How to Start a 1 to 99 Shop Business in Bangladesh
Start a 1 to 99 Shop Business in Bangladesh
Although Bangladesh is a small country, its population is huge, which is more than 160 million. Many kinds of businesses are growing up quickly day by day in this country. All people want to succeed in business, but every business has some challenges. But, starting a 1 to 99 shop business is less challenging according to our concern.
Also, this is a highly profitable business that you can start with a low investment. As it named 1 to 99, the products prices are ranged from Taka 1 to 99. Because it is a proven business model when it is merchandised properly, the entrepreneurs who want to go into the retail market might consider opening this business. But, it’s much important to ensure to stock your store with good-quality merchandise when you’re in this business.
Why Start a 1 to 99 Shop Business in Bangladesh
As it’s said that despite a small country, Bangladesh has a huge population. It means if you can start a 1 to 99 shop business in an appropriate location, it’s enough to make a lot of money. Also, it’s a different type of the latest businesses that draw a special attraction to the public mind.
Moreover, the business is not only much profitable but it needs a small investment as well. So, these all are positive for you or anyone who starts a small investment business. That’s why we find many business ventures are already started in various parts of Bangladesh entitling 1 to 99 or 1 to 200 etc. These are the reasons that you have a good chance to start a small business of this sort and become your own boss.
Steps to Start a 1 to 99 Shop Business in Bangladesh
As a 1 to 99 shop business is popping up everywhere across Bangladesh, it has a simple startup. But, the main challenge of the business is the high competition when you start it. And the fact is that these stores require careful planning and a large startup investment, it’s most likely that the second option will ring true as it’s a highly popular business.
For these reasons, you should ensure stocking your store with good-quality merchandise. So, a business owner has to perform preparatory steps to succeed, including writing a business plan, deciding on the business model, attaining financing and stocking it in order to open a 1 to 99 shop business. Well, let’s know them in details below:
First Step: Business Plan
A business plan is a first and foremost essential because it helps you solidify your ideas. It must be done with a thorough market research and keeping in mind the current trend and demands.
For example, you’ll consider it as a well-researched business plan when it’ll show that big grocery stores dominate the market for perishable goods. When you’ll determine your margins, you need to take this information and set measurable objectives. Besides, it comes with many other things as below:
- Marketing strategies
- Business financing
- Cost management
- Business goals
- Market research etc
Second Step: Independent or Franchise
You should already have experience in this industry if you plan on opening a bargain retail business on your own. And no royalties and being your own boss, you may experience difficulties if you don’t have industry experience when not opening as a franchise can offer you benefits such as lower initial investments.
That’s why you can consider the offer of a support network and an already established supply chain while starting a 1 to 99 shop business. That means you have the options to start the business either independent or franchise.
Third Step: Business Finance
Like many other businesses, the initial investment in a1 to 99 shop business can be large. While opening a type of business, there are huge publication expenses. The costs increase somehow more when deciding to get a franchise. It entails approval for financing that cannot only purchase you a building at the beginning of a business.
But, when you do so, it allows you to invest in merchandise for that building as well. When you’re business is just getting started you should be able to invest in all of these components is vital. Let’s see what your potential finance sources are:
- Personal stock money
- Assets to sell
- Microfinance loans
- Bank loans etc
Fourth Step: Business Location
The success of a 1 to 99 shop business has to do with location according to the business experts. But, no one will come if it is difficult to get to you even if your products are only 1 Taka. So, it’s vital to search an optimal location while starting the business. If the location is close to roads and highways for drive-by traffic, get a good deal of foot traffic and be close to public transportation then it’ll be an ideal one.
Related Article: Mistakes to Avoid Running a Profitable Business in Bangladesh
Also, you must consider your start-up expenses and need to rent that is low enough to mount. For the low-security deposit, such as one month’s rent, you should negotiate with the owner of the store property. And put one month’s additional rent in your business bank account when you’ve paid the rent and security deposit.
Fifth Step: Business Inventory
Business inventory is much essential when you’re starting a 1 to 99 shop business. You should know what you need and what you have while making an inventory. They might never come back again if you don’t have what customers need when they come in. also, they will be telling their friends why they should not visit your shop.
And it can make the difference between success and failure for your business with this negative word-of-mouth advertising. In this issue, you should be updated and you need to install good point-of-sale software so that you can track your inventory effectively.
Some Other Steps to Follow to a Start 1 to 99 Shop Business in Bangladesh
The above said steps are some of the essential ones and there are many more to follow. Now, let’s know them that is important to run a 1 to 99 shop business successfully:
- Register the business
- Fill the legal requirements
- Estimate your utility bills
- Consider purchasing a franchise
- Get wholesale suppliers