5 Biggest Challenges to Start a Business in Bangladesh

If you’re going to start a small business in Bangladesh, you must be thinking about the biggest challenges of the country. Not only in Bangladesh but entrepreneurs face many challenges in today’s ultra-competitive business world. Also, with tackling those problems than ever before, you’re privileged because contemporary times have also blessed entrepreneurs with more resources.

As there are many business challenges, we’re with the challenges and how to overcome them. You can use them to your advantage keep working toward your goals as the perseverance and intelligence are your allies. There are many resources available to help you get through your darkest days as an entrepreneur because you’re not the first to struggle. As a result, to build your own successful business, you can reap the immeasurable rewards.

What are the Top 5 Biggest Challenges to Start a Business in Bangladesh?

It’s not that you can’t grow, so we’re assuming you are growing. Also, you can’t take on any more work in your current structure that a point you have come. You’ll find many entrepreneurs who used to wear all the hats and find them in this position when they’ve achieved a modicum of success.

When it hits a self-imposed ceiling, it halters to as top your growth instead of doing everything. What you can do to break through is to delegate tasks to others and take yourself out of the production end. And segue into management so that you can get the pure ownership in conclusion.

Now, let’s know the top 5 biggest challenges to start a business in Bangladesh with their potential solutions so that you can run an efficient and successful business.

1. Cash flow management

The Challenge

As many entrepreneurs struggle to pay the bills while they’re waiting for checks to arrive, cash flow is essential to small business survival. The problem arises from delayed invoicing and it’s common in the entrepreneurial world. When you perform a job, you send an invoice, and then get paid (hopefully) 30 days later.

But, you have to pay everything from your employees or contractors to your mortgage to your grocery bill in the meantime. It can make to get by difficult, when a customer doesn’t pay, you can risk everything.

 

The Potential solution

Although these won’t always save you from stressing over bills, proper budgeting and planning are critical to maintaining cash flow. If you can make the system of down payment for your products and services, this may solve the issue.

What you’ll include with the down payment is all expenses associated with a given project or sale as well as some profit for you. You can at least rest assured you won’t be left paying others’ bills when taking a down payment. Moreover, you can pay your own while padding the down payment with some profit.

2. Appointing employees

The challenge

If you want to know one thing that who fears the interviews the most, you’ll not find there the prospective candidates, but the entrepreneurs. In this concern, you’ll need several days of your time to appoint employees. You have to find out the diamonds from reviewing resumes, sitting through interviews, sifting through so many unqualified candidates. After that, you can hope to offer an attractive package to get the best people on board for the long term.

 

The potential solution

The challenge may overcome being exclusive. So, what you can do to save your ton of time is selecting pre-qualifying candidates through the exclusive help wanted ads. This is the excellent targeting approach that you have to deploy in the way you perform the marketing campaign. Then, arrange for a “walking interview” when you have a pool of prospects. What you’ll do here is to ask questions relevant to the job and to candidates’ experiences, expectations, dedication, goals etc.

3. Managing Time

The challenge

One of the biggest challenges for the entrepreneurs is the time management who wears many hats. You could accomplish so much more if you only had more time.

 

The potential solution

It doesn’t grow on trees like money so you have to make time. In this case, you must be smart about how you’re spending your time. Here are some of our suggestions:

• With break down into annual goals, monthly goals, and weekly goals, you have to make a list of lifetime goals. It’ll be broken down into specific tasks by day of your weekly goals.
• When you’ll do this way, your task list on any given day is all you need to do to stay on track with your life goals.
• Eliminate it or delegate them if any tasks do not mesh with your goals.
• Delegate them if any tasks do not absolutely have to be completed by you.
• You have to ask you always: “Is the way I am using my time right now with the best way?”

4. Outsource tasks

The challenge

Although it seems every time you do something gets messed up and you have to redo it anyway, you need to delegate or outsource tasks.

 

The potential solution

If you’re a starter, you need to find good employees and good outsourced contract help. Because of this, you have to pay a little more, the savings in time more than make up for it. Then, you should be clearer about what you want to do. Although it’ll take a little more time at first, write down detailed steps listing exactly what you want your help to do.

5. Selecting what to sell

The challenge

If you just knew what products and services to sell you could make a mint? But, you’re confused how to and what to pick as your niche.

The potential solution

You must delegate the task to someone who is strong in this area if you’re weak in identifying prosperous niches. Rather than recruiting a freelance researcher, you don’t have to hire a huge, expensive marketing firm. You’ll give them the job of conducting the market research and creating a report with suggested niches. That’s all and you’re going to be set your business.