Best Business Ideas Under 10 lakhs in Pakistan: Are you looking to start your own business but are not sure where to begin? Maybe you already have an idea but are unsure of how much it will cost to get your business off the ground? Well, you’ve come to the right place! We have compiled a list of business ideas in Pakistan that cost under 10 lakhs to start and would provide you with enough income to make a living (or more) once they are up and running.
Best Business Ideas Under 10 Lakhs in Pakistan
1) Franchise Business
One of my favorite business ideas for young entrepreneurs is franchising. Franchising offers significant benefits, including economies of scale, brand recognition, established systems and procedures, training and marketing support, proven systems and processes to reduce risk by giving you a real chance at success.
All that while allowing you to stay close to home with minimal travel required. These benefits can easily outweigh the much higher costs associated with starting your own company from scratch – not to mention they significantly reduce your chances of failure! Franchise businesses aren’t just limited to fast food or retail.
You can find franchises that specialize in just about any service you’d like—from car repair shops to travel agents and more. The opportunities are endless—you’re only limited by your imagination! 🙂 Now let’s get into some specific business ideas under 10 lakhs.
2) Mobile Phone Shop
If you want to start a business that you can start with very little investment then your best bet is to start a mobile phone shop. This business idea requires zero working capital as you only need money for your initial inventory and some advertisement money.
All you have to do is buy several branded phones from distributors in installments and sell them at a profit. You could also hire someone to help you sell phones for a small amount of money monthly, although it’s not necessary. The best part about owning a mobile phone shop is that it’s highly portable and easy to set up, plus there are no major overheads involved unless you are planning on hiring staff to help manage sales.
Selling smartphones requires good business sense and problem-solving skills because even though these devices don’t break easily, issues come up when people inevitably crack their screens or drop their phones in water. People who run businesses like these must learn how to solve problems quickly without losing their customers.
They must also be familiar with common technologies and upgrades so they can sell relevant products if they wish to stay competitive. Most importantly, however, they must be friendly!
3) Sandwich Shop
Sandwich shops are a great small business idea because they can be run with little money. If you already have a sandwich maker, you don’t even need to buy equipment; otherwise, plan on purchasing a few items like sandwich boards and menus, tableware and utensils, food-prep tools, and ovens.
You’ll also need chairs and tables to seat customers (you can buy them used), as well as disposable gloves, plastic bags for refuse, and washcloths to clean tables. Although you won’t necessarily make much money per sandwich initially, you can work your way up by raising your prices or offering discounts to lure customers away from competitors. Just be sure not to get carried away with what could become an elaborate operation.
4) Health Product Store
According to World Health Organization (WHO), Health is a state of complete physical, mental and social well-being and not merely the absence of disease or infirmity. In other words, health means much more than simply being disease-free, it includes an overall feeling of happiness and well-being that comes from living a lifestyle that promotes physical fitness and healthy eating habits.
Moreover, a country’s general wealth can be gauged by how healthy its people are. So for entrepreneurs who want to make big money out of their business ideas without investing too much capital into it—a health product store is definitely one of those best business ideas under Rs10 lakhs which would take your business to a new level.
5) Learning Center
It is a place where people can get knowledge of everything they want. You can open a center for computer knowledge, English language, spoken language, and many more. Give lessons to students after school hours or before school hours. The cost of opening such a center is very less and it is an excellent way to earn money for starting a business under ten thousand rupees.
The best part about setting up such a center is that you do not have to pay for advertisements; your name will spread quickly as word spreads about your good teaching skills. Students may even offer their parents to pay you extra so that they could learn from your extra classes during holidays and weekends.
I hope these articles will help everyone who reads them become happy!
6) Diagnostic Center
This type of business is a good fit for those who are health and fitness conscious. It is an ideal option for people who want to work from home. The person running such a center will have to conduct several tests on clients to determine their fitness level and suggest ways to improve it.
