Pakistan is a country where a person can earn as much as 3 to 5 thousand rupees per day with a cart of French fries in a posh area.
Its surging population and about 70 million middle-class consumers are the agents that can transform innovative business ideas in Pakistan into a reality.
What you have to do is to start off your business with a fantastic business idea. As per Entrepreneur, every business idea is amazing if it fulfils the given criteria:
- it fulfils any need in the community – it solves a problem
- it’s scalable (you can extend it, grow it, expand it, shrink it, limit it)
- It is profitable
- It’s unique and not easy to copy
- it appeals to your gut
If you are someone who isn’t a big fan of a 9 to 5 job and wishes to be his own boss, then this write-up is for you.
A 9 to 5 job can be very exhausting and monotonous. Honestly speaking, most entry-level jobs do not pay that well. You have to work your soul off for peanuts in return and the quest of earning a decent living for yourself remains a dream.
However, to escape the hassles of a boring 9 to 5 job, one can always opt for a business venture. There are numerous business ideas out there, each catering to a different customer base.
All one has to do is to pick a business idea (make sure that it does not require a kidney to start).
The idea should be sustainable enough to earn you a good amount of money because that’s our primary goal. Right?
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Here’s a table of business ideas, the growth opportunities, the capital required, the difficulty it possesses and the skills required for it.
JOB | GROWTH | CAPITAL | DIFFICULTY | EXPERIENCE | SKILLS |
1. Real estate | High | Moderate | Low | Needed | Networking; knowledge |
2. Poultry farming | Very High | High | Moderate | Not Needed | Management; knowledge |
3. Coffee shop | Moderate | Moderate | Low | Not needed | Management |
4. Marketing services (digital) | Very High | Very Low | Moderate | Needed | Marketing; Technical skills |
5. Girls hostel | Low | Moderate | Moderate | Not needed | Management; |
6. Fish farming | Moderate | High | High | Needed | Knowledge |
7. Beauty salon | Moderate | Moderate | Moderate | Needed | Knowledge about makeup and skincare |
8. Solar energy | High | High | High | Needed | Technical skills; |
9. Organic farming | High | Moderate | Moderate | Needed | Knowledge about plants; |
10. Book publishing | Moderate | moderate | Low | Not needed | Creativity; writing skills; |
11. Online tutoring | High | Low | Moderate | Intermediate to high | Teaching; |
12. Graphic designing | High | Very low | low | Moderate | Designing; technical skills |
13. E-commerce site | high | High | Moderate | Moderate | Marketing skills; management skills; technical skills |
15. Blogging | High | Low | Low | Not needed | Writing; creativity; |
16. Boutique | Minimum | High | Moderate | Not needed | Creativity; design; |
17. Catering | High | Moderate | Moderate | Moderate | Cooking; event management |
18. Photography | Moderate | Moderate | Moderate | Not needed | Creativity; technical skills |
19. Food truck | High | High | Moderate | Not needed | Cooking; management; marketing; |
20. Freelance writing | High | Low | Moderate | Needed | Writing; creativity |
21. Mushroom farming | High | Low | Moderate | Moderate | Plantation |
22. Bee farming | Low | Low | Low | Needed | farming knowledge |
23. Invest in startups | High | Moderate | Low | Moderate | Business knowledge |
24. Invest in collectables and antique items | Low | Low to Moderate | Low | Needed | Knowledge of antique |
Ways to register your business:
Obtain PIN for company registration
Authority: Securities and Exchange Commission of Pakistan
Time to get completed: Online procedure – less than one-day
Costs: PKR 100
Reserve the name, register your company, pay incorporation fees, register with Excise & Taxation Department of the District (Professional Tax), EOBI, the SESSI, and Labor Department of Karachi on the SECP e-portal, obtain a national tax number (NTN).
Authority: Securities and Exchange Commission of Pakistan
Time: 1-week
Costs: Name reservation fee (PKR 200) + Registration fee (for online submission: PKR 1,000 for capital below PKR 100,000; additional PKR 500 for every PKR 100,000 of capital or part thereof, above PKR 100,000 and up to PKR 10,000,000) + Filing fee (PKR 400) + Fee for registration with the Labor Department (PKR 1,000).
Open a bank account for tax registration
Authority: Bank
Time to Complete: 1 Day
Costs: No charge
Apply for a Sales Tax Registration Number (STRN) at the tax facilitation centre of the Regional Tax Office (RTO) of the Federal Board of Revenue (FBR) in Karachi
Authority: Tax facilitation centre of the Regional Tax Office (RTO) of the Federal Board of Revenue (FBR)
Time to Complete: 1-week
Costs: No charge