won’t be able to handle it on your own or you need more investment, want to divide the risk you are taking etc.

Okay that’s it!

So if you are clear on all these things, if you considered the business idea you have in your mind in light of the things, factors mentioned above and you find it’s clear, doable then you should take the plunge or else don’t!

Remember, it’s not easy, IT’S NOT EASY!

So make sure that you can really handle it!

Ohkkkay! 😌 That’s it for now, don’t forget subscribe and check out some more practical stuff on this super mind boggling, dazzling website of mine! 😎😇 DON’T FORGET TO SUBSCRIBE and yeah please take a minute and share it (on facebook, twitter etc) with everyone 😐😉 you think would care about it!

Over to you guys!

Lastly if you are curious about which business is The Best Business in Pakistan! & Why, read this link then!

  

References:

1. C.M Gaglio “Opportunity Identification: Review, Critique and Suggested Research direction,” in J. A. Katz (ed.), Advances in Entrepreneurship, Firm Emergence and Growth, Vole. 3 (Greenwich, CT: JAI Press, 1997), pp. 139.-202.
2. David Gumpert in Burn Your Business Plan Needham, M A: Lauson publishing, 2002.
3. Delre, S.A., Jager, W., Bijmolt, T.H.A. and Janssen, M.A. (2007), “Targeting and timing promotional activities: an agent-based model for the takeoff of new products”, Journal of Business Research, Vol. 60 No. 8, pp. 826-835.