Diagnostic centers have high-profit margins and so, can be started with just Rs 1-2 lacs capital. For setting up a diagnostic center one needs equipment worth Rs 15-20 lacs. Such businesses may be established near hospitals, schools, or anywhere where there are enough customers. Income: Rs 3-5 lacs per month
7) Medical Clinic with Doctors on Call
This is one of my favorites because it’s a simple and fairly passive business. You don’t have to be present or manage staff; you simply invest money and check your account to collect profits. Doctor’s on-call services are a fantastic way to start a home-based business that you can grow while working full-time, as they require little oversight but allow you to earn a nice income through every paycheck.
To learn more about starting your own medical clinic with doctors on call, click here. The following steps will guide you through how to set up an LLC for your new doctor-on-call practice.
8) Book Store (Online/Offline)
You can easily make money by starting a book store, whether it is online or offline. If you want to start an online book store, there are lots of hosting companies available that offer free websites with up to 2 GB of space for storing books. You will have to take care of payment gateway (Credit/Debit card processor) setup and other logistics. Once you have your site ready, contact a few schools and colleges and sell them your concept.
Do not forget to set shipping charges for sellers so that they don’t cheat by providing free shipping. Also, include a return policy if required. Similarly, you can also try other small businesses like restaurants and dress shops. The main idea here is: research first then execute.
Before doing anything else create a company profile at Proprietorship / Partnership or LLPs level on icai.gov.pk for better credibility and less hassle when dealing with banks and other businesses as your business income tax statement would also be issued at the federal level rather than at the provincial level which could save a lot of time involved in having multiple records in government offices across provinces of Pakistan.
9) Insurance Business
With an insurance business, you can start a relatively small-scale operation that involves very little money on your part. Since there is usually no physical inventory involved, you won’t have to worry about storing large amounts of goods. You’ll also be able to use your insurer status to cut deals with other businesses in exchange for bulk discounts or free coverage: if you can get a dentist, lawyer, or real estate agent as a client then you can offer them better rates when it comes time for their own policies.
Insurance companies make money by underwriting—taking on risks and agreeing to pay out if a customer actually needs to file a claim. The idea behind starting an insurance company is simple: find ways to reach lots of people cheaply so that they will call you when they need help filing claims, creating repeat business, and growing your profit margin over time.
With low overhead costs and relatively low startup costs (usually somewhere between $10K-$50K), most insurers are sole proprietorships (unincorporated). That means they avoid paying any extra taxes from having incorporated (incorporation increases legal fees and opens up more liability risks) by simply avoiding filing paperwork with various state agencies.
10) Trading Business
The most common type of business to start for a total novice is to buy wholesale and sell retail. Trading has a few things going for it. First, you don’t need a large amount of capital; purchasing goods from distributors or wholesalers doesn’t require anything more than cash (or your credit card).
Which means you can get started without any savings. Second, there are relatively few startup costs; once you have your stock, all you need is a storefront and you’re good to go. Third, if done right, it can be easy to scale up—once you find an item that sells well, just move on to another one!
Fourth, trading isn’t terribly risky: at worst, you might lose money on inventory if a product fails to catch on with customers. Finally, it’s not very time-consuming either—even part-time traders typically only spend about four hours per week tending to their store(s). So what kind of items should you focus on? In short: high-ticket items that people will pay extra for due to their unique nature.
For example, rare wines or liquors and other types of alcohol; collectibles like vinyl records and sports memorabilia; designer clothing; concert tickets… pretty much anything desirable will work as long as you price it accordingly.
Also Read: 8 Business Ideas Under 1 Lakh
There are lots of business ideas for women entrepreneurs under $10,000 as well. Before you decide to start your own business, it is important to identify your investment preferences and compare them with the different options available. It’s good to note that any business idea can be considered if it matches your interest and passion. The only thing required for starting a successful venture is having a clear vision about what you want to do.
Start off on the right foot by doing thorough research and analysis regarding all relevant factors before finalizing a particular business plan that you intend to carry out. Once you have decided on taking entrepreneurship as your career option, there is no looking back!