Exploring Business Ideas with LIFT Pakistan 2021
Businesses play an essential role in the development of the economy of one’s country. If you want to generate wealth and increase employment in Pakistan, you should seriously consider owning a startup. It’s a bit strenuous to understand the Pakistani economy because of its complexity. However, there are still so many appealing ideas to start a business in Pakistan because the business market in Pakistan is very diverse. This year, JumpStart Pakistan is organizing the LIFT Pakistan conference at Pak-China Friendship Center, Islamabad, from 15th to 18th December 2021. The conference aims at promoting various business ideas in Pakistan. The platform is an excellent platform for entrepreneurial minds with views to meet their potential investors. Few sectors which are thriving in business include:
1. Information technology
IT business is one of the most gainful businesses in Pakistan. There is massive room for growth in the field. Being one of the fastest-growing sectors in Pakistan, contributing about 3.5 billion USD to the economy, the IT sector in Pakistan is witnessing an incredible boom. There are many small technology businesses in Pakistan, such as hardware houses, software houses, computer repairing centers, etc. These are the best option in the technology business.
The small-scale manufacturing industry is a desirable option for business. There are several things that are synthesized, such as crockery, things made with plastic, paints, embroidery, sports goods, woodwork, etc. Where Government is encouraging the investors to set up the manufacturing industry to reduce dependence on agriculture, investment in the sector is noticeably absent. As people shift their focus towards the manufacturing industry, it is becoming one of the critical sectors playing its role in boosting national income and upgrading people’s way of life.
Pakistan is an agro-economy which means that a massive portion of the economy is driven from this sector. Pakistan exports agricultural goods to other countries, which and contributes 10.12% to the GDP. The small-scale agriculture industry is playing a significant role in enhancing the economy of Pakistan. There are many avenues for growth in this field, including flower business, agriculture farm business, and fertilizers distribution. With due innovation and investment, agriculture can be an incredible sector for developing business.
The food industry is booming in Pakistan as people are opening up more and more restaurants. In Pakistan, the fast-food business is more profitable. About 27% is the fast-food business, which makes it the second-largest industry. Restaurant owners earn approximately 31000$ to 155000$ yearly, so it is one of the most lucrative businesses around Pakistan. There are also home chefs working on the food business in collaboration with the various delivery brands. With due investment in this sector, Pakistan can garner extensive productivity from this sector.
5. Tourism and Travel agency
Tourism in Pakistan has a great potential to create income. The travel agency is adding billions of dollars to the economy of Pakistan with its contribution of around 7.6 billion USD. Starting a travel agency may cost someone around 1000$ to 100000$ depending on the size of the agency. One must also possess the management, marketing, and technical skills to start and maintain this business.
6. Real Estate Investment
With commercial and residential societies being built quickly, investment in the property business is an excellent business. What one needs for this business is the capital of 5-10 lacs and in-depth knowledge about the property. The real state in Pakistan is one of the most fruitful businesses, and with due investment, it can prove a good resource for building the country’s economy.
7. E-commerce websites
The e-commerce business is growing fast in Pakistan. With the COVID-19 pandemic, the e-commerce business has increased rapidly. With online buying and selling of goods and services, an e-commerce website has ease for buyers and sellers. It contributes around 96 billion USD to the GDP. Efforts are being made to enhance this business more to extract out maximum benefits.
Investment in poultry farms has turned out to be incredibly fruitful. One can start a poultry business from a small capital depending on the size of the company. It contributes about 1.4 % of the national GDP. There are many options for farming, such as fish farming, goat, cows, bee farming, etc.
Any country with remarkable education institutes meets prosperity itself. Setting up a private school, college is an excellent chance for those looking to earn money and make any considerable difference. Providing good education services serves two ways: first, it helps in wealth creation, and secondly, it may give the nation talented people who will lead the country. This year LIFT Pakistan is coming to address 12 sectors in Pakistan that holds considerable business potential in Pakistan. These sectors include education, healthcare, finance technology, Renewable energy, Construction, tourism, agriculture, precision engineering, creative industries, Textile, and Manufacturing. Join us at the Pak-China Friendship center to explore business potential in these areas and work to upLIFT the entrepreneurial ecosystem of Pakistan.