How to tackle problems every business startups faces in Pakistan

It is hard for business startups in Pakistan. It is simply an understatement. When we talk about the future of entrepreneurs in Pakistan, we neglect the hardships and difficulties they face. Those who live here know, how hard it is to start a business. Issues ranging from terrorism to poverty. They all contribute to making business hard. For many years we have relied on import goods. The biggest reason is the lack of opportunities for new businesses. In recent years, there has been an insurgency in new businesses. Keeping that in mind, we should work to make it easy for entrepreneurs to do business. There are many ways to tackle these problems. You can use customer feedback or reviews. There many customer feedback systems in Pakistan that help you know your customers. You can take business loans, form partnerships with others, and much more. 

With so many issues, it is hard to resolve any of them. It can be overwhelming at times. There are too many risks and too much at stake to protect. So to overcome some of the issues we will discuss how. We will try to enlist some of the ways that can make it easy for you to do business in Pakistan.

Forming Business Partnerships in or outside Pakistan:

In unity there is strength. As common as this phrase is, it is also very much true. Even in businesses. With high levels of poverty and lack of investment, it is better to work in a coalition. With limited finances, it is hard to start a business. So to overcome this, you can partner up with others. Find investors in or outside Pakistan. Investors that can provide capital for your business. This way you will get the investment required. Moreover, if you collaborate with experienced or previously established businesses you gain valuable experience at your disposal. Established Businesses can really help business startups to grow to their full potential.

Using Customer Feedback Systems in Pakistan:

Another issue in Pakistan is to neglect your customers. Almost every business owner focus on earning money. But only a few focus on the needs of their customers.  This creates a problem for every new business. When you start a new business, you neglect your desired audience. You don’t think what they require. You focus on your product from your perspective. The solution is to ask customers. When you know what they need, you can provide it to them. This way you can run your business smoothly. The chances of success are way higher in this case. There are many ways o know what customers want. You can use Customer satisfaction survey Apps or Social media to collect feedback from customers. You can use this data to test your product or service. Test your product against different personas.

Use the A/B testing method to tabulate feedback data.  This way you can predict if your product or service will resonate with your customers or not. Even before you launch the product or services. There are many ways to encourage your customers to take these surveys. You can offer discounts and offers in exchange for feedback. Offers like “free meal” and “Free whopper” can really encourage your customers to take these feedback surveys.

Providing Easy Loans for Business Startups: 

Everyone is well aware of the economic situation of the country. The biggest problem when starting a business is the lack of investment. Many great ideas never turn into reality. Too many intellectuals and sharp minds never get the chance to run a business. The reason behind this is the lack of investment. With such high poverty and corruption in all sectors of the economy, it’s really difficult to start a business. There is utmost need to facilitate these entrepreneurs. It needs to be done both on Government and Private sector levels. The government should provide easy loans and investment plans for business startups. Similarly, the large private incorporate business should provide opportunities and capital for new startups. Through this, you create an environment that will encourage skilled and spirited newcomers to start new businesses. 

Improving Education Standards:

In 2017, Pakistan’s total literacy rate was around 59 percent. With a low literacy rate and standard for literacy lower even than that. It is hard to produce quality entrepreneurs and business startups. It is not a secret that the quality of education is pretty low in Pakistan. This creates a system that fails to introduce new and innovative business opportunities. In Pakistan, there is a lack of innovation and advancement. We are way behind the world when it comes to advancement in Technology, Science, Information Technology, and Health.

Although it is true that there is a great potential in the young generation, still due to lack of education this potential is never unleashed. The urgency to improve the standard of education is needed the most at this time. Measures should be taken at both the Governmental and Private levels to eradicate this problem. To help improve the standard of education in Pakistan.

Complex Corporate Law and Tax setup for Business startups:

Legal matters are complex, period. Even for those who are familiar and are professionals, Law can be tricky. In Pakistan, Business laws and tax setups are way too complex to understand. As discussed above, the literacy rate is quite low, and the standard of literacy is even worse. With such conditions, it is hard for even an educated individual to deal with legal matters, let alone a layman. When you start a business you face certain roadblocks. These obstacles can really hinder the whole process. The government should take measures to make all the legal matters as easy as possible. Allow legal assistance to small businesses. Make tax filing and collection as easy as possible. Offer cuts in tax and other charges. Provide cheap energy and transport. This will encourage the entrepreneurs to start new businesses.

Bottom Line:
The well-being and prosperity of any society are linked with the opportunities for business. In a country like Pakistan, it can really impact the economy positively. New and small businesses can help to boost the economy of the country. Therefore it is imperative to remove all the obstacles that one faces in the process. Through the quality of education, the involvement of customers, and ease of doing business you can remove these hurdles. Once removed, you pave the way for current and future entrepreneurs to change the course of history. This is the best and most effective way to overcome the dire situation of the economy that we face at this time. I hope this will help you understand what are the problems people face when doing business in Pakistan. And How to tackle problems every business startup faces in Pakistan.