Saturday, February 24, 2024

Moving Toward Retirement in Pakistan

How can one working class person plan for his retirement, what steps he should take


All working professionals who start their career with a decent job always dream of having their own business because they cannot benefit from the profits and growth of the business as much as the owner does over a period of time on a year-to-year basis.

The businessman is a risk taker and whereas an employee is a risk averse individual. People who are unwilling to take a risk and establish their own business do so because they are not prepared to see themselves fail as they are taught during education that they must pass all exams and must not fail ever if they want to succeed and grow so they are not prepared for failure and thus never ready to start their own business and prefer doing a job all over their professional career and to the day they reach retirement age.

This does not mean it is not good to be an employee or in any way maligning people who are honest and hardworking and yet restricted to jobs but to start a business and yet succeed is a tougher and brave decision for any individual who takes the risk and gets its reward.

A business entrepreneur looks after every functional area of the business and makes all the decisions needed for his business to grow. He masters the art of decision making based on his experience market analysis and risk or reward attached to his decision.

People who are intelligent and work hard will be successful in their career and it does not matter if they are employee or business owner as both are made to work for each other and reach to a point where they are unable to reach unless they are working together and performing within their own roles selected by them individually.

Professionals like doctors, engineers, teachers, architects, lawyers often make a career switch they and they start their own business for the skill set they have mastered and because their customers are well aware of the quality of services that is attached to their name and specialty, they find it easy to build their own company and brand.

But most of the employees do not attempt or take risk as they are caught up in a kitchen money loop and cannot start business due to the reason, they are not ready to bear loss or think they think to do business they need bigger amount to start the business and therefore they end up saving money in the bank after years and years of service but do not invest.

Now there is a question that comes to everyone’s mind: what options are possible without risk and yet the hard-earned money by any individual can be invested in business opportunities during the service tenure with little to large capital investments.

There are many options to invest that can be done with as low as twenty thousand PKR. The stock market investment is safe and yet if it’s split up in different industries it is multiplied to earn on monthly, quarterly, bi-annually, or on yearly basis profits as it’s better to minimize risk by selling those investments which drop to the buying price. You must sell quickly to avoid any loss as the pool of investment cumulatively will give you decent return for all the stocks you own. The dividends are also another advantage and will maximize return to your investment.

Investing in a plot that is not yet balloted or will be allotted once plot allotment is done is a time when we can invest it does not matter if we decide not to purchase the plot after paying all monthly installments that will be due once allotment is made before plot possession. To buy a new file for a new society that is approved by authorities and a reliable group in real estate. All you need is ten percent of the value of the plot and once allotment is done you can sell your file at a higher price and the profit will depend on the allotted plot location after the balloting is done. You can have a new plot file starting from 5 lakh to 1 million PKR.

The saved money can be invested in buying a commercial or passenger vehicle that can be sold brand new once your vehicle is received at the showroom. To earn high profits, we must be careful in selecting the brand, features and color of the car to avoid all sorts of risk. By spending 1 to 2 million PKR the minimum of 6% to 8% can be earned in three to four months.

Buying from seasonal sales of famous fashion brands and then selling those brands online on Facebook is also another way to earn 10% to 15% of profit margin. Females are good at selecting the right collection, designs and colors that are easy to sell. In fact, there are many Facebook groups. On Facebook with little investment on paid campaigns the targeted audience can be reached by running advertising campaigns that will help convert each PKR spent on the FB advertising to sell your product.

Another good option is to go for Islamic financing products like modaraba and musharaka that are two of the different investment products offered by many of the Islamic Banks. It is the halal way of getting a decent return yet minimizing the risk for each rupee that is invested.

Another way of doing a business that will be easy to do with minimum involvement in the operations of the business is to buy a unique or high demand product with no inherent quality issues from anywhere around the world if inherent value is greater than perceived value and once product is used justifies price paid by the customer. With better packaging, pictures, illustrations of the product sellers’ instant feedback for the potential buyers you will be able to receive better reviews of your product and store over a period of time.

Get your product listed on the daraz and get access to millions of its buyers and all you need to do is once you receive your order deliver the order quantity to Daraz collection store the next day or another option is to ask daraz for a pickup from your doorstep and it will be shipped safely to buyer’s doorstep.

Agreeing to the policies of the Daraz online store will be a platform that will help you earn reasonable profits as Daraz charges 5% to 10% depending on the product you are selling. If you have a profit margin up to 20% to 25% you can still have 15% to 20% profit after you have sold your product on Daraz. The daraz is an online platform marketplace for millions of buyers doing transactions every second. It’s the simplest approach to sell your product quickly and easily, and you won’t have to waste time contacting your product’s intended buyer. It is all about the selection of the right product, pricing of your product and the most important factor will be your products ratings, comments and customers reviews given who bought your product and used it.

If someone is searching for paper plates and you sell disposable cups with different colors and your customer ratings is the highest the Daraz will show your product next to the disposable plates to cross sell and by using AI technology and machine learning principles it will be able to sell your product to the potential buyer on the relevance of the product and using various sales promotions options that help potential buyer to take the decision and go for it.

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Category: Business

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