Hi guys, my name is Hunain Naseer, and this is the first post on Blog for Bank (B4B). I’d like to welcome you here and hope you’ll be able to learn something useful.
I’ve decided to kick things off by answering a question most youngsters and students ask me – “should we start an online business in Pakistan?” – my answer to this is always yes. But there are some conditions and things everyone should consider before leaping in.
Firstly, I can not stress enough on the fact that you, as someone who wants to start a business, actually need to be passionate about it. It should not be an afterthought or something you just want to do because someone asked you to, or you heard someone talk about it. Most people make the mistake of halfheartedly getting into this and end up just wasting their time. If you’re one of those – stop now.
Secondly, before you get into it, you need to realize that the internet is not some magic wand. There is a 98% chance that you will most likely fail in your online business. Yes, most online businesses and startups just fail (and there are many reasons, which I will discuss in another post).
If you are still ready for it, then there are a lot of reasons you should be starting your own business in Pakistan online.
With Warid, Telenor, Ufone and Zong all giving hi-speed internet services through out the country, the internet coverage overall has increased significantly. Even more so now that the prices of 3G and 4G packages have gone down, as the adoption rate of these services has gone up.
This means there are more potential customers for your business in the country now.
Barring a few big names, Pakistan’s online market is largely open. There is so much to do here – things that have already been done around the world are still new in Pakistan, and while that’s not something to be proud of, it does mean you still have a chance to start the next big thing here.
While Paypal’s unavailability in Pakistan has frustrated us for years now, thankfully other payment methods in the country have improved significantly. Now, as a merchant, you can accept payments in Pakistan via online banking services of banks like UBL, and even mobile payment methods like Telenor’s Easy Paisa.
Why do you think most IT companies in Pakistan have an in-house development team despite their projects being delivered abroad? It’s because development costs in Pakistan are relatively low. This also means you will be spending less money on getting your idea developed if it comes to that.
Granted the Pakistani market is not completely ready for online businesses and it may take a few years before things really pick up, this is still the right time to enter the market so you can be there when things change, and when it comes to the internet, things change faster than you’d think.
There can be a hundred more reasons to start now and a hundred not to, but in the end you have to make the final choice. However, you’re not alone in this – not only will I be writing more posts on how to start an online business and the requirements to do so, I will also be answering any questions you may have about it.
It is also understandable that most people, especially students, are apprehensive about starting things due to financial constraints. There are three ways you can take things – you can save a bit, borrow a little from your family, take a calculated risk and make an investment – you can pitch your idea to others and find co-founders, preferably someone who can bring some investment to your venture, or you can start small, with the minimum resources and opt for something that does not require a lot of capital.
However, as I mentioned earlier, I will be available for any guidance and will be touching on all these topics in future posts for more guidance. Till then, feel free to comment below and don’t forget to sign up for our list to get updates and follow us on Facebook!
Entrepreneur, Digital Marketer, Mentor, Chief Editor, WordPresser, Creative Writer, Lawyer, Gamer, Graphic Designer, Left-Handed, Meat Eater, Almost Human. You can contact Hunain on Twitter, FB or via Email.