Does business requires huge investment to start a business on large scale?. If you are living jn Uk, its a bit easier to start a business. but when you are in under developing countries, you should hav to think broad while taking a good decision
How to Start a Business in Pakistan 2019
As Pakistan has a low economy rate due to which many of the businesses condemns due to the low economy rates making losses to the businessmen with rising taxes and funds and low profits compared to abroad, wherein the US, millions of business are running with profits.
Pakistan and many other developing countries have low financial education in the modern world, where the developed countries have more financial education as well as more groomed about the business. The main problems in Pakistan are listed below
- lack of financial educatio
- lack of budget and fund
- low economy rate slow developing country
- lack of IT and modern technology
With these problems, we have surveyed and found some solutions to these challenges. if you want to start your own business you must have some points to remember in your mind in Pakistan before starting the business.
Choosing and selecting your business idea and platform, you must have to consider the following some most important points kept in mind because if you start a business without any direction, it may collapse and wastes your money, time and efforts all in vain. so it is very difficult for the beginners to start their business.
5 Things to Consider before Starting your Own Business
Location is a very influencing factor in deciding your place for your business that can result in success or failure, so one must have to consider the right place and right area for his business because it is one of the long-term decision for your business
Errors in the location may arise to detect very difficultly as it can arise with time while you start your business.along with the future expansions of your business along with time
One must have to plan the following agendas
- Five-year planning agenda
- Future growth expectations
- The extent of the need of your business in the next five years
2. Availability of Manpower
The local availability of the manpower who must be skilled with their profession suitable for running the usiness. More the experienced faculty you have more will be effective will be your business. labor relation is one of the major subjects to study through turnover rates and the liveliness of business and trade in the particular area
3.Facility of Utilities
if you are starting the business of any new product, you must have the facility of all the utilities of the needs of any industry like water resources, electricity, and security that play an important role in leading a well-established business . in Pakistan you should have some alternate source electricity and water resource.
4. Local laws, regulations, and taxation
Before starting your business, you must consider the type of your business and its cause of the environment, either it is abiding the rules and regulations of the society or not.either you have the permission to start such business or not
if you have fertilizer industry running as a business, you must have a distance from the society as well as from the forestry and farms, so that it may not cause any environmental cause in terms of pollution on the society.
Taxation is also a major subject to consider in case of running a business, so you must have the planning to give taxes to the government to accomplish successfully your business
if you are dealing with a new idea, you can be successful by considering only the above four points, but if you are working on a richly saturated or an old idea, then you must have to compete with the competitors to get a good start , you must have good planning advertisement and good quality product to the customers with good efficiency to be successful in your business.
6. Get Feedback
let the people interact with your product or your services and take their feedback on what they think about your product. are they satisfy and happy to use your product and services or they prefer other upon some other features that you are mistakenly missing.
one of the easiest ways to get feedback is to approach the “The Lean setup” but it includes three important basic pillars, prototyping, experimenting and pivoting or pitching. when you are dragging out your product into the market, you should pass it through the first eye feedback.
You can easily use your feedback in a more positive way by following the following steps
stop going on in forwarding directions. your brain may be in hurry to start your work and business, but its some time very important to go back upon your plans and strategies to clarify what you have planned t do so? You should revise thoroughly all your steps taken in the right way.
start by saying Thank you
people giving you the negative comments will not expect to say them than you. They will feel to be respected when you say them than you. This will prove you to be an honest one and a trustworthy in the future.
Listen to your Clients
you should always listen to your clients more curiously so that they may be attracted you and promotes your product in the future with the social family.
Ask your Clients some Questions
when you receive your client at your service shop or office, you should ask them why they loved your product? or why they didn’t? this will help you to improve and give more focus on your business service.
7. Make your Team
Starting a successful business requires an efficient and passionate team. So go for god research and find out the best team. Make agreements with them. Use your links and make the best cooperative team that take their responsibilities and run your business more efficiently
when you are going to hire a freelancer or an employee or a shareholder, you should have clear your goals first
- State your goals clearly. Make sure everyone understands your plan and within that mission at the very start.
- Follow hiring protocols. While starting the hiring criteria, you need to take a lot of things into consideration, from screening people to asking to the point questions and having the proper forms. Here is a more in-depth guide to help you.
- Establish a strong company culture. What makes a great culture? What are some of the building blocks? You can see our list of 10 examples of companies with great cultures, but keep in mind that you don’t need to have Google’s crazy office space to instill a positive atmosphere. Because great culture is more about respecting and empowering employees through multiple channels, including training and mentorship than it is about decor or ping-pong tables. In fact, office perks can turn out to be more hectic and fewer benefits.
8. Make your Business Brand Official
When you are going to start a business, you should take some preliminary steps to make the business structure active and in progress, it includes the following steps
- Business structure
- business name
- Company Logo
- Register your business
- Federal Tax
- state Tax
- Necessary Bank account
if you have no professional experience in any particular field, you can also go through how to start your own business without professional skills