How to Start Ceiling Fan Manufacturing Business in Bangladesh
Start Ceiling Fan Manufacturing Business in Bangladesh
While procuring different parts from ancillaries on an outsource basis, most of the reputed ceiling fan manufacturing business brands basically do assembling jobs in their factory. Depending on your utilized capacity and inventory level, it requires a pretty spread out area to get the assembling done and also storage space. As the factory shed will cost quite some money, you can get into a rented shed.
But, it will add to your overheads as an owned shed will add value as primary security. You need more tools and equipment than machines if you’re just making it an assembly line. Moreover, it all depends on your scale of operation as for inventory, which is the most important component of working capital. Also, it’s dependable on the market size you are targeting.
Market Potential of Ceiling Fan Manufacturing Business in Bangladesh
The Bangladeshi ceiling fan manufacturing business is projected to surpass $2 billion by 2023 according to the report. This is because of the growing presence of organized retail outlets, increasing spending power and rising preference for online sales platform and modular homes are expected to boost demand for electric fans in Bangladesh over the coming years.
But, based on comprehensive research, the report on global electric fan market evaluates the growth trends of the industry through historical study and estimates future prospects. Along with a detailed understanding of the core competency of each activity involved, the comprehensive value chain analysis of the market will assist in attaining better product differentiation.
Also, the potential value of the market providing business strategists with the latest growth opportunities of the market attractiveness analysis provided in the report aptly measured. Also read: Table Fan Manufacturing