General Business Landscape in Pakistan
Pakistan’s economy is quite complex. There are some growing industries and some that are struggling due to some of the corruption in the government though there are still lots of new business ideas for the people in Pakistan as there are a lot of skilled and talented workers. From the footwear business to providing meals to the poor and car parts manufacturing and many more, there is a business idea in there for you.
Most Successful Businesses in Pakistan
Every business has its own advantages and disadvantages, and it all depends upon the strategy you are running your business on. No business can be successful until you have a profitable strategy implemented. The following are given some of the rapidly evolving markets for starting-business opportunities in Pakistan.
1) Information Technology
For those who possess some knowledge about the Information Technology industry, IT is evolving very rapidly in Pakistan. A lot of foreign tech giants like Alibaba, Google, PayPal, and others are setting their eyes on increasing IT markets in Pakistan. This is the best opportunity for local entrepreneurs, and you can begin businesses with an exit strategy because big giants would be interested in taking small companies in the coming years or so.
2) Industrial and Manufacturing
Almost everyone is familiar with the Chinese mega-investment of about 45 Billion dollars on CPEC (China Pakistan Economic Corridor) in Pakistan to build a trade-route from northern Pakistan to Gwadar Port that includes Gas Pipelines, Motorways and much more. China has already obtained a lot of land in big cities of Pakistan like Lahore for its future industrial plans. Therefore, the industrial revolution is nearby in Pakistan. Take benefit from this opportunity, and plan your next venture accordingly.
3) Trading (Import and Export)
Pakistan has a huge edge over other Asian countries because of its deep-sea Port Gwadar. When this port is completely established, the trading is going to be quite easier, and it would also become cheaper for neighboring countries in South-East Asia to trade via the Gwadar route from Pakistan to the Middle East and Europe. Timing is just perfect for getting your footsteps early on this to become a big business in the coming years.
4) Retail Industry
Pakistan’s population is growing with a 2.0 percent annual change, according to the World Bank report (2016). India 1.2 percent and China with 0.5 percent.
However, retail businesses should forecast the situation of Pakistan in the next 10 to 20 years. The number of users on the internet is also progressing very rapidly in the country as compared to other developed countries in the western world.
According to Bloomberg’s report, China would require huge land for agriculture to feed its fast-growing population in the next 20 to 60 years because its own land would not cover the requirements. This is also part of the plan of the CPEC and OBOR (One-Belt-One-Road) “Belt and Road Initiative” project. The main planning was to make the trade via road and make it more cost-effective. China knows that it is going to need more land in the future and so the trade. Moreover, Pakistan, as being the neighbor of China, would have a big advantage over this, Pakistan is very famous in agriculture.
6) Solar Energy Production Company
The solar industry is ready to witness growth in Pakistan, as the research shows. At the start, you can begin developing solar energy for your local community or area by setting up a few panels. To keep prices low, only invest in a few panels and source them from China as they might be cheaper there. After you are capable of selling enough of the energy produced, you can invest in more land and panels to expand the production company. You can sell energy on a per kilowatt basis to people residences. One thing to consider will also be how you will maintain and clean the solar panels to maximize your investment.
7) Local Tourism Company
Pakistan has the vast opportunity for growth within the tourism industry now that some of the political and war-related tensions in that area are gone. As the tourism industry is boosting day by day across the country, this will be a great business idea to launch.
The Tourism Company is designed to provide a very local experience for the tourists, in exchange for a fee. You can start by setting up a simple website that offers your services and maps out the top five things to do as a local in Pakistan. Then you could rent a van or a coaster and take your clients on these local experiences of their lifetime.
8) Real Estate Brokering
The profits associated with real estate remain quite high, and if you want to enter this industry, one of the most cost-effective methods to do so is to set up a real estate brokering firm.
Real estate brokers act as an agent between sellers and buyers, and all you need to get started is a brokerage license. That said, getting your own clients can be very challenging, given the number of real estate brokers there are.
9) Mental Health Education Service
Mental health education is a viable need in Pakistan as more and more young people continue to suffer from depression, anxiety, stress, and other mental illnesses. To get started, you will want to develop a mental health program that can be taught to various groups. Then you could reach out to the government or local city council to see if they will supply you with some grant to get started. If not, then you will need to approach the organizations, local schools, and possibly businesses to see if they will pay you to come and offer your services to the students, workers, and people in the organization. There is growing research and demand for this kind of work.