How to Start A Business in Bangladesh?
In Bangladeshi social conditions getting a job with a good salary is very hard. And it is getting harder day by day. Many people do not get jobs after completing their graduation in this country. They stay unemployed. Business is one of the best solutions to this unemployment. People who want to start a business should have some mindsets and know some rules and laws about business.
“Your time is limited, so don’t waste it living someone else’s life.” – Steve Jobs
There are two types of business
A monopoly means new ideas and Traditional means old ideas. It depends on people’s tests, thoughts, and financial condition that which kind of business they preferred. In a monopoly, there is less competition than the traditional type.
Now some more steps after choosing the business type
Step 1: Set goals and objectives for the business.
Step 2: Selling proposition.
Step 3: Knowing the market.
Step 4: Know your Customer.
Step 5: Research customer satisfaction ways.
Step 6: Set market goals.
Step 7: Define their market strategy.
Now we are going for the documentation and funding-
This is a very important part. proper documentation is shield of a company. New business means a new company. A new company needs legal registration. The is five steps of a company registration
1. Name clearance.
2. Article of Association, Memorandum of Association documents.
3. Opening and bringing in the paid-up investment bank account.
5. The post-registration formalities.
If any foreign person/company wants to start a business in Bangladesh. Then here is some mandatory work to start. They should open a bank account with any scheduled bank account in Bangladesh by the name of the business. And the bank will issue an Encashment certificate for that company.
Funding and Investment:
Now let's talk about funding and investment, to start a new business funding is the pillar of that business. The best funding ways to me are,
• Friends and Family funding, it is a very simple way for funding. The most positive part is the is no deadline for returning the money. But may, small amounts of funding can be got in this way.
• Crowdfunding, this way typically works via the internet these days, it is a very popular way for the musicians, filmmakers, and artists.
• Angel Investors, angle investor means a person individual who generally invest in new innovative start-ups.
• Bank loans, this is the most common way of funding. Bank loaned money at interest. But in Bangladesh condition because of high-interest rate start-up companies do not get sufficient help and support from the banks
• NGO loans, this is also like the bank loan system, but generally, it contains a higher rate of interest.
• Venture capital fund, this kind of funding is high risk and high return type. These rules apply to both online and offline.
About Online Business:
There are many strategies for starting an online business in Bangladesh. Like selling products in the marketplace or selling by a website.
Selling in Marketplace:
If anyone wants to start an online business it will be very easy when he came to the marketplace with his product. Nowadays Bangladesh has several marketplaces like Ajkerdeal.com, Daraz.com, Rokomari.com, Bagdoom.com, etc. The seller has to register them self as merchant of that marketplace and then attached product in their account. Those marketplaces will take some commission on each sell. It is a great option for a new businessman to start selling online.
Selling in Social Media:
The social media platform is the most accepted model to start an online business in Bangladesh. A seller needs to erect a social media account like Facebook, WhatsApp, Instagram, etc. Then upload product pictures in the selected platform. A seller should decorate their platform decently by using attractive product images or banners. In this way, sellers don’t need to pay any commission or anything to anyone.
Selling by a website:
If anyone wants to run his business long term process. He should choose to sell from the website option. Retailers should have genuine planning from starting. In this process, there are many facts like product sourcing, marketing, delivery, payment, etc. Nowadays it’s very easy to established an eCommerce site or online shop in Bangladesh.
Frequently Asked Questions (FAQ)
+Can a foreigner start a business in Bangladesh?
Yes, There are no restrictions on foreign nationals to start a business in Bangladesh.
+What are the most successful small businesses in Bangladesh?
At the moment most successful small businesses are fashion house, fast food shop, e-commerce or online marketplace, sell by social media page.
+How do i start a small business in BD?
Follow all steps and documentation guidelines to start a business in BD. For more details about documentation and price please visit bida.gov.bd