Small Business in Pakistan

Global trends have suggested that small business is the biggest contributor to the economy of any country. Small business is big in Pakistan too. It is one of the most crucial sectors of the economy in terms of the number of employments generated. As a large proportion of its population lives in rural and semi rural areas, small business is one of the most viable options for the population residing in these areas. After agriculture, small business in Pakistan is the second largest employer of human resources.

The Government must take steps to attract more people to the small business sector in Pakistan.

  • Training facilities
  • Availability of machinery on hire-purchase terms
  • Financial Support
  • Support in Market search
  • Tax releifs

There are various reasons due to which the small scale business in Pakistan has witnessed a spurt of growth. Chief among them are an increase in the export potential of Indian goods, the industry is less capital intensive, the industry has availability of manpower training facility, there is ease of machinery and manpower procurement, goods from some of the sectors are exclusively purchase by government and there is also reservation of exclusive manufacture of goods in this sector.

Ideas for a small business start up

  • We begin by assuming that you are in the business you love. If you are not, the first tip we have for you is that you find something about it to like or move to something that you are passionate about.
  • Cash! Plans! Cash forecasting and financial plans are next on the agenda. A planned budget, a measurement process, both short and long term will help your business start up. It's imperative that you know your projected income or revenue and cash expenditures to drill down to your cash flow.
  • Research your business, your competition, and the industry and stay current and then define your USP. (Unique Selling Proposition) Read, read, and read! Get start up advice, join organizations that will help you, get on to the net and do all your homework there.
  • If you can differentiate and find that USP, leverage it to the maximum.
  • It helps to establish and fall back on a trustworthy mentor or advisory board. It could even be family, someone whom you can bounce ideas off, and get an objective opinion on your USP among other factors.
  • Build networks - Meet with people and build a strong business support structure.
  • Discipline and motivation - Plan and schedule work, execute quality project management methods. Review your business methods and ideas periodically and make the necessary changes.
  • Prepare for change - an inevitable part of your business plan. Force change. Evaluate competition and benchmark against them.
  • Become an agent of change. Innovate. When faced with competition, don't panic. The more the players, it simply implies that you are serving an educated market. All you have to do is to persuade customers that your services and product are better - a key factor in your business plan.
  • Finally, business is all about attitude, perseverance and passion. Achieve the right balance between work, play and family to avoid losing the big picture.

More differentiators for a small business start up

  1. Expand customer base
  2. Identify your USP (X-factor)
  3. Build efficient systems and a good team
  4. Build reputation, momentum and market leadership
  5. Identify and protect Intellectual Property
  6. Promote your business through multiple channels
  7. Build partnerships
  8. Build trust and credibility with customers through outstanding follow-up services
  9. Look for ways to increase profits
  10. Give your business a web presence
  11. Automate wherever possible
  12. Sell based on value
  13. Build on differentiators like - experience, better methodologies and a better team
  14. Offer money back gurantees