How to start a Business by Sohail Khan | Being an Entrepreneur in Pakistan

 whenever I hear about entrepreneur, Freedom, courage, and passion are the terms that come to my mind.

to start your own business, you can get inspired by a lot of things.

maybe you are passionate about something and it's your dream since your childhood.

maybe you don't want to work under someone and wish to be your boss.

fritters' shop.

maybe you got inspired by our Prime Minister's words and wish to open your fritters' shop.

The reason could be anything, I will tell you everything from start to end that you need to know to start your own business in this article

and to become an entrepreneur in Pakistan. Let's start.

                       

How to start a Business by Sohail Khan  | Being an Entrepreneur in Pakistan

So friends, the first step to start your business or startup is that you must know what exactly do you wish to do. What's your idea?

Many people think that I need to think of an idea which no one has ever thought of. But according to my, it's wrong thinking.

There are two reasons for this, First is that there are very few chances of thinking of such an idea which no one has ever thought about.

because there are more than 216.6 million (2019)people in the country hence there's a very less chance of it.

and the second and more important reason why you shouldn't do this is that

to start a business where there is no customer base established, no source of revenue and no one has done trial and error

no experiment that to do this business, such kind of revenue comes or problems arises,

then it's a very new thing and a very risky work.

so I would recommend you to not think of an idea which no one has ever thought of.

in fact you have to think that what do you like to do

idea and planning 

Here I would recommend you to focus on two things

first, what's your passion, your interest what do you like to do.

How can you give value to people from your work and how can you benefit people and give value that they will give you money in return

When these two things are clear, you can see which business already exists which coincides with these two things.

then study what kind of such businesses are already in the market and how do they run.

For example, imagine if you love adventure sports like river rafting that's the first thing

river rafting

then the second thing is how can you give benefits to people

then here you can start an adventure sports company.

If this satisfies you then look what all kind of adventure sports company already exists in Pakistan.

how do they function, study them, call and ask them about their business and study their business model?

The next step after this is to create a business plan.

How to start a Business by Sohail Khan  | Being an Entrepreneur in Pakistan

Suppose if you are starting your business from tomorrow, then prepare the budget report of the full one year from tomorrow to the year-end.

that how much money will you need to start the business, how much capital and investment will be required?

and in the whole year how much will be the expenses and what will be the profit that you will gain.

and where will you get the required capital and money that you will need?

will you borrow from your friends, ask your family or take a loan from the bank.

start a business where you don't need to take a loan from the bank or any third person.

start a business where your family can afford the initial investment.

because if you get into banks and your business fails then you will have to face a big loss and lots of problems.

so think of a business where you can invest yourself and you have the capital.

or your family or friends are ready to give you that amount.

You can borrow the money from anywhere friends but the business plan that you have made for the year should be as detailed as possible.

so that the investors will get convinced that this business will surely work and if we invest in this then we won't incur any loss.

and will gain only profit from the business.

How to start a Business by Sohail Khan  | Being an Entrepreneur in Pakistan

The next step is to register your business with the Government.

According to the type of your business, there are different ways to register it

these different ways are called business entities

I will not be able to tell you all, but I'll tell you the main ways.

The First, the oldest, and the easiest way to register your business is, "sole proprietorship

How to start a Business by Sohail Khan  | Being an Entrepreneur in Pakistan

is a way to register your business where the business owner is you

whatever will be the profit or loss of the business will be your profit or loss.

so in a way you are personally liable for everything that's happening with the business.

small business owners like a shopkeeper use this way and register their shop as a sole proprietor

If you want to become a pakode wala then you will register your business as the proprietorship

There are many benefits of proprietorship, here the government regulations are the minimum.

To register your business as the proprietorship you have to go to the local authority.

I live in a city then you have to go to the municipality and if you stay in a village then to the Gram Panchayat.

This is available even online in few cities whereas not in some.

This will cost around 1000 rs and 1-2 days to register

But also keep in mind that you may be asked for a bribe as you are visiting the local authority and you know the scenario of our country.

so be prepared for this.

You can apply for proprietorship only if your company is a small scale and not more than 4 people are employed

because it becomes very risky if it's on a large scale.

Imagine your company is of crores and you have incurred a loss in crores then it will be your loss of crores.

You would not want this hence in this case you should not do proprietorship

and if you want to keep your profit and loss different from the profit and loss of the company

and want to keep separate legal entities, in such case there are different ways to register.

                                the next part will be after sometime because i am going for sehri