The idea of being a young entrepreneur sounds fun and yet overwhelming at the same time – especially if you are a technology entrepreneur. A key to survival is to become surrounded by dozens of successful people who have walked the same path.
A majority of tech startups aim to grow, demonstrate their product value and establish their business capability. How can small businesses like yours, which are in the early stages of development, compete against giant techs and become successful? For most tech startups, the entire future depends on one single question, deciding whether a startup will succeed or collapse from the get-go. The government started an initiative to empower and fund new entrepreneurs in the country. The program was named National Incubation Center under the ministry of IT & Commerce. To date, it is the largest private & government-funded technology incubation in the country.
Things to Consider Before Starting a Tech Company in Pakistan
You should keep the following things in mind when starting a great tech company in Pakistan so that your startup can be more productive and deliver more value.
Start a business that offers something unique, something innovative, and something that your customers will enjoy. It’s in human nature to seek out new experiences and things. It is easy for startups to use innovative technology and methods according to the latest trends, since they have the luxury of being spontaneous.
Larger corporations find it cumbersome to decide whether to use this or that technology, as they need to hold meetings with multiple stakeholders and departments for weeks or even months.
If you are looking to create a tech start-up then you must plan your strategy. Either the plan should solve the existing problem or it should become a breakthrough. In addition, it should be designed to establish itself in Pakistan’s current market and environment.
Proper business planning gives you the upper hand. Business plans can be best described as a written description of the future of your company. Make sure that you clearly outline what you are planning and how you intend to do it. Plans typically cover the first three to five years of your business strategy.
Once you have a business plan, you must have enough funding to get things going. This isn’t a fixed amount that is applicable to every business. There will obviously be differences in startup costs from industry to industry, so depending on the situation, your company may require less or more funding.
As little as Rs. 200,000 will be required by a small startup with little equipment, no employee salaries, and no liabilities. Other startups might cost millions of rupees. Every business plan includes these components:
- Sales projections
- Balance Sheet
- Statement of cash flow
- Loss and profit statement
Using these financial statements, you can figure out how much funding is needed to launch your tech startup. It is important to note that the number might end up being significantly higher than what you expected.
Keep yourself informed about the latest trends and advancements in technology. Remaining attuned to emerging technologies can provide your startup with a competitive advantage, ensuring relevance in the market. Furthermore, building a strong network of experts is vital for long-term growth and survival. For success in the rapidly evolving tech market of Pakistan, tech startups must follow these instructions:
- Keep up with Tech Trends
- Know User Preferences
- Monitor Competition
- Adapt to Regulations
- Embrace Innovation
- Use Tech Resources
- Network with Experts
- Cultivate a Growth Mindset
In the fast-paced tech world, where things always change, being flexible is super important for tech startups to succeed. It means being able to change your plans, listen to customers, and keep up with new trends. Being adaptable helps you navigate the tech industry’s ever-changing landscape. So, stay flexible, adjust to what the market and customers need, and be ready to change your business strategy for long-term success.
To create a flexible and adaptable culture in your tech startup, try these strategies:
- Encourage open communication.
- Embrace experimentation.
- Value continuous learning.
- Accept feedback and criticism.
- Recognize pivots and adjustments.
When starting a tech startup, people often focus on innovation and the market but forget about legal rules. It Is important for tech startups in Pakistan to follow the law to run smoothly, prevent legal issues, and build trust with investors, partners, and customers. This involves registering your business, getting required licenses, and following local rules.
Legal Prerequisites for Pakistani Tech Startups
Tech startups in Pakistan should focus on key legal aspects, including:
- Register your business formally for legal identity.
- Meet income and sales tax obligations.
- Safeguard innovations with copyrights, patents, and trademarks.
- Follow laws like PDPA for responsible handling of user data.
- Comply with laws for fair treatment of employees.
- Implement strong measures for data protection.
- Meet industry-specific regulations.
You will find it hard to launch a company on your own. There is no doubt that you need some professional assistance to get things started. So, how to begin?
A lot of people often get overlooked by entrepreneurs when they start their own business. It goes without saying that you will need a manager and a team to run your startup, but how many people will you need? Your decision will be based on the industry and the size of the business you intend to open. Many technology companies begin with a very small staff and very limited infrastructure before eventually growing to be giants.
As soon as you are ready to launch, you are going to need a physical presence as well as a digital presence for your tech startup. There are two options for the physical location of your business: either you can lease a property or buy it. Leasing a property is expensive, whereas owning a property lowers your overall expenses significantly. For this reason, you should ensure that you have enough funding to purchase a property. Investing in your own property will pay off in the long run, and you will save money.
Alternatively, if customers are searching online for your business, you want them to contact you digitally, even if you haven’t started your business yet. You must include all the information about your business and your products/services in the website. Not to mention the additional amount of money that you can earn through Google Ads when you have a website.
No matter how good and unique your products and services are, if no one knows about them, your startup has little chance of success. For your business to be successful you need the following marketing tactics:
There are also some traditional ways of marketing that you need to utilize:
- Content Marketing
- Search Engine Optimization
- Email Marketing
- Affiliate Marketing
- Pay-per-click
- Social Media Marketing
- YouTube Marketing
- Feedback & Reviews
- Print advertising
- Billboards
- Radio
- Television
Your business plan should follow the same order as the one above. You are already on your way to building your customer base. Growing your digital audience, creating your own website, and becoming an effective marketer are all steps towards establishing a customer base. If you put all of these things together, you will have more customers when you open your doors. You don’t want customers just to come to you once. You want them to come back to you multiple times.
Our Tashheer’s research team has gathered crucial insights and ideas on building a customer base when initiating a Tech Company in Pakistan:
- Understand your target audience
- Prioritize customer feedback and support
- Focus on user experience and design
- Leverage local marketing strategies
- Engage with local tech communities
- Embrace local payment options
- Utilize localization and language adaptation
The process of launching a startup isn’t easy and requires a proper plan to follow since there might be many obstacles along the way. You need to be prepared for anything, always expect the unexpected. Anything can happen. It’s a two-sided coin. Your business performance may be fantastic or it may be mediocre. You should not be discouraged when something goes wrong, as ups and downs are part of the business.
Investigate the Supportive Ecosystem for Tech Entrepreneurs in Pakistan, promising a supportive ecosystem for nurturing and accelerating the growth of early-stage tech companies. These institutions offer a variety of resources, guidance, and opportunities that can significantly enhance your chances of success. Participate in open houses, workshops, and networking events organized by these startup centers. Many startup centers and incubators have contacts with angel investors, venture capitalists, and funding programs, which increases the chance of early-stage digital startups securing funding.
Our Tashheer research team has curated a list of premier incubators and startup centers for you, including:
- National Incubation Center
- The Nest I/O
- LUMS Centre for Entrepreneurship
- Invest2Innovate
- Jumpstart Pakistan
- The Foundation
- P@SHA Technology Incubation Center
- National Incubation Center, Karachi (NIC)
- Innovation District 92
- Plan9
- PlanX
- DotZero
Get Tashheer On Your Side When You Launch a Tech Startup
It is not easy to start a business. As you can see there are many things to keep in mind and you need to follow these things in a specific order if you want to succeed. Along with having a well-thought-out business plan, you also need to have a marketing plan, as marketing is the lifeblood of any business. Do you need expert marketing agents to take your startup to the top? Tashheer is here to help you exactly with that. We have a team of content marketing, designers, as well as social media marketing experts to help you find the right strategy for your business growth. Get in touch with us today for more information about the entire campaign process. We are the most affordable digital marketing company in Pakistan.
About the Author: Alishba
