Starting up a business requires a lot of effort and hard work but if the money required to invest in that business is very less then it gives many young people the opportunity to go for it. Many myths about starting a new business hold back many passionate entrepreneurs.
A ‘startup’ is a newly established business, and they usually small-scale. Studies show that 20% of startups fail in the first year and only 50% survive till the fifth year.
Despite those discouraging numbers, there is a study which demonstrates that SMEs constitute nearly 90% of enterprises in Pakistan.
In the world of start-ups, it is natural to desire to have a startup business, which in the future flourishes and becomes a money-making company.
Let’s face it, many of us do not like working for others under a boss, and we are frightened to think of continuing to do the same for the rest of our lives till we hit retirement age.
It is perfectly natural for desiring to be independent – in other words ‘to be your own boss’.
Watching people build up their own business from scratch and achieving success is appealing to enthusiastic entrepreneurs.
But, we often ignore the owners of startups burn the candle at both ends to achieve the success later on.
Starting your own business is, undoubtedly challenging. Taking the first step is the hardest. But once, you start seeing positive results, it can provide great satisfaction and comfort.
Even if look at it historically, humans are born entrepreneurs. It is our very nature to live our lives on our terms. Nobel Peace Prize Winner and pioneer of microfinance Professor Muhammad Yunus believes that by adopting a ‘job creation’ mindset rather than a job-seeking’ one, we can tap into our natural instincts and abilities to create better outcomes.
He further said that opportunity exists for all of us to become entrepreneurs, even in our corporate roles, to create lasting social change. Professor Muhammad Yunus said: “If we all become entrepreneurs, there is no question of unemployment”.
It is a bitter reality that the students who go to colleges or universities don’t sign up to learn useful skills but just to have a formal degree so they can get employed. But times have changed; the employers are looking for skilled people. And there is more supply and less demand in Pakistan’s job market. So, many young people are pursuing to become entrepreneurs so they don’t have to rely on some XYZ company to give them employment.
Which Business Is Best To Start In Pakistan?
While thinking about businesses you must have thought to yourself, what makes a good business? Well, it has many components, but the major ones are two:
- Unique business idea
- Money to kick start a project
So, as this article is Pakistan-centric, we will provide you a list of 6 small business ideas in Pakistan; you can read about them and select whichever you find best suited to you.
Top 6 Businesses In Pakistan You Can Start Under 2 Lac
- Wedding Planning
- E-commerce
- Freelancing
- Real Estate
- SEO Consultancy
- Social Media Agency
(Note: Keep in mind that these business ideas have a high success rate and require less capital or investment)
1. Wedding Planning
Normally, you only wed once in a lifetime so it is an occasion you cherish. A wedding is an event that is celebrated all over the world. But in Pakistan, it is an event which consists of 3 or more than 3 functions.
People are busy in buying clothes and other stuff before their wedding, so a wedding planner can help them arrange the event. It saves people from doing all the hassle themselves.
What Is Requried?
- A Website
- A Portfolio with your client’s lists, for credibility
- Social media handles; Facebook, Instagram, Twitter.
- Advertisement through Facebook Ads
- Connections with budget-friendly catering, decoration, marquee/wedding halls.
- Samples of Decor
Investment
The total investment is around Rs.2 Lacs approximately.
Working at a wedding planner company beforehand can help you to make some connections and gain relevant experience.
Make an emotional connection with your potential customers. Understand their demands and be professional in your approach.
At the start, you can offer your services for a little less for Budget constraint clients.
2. E-commerce
Online shopping has become common now. You can buy different types of products (tech, clothes, books, etc.) by ordering them online. E-commerce is the selling of products online through a website and social media.
Think about it, you don’t have to open a store and so don’t have to pay any rent and bills. All you have to do is create an online presence. The E-commerce market in Pakistan earns around Rs.1 billion but the growth rate is exponential. You can sell anything online. If you’re interested in this business idea, it is profitable but obviously, you’ll have to learn the art of e-commerce.
