We need to learn how India is transforming as a startup nation. India is one of the fastest developing economies across the world with a lot of potential.
Sometimes you have to learn from your enemies to get a competitive advantage and its not bad at all. Even the best of the best our beloved Prophet Muhammad (PBUH) asked his enemies to teach Muslim kids at the conquest of Makkah. And obviously it was not about the Islamic teachings. We need to learn how India is transforming as a startup nation. India is one of the fastest developing economies across the world with a lot of potential. This growth is coming from strong socioeconomic policies and rise in disposable income among various other positive attributes. This boom in Indian economy is coming from the rapid development of Micro, Small and medium enterprises and businesses. MSMEs are the backbone of Indian economy with 45% of total exports combing with a total contribution of 37.54% to the GDP. This ecosystem is still not self-sustainable due to the challenges every developing country face including lack of capital, less talented resources, technology etc.
According to a research conducted by Zinnov, Indian Job market has produced 81.16 million jobs through 4.88 crore small, medium and micro businesses. Today, India is all set to become the largest MSME nation globally. Micro enterprises involve 95% of the total share and remaining 5% share is divided into small and medium businesses. Out of this 45% of the units are situated in rural areas and remaining are coming from urban cities. Technavio has published a market research report on SMB and SME network storage market (NAS). This report finds out that there is a remarkable growth in the SMB and SME (NAS) market with prospects of generating $18 billion dollars in revenue bet- ween 2016-2020 and is set to grow at a compound annual growth rate (CAGR) of 33% by 20202.
We have identified 10 business ideas can be started on micro level and have the potential to be scaled up to small and medium business enterprises in Pakistan.
1. Fitness centre
Starting a gym or fitness studio is not an easy task however, with the increasing trend of work out and fitness mantra. It can be very rewarding in the longer run. In India, the fitness industry has the potential of more than 7.12 billion dollars and it is huge.
2. Event management
Recently, we have witnessed the marriages of Ambani’s from India and Master Jalal son’s wedding in Pakistan called as Million dollar marriages. This drives the idea that event management is one of the most promising industry in the current times and is going to grow more in the coming times. It is also generating huge amounts of employment for the local audience.
3. Customised gift shop
Hand crafted products, artefacts and hand customised gifts business is one of the most revenue generating industry around the globe. With the advent of web 2.0, many platforms are here to sell for the creators to sell directly to their clients and make profits. So, investing in a gift shop is a great idea.
4. Tuition classes
It is also a great business to be in. Today, after health industry, education is the most revenue generating industry in the country. Parents are bound to spend every penny on their offspring’s education. This brings a great opportunity for the individuals who are great in their subjects. They can make their tuition classes even online to reduce the geographic boundaries and generate good revenues.
5. Real estate broker
In every business, middle-men make the most profits. Specially, in real estate business one only needs good communication and contacts to make deals and charge the fee.
6. Book store/library
If Amazon can build an empire from selling books online. Why can’t you? Setting up a cozy library with big sofa seats and a mellow environment for book readers along with a nice coffee parlor inside it will attract a lot of book lovers and create a huge hype in the market.
7. Advertising/digital marketing agency
Every business needs advertising and online presence to reach its audience. So, it brings a great opportunity for the advertising houses and digital marketing companies to pitch their services to their clients and help them grow their businesses.
8. Online blogging or freelancing
Currently, Pakistan is in top 5 countries producing great freelancers in the world. A lot of micro businesses are based on freelancing software houses. Online blogging and SEO related activities are the need of the hour for every business. So, it is a great time to be online writing anything on everything.
9. Leasing out house or equipment or vehicles
There are many third parties that can lease out your assets and use them for their businesses. Further, you can do it for yourself and amplify your passive income stream.
10. Adventure tourism
The amount of tourist places is huge in the country and by targeting corporate offices to offer them one stop shop services can be a great opportunity to be in this business. It will generate good money.
A startup business will not always be booming with profit or celebrating achievements. Completing mundane or difficult tasks is a daily necessity, and it’s your ambition that will push you through it to keep striving for your goals. This can be a challenge for many, especially when the experience is new. It requires time, dedication and practice just as you would expect from a business. Any lack of self discipline and organisation can also affect your business, personal development and family.
Getting yourself motivated is about getting started. For this reason, you should start every day, slow and steady, step by step you will be achieving the milestones you have set for your business and personal success.