What Is Requried?
- A Website (Shopify)
- Purchase goods from suppliers at a Wholesale Price
- Contract with courier services for COD
- Advertisement through Facebook Ads
Investment
The total investment is Rs.2 Lacs approximately.
Start Business In Pakistan Under 1 Lakh Rupees Investment
3. Freelancing
What’s better than working at home with a mug of coffee, in your bed, with the timing of your convenience? Sounds amazing right?
Freelance is one of the most popular ways of earning money for the young population in South Asia where people can work from home.
Do you know how much freelancers earn in Pakistan? The total money earned by freelancers in Pakistan is about $1.3billion. It is about Rs.110,695,000,000. The first question that pops up in our minds is: ‘how can we start freelancing’?
It mainly depends on your skills but you can earn from Rs.30,000 to 300,000 monthly with freelancing.
Freelancing Website
- Upwork
- Fiverr
- Cloud Peeps
- 99 designs
- Guru
- Toptal
- Freelance writing gigs
What Is Requried?
- Good internet connection
- Laptop
- Skills – Content Writing, SEO, Graphic Designing, Web development, etc.
Investment
All you require is a laptop and a good internet connection.
Be consistent; don’t leave freelancing after a few days just because you didn’t get any clients. At the start of your freelancing journey, keep your service charges to a minimum to attract clients. You can always increase the service charges when you’ve established yourself.
4. Real Estate
If you’re not a people’s person, this might not be a good option for you. But, if you are an extrovert and have good convincing skills, this is the ideal work for you.
Working in the real estate industry can be lucrative as you’re dealing with buying/selling of plots so any commission you get as a real estate agent can fill your pockets especially if you become very good in this field of work.
The work can be demanding, you have to attend calls all day even if it is not office time. But there is a potential to earn good money.
Once you established yourself as an expert, you can start your real estate agency by investing in setting up an office.
What Is Requried?
- A Website
- Advertisement through Facebook Ads
- Serious buyers contacts
- Small Office (Optional)
Investment
The total investment of the business would be up to Rs.100,000.
5. SEO Consultancy
If you work in the marketing industry, you’ll be well aware of ‘SEO’. According to Forbes, the net worth of the SEO industry is $80 billion. There has been tremendous growth in this industry because now every other business – be it small or big – wants to make use of the online space to promote their brand and increase their sales.
This is an idea in which you can start with a small investment and grow as required.
What is Required?
- A Website
- Your Portfolio
- Expert level SEO skills
- Advertisement through Facebook Ads
Investment
Your total investment would be Rs.100,000.
6. Social Media Agency
Social Media Marketing is used to build brand awareness, increase sales, and drive website traffic through social media platforms like Facebook, Instagram, and Twitter.
Nowadays every big or small business has an online presence on social media platforms. So, it is a field that is high in demand. To learn social media marketing, it will best if you work for a social media marketing agency for a while to gain relevant experience and expertise.
Plus a relevant job experience will help you in gaining the right connections which you can use when you plan to start your own agency.
What is Required?
- A Website
- Your Portfolio
- Social Media Marketing skills
- Advertisement through Facebook Ads
Investment
Your team members can work from home on their laptops. If you can develop the website yourself, then you will save yourself Rs. 50,000.
This is probably the best business idea as firstly, it doesn’t cost anything; the ones you will include in your team would have their own laptops, and a web developer can create the website. Secondly, it is very much in demand; every small or big business requires social media marketing.
If you want to start a social media agency, download this book.
Read more: How To Start Social Media Agency in Pakistan
Conclusion: Which Business Is Best For You?
Although this article discusses Top 6 small business ideas requiring less amount of money as your starting investment, many other businesses can be enlisted, which may be flourishing in Pakistan. Now it’s up to you to decide which one of the 6 business ideas attracts you the most.
Good luck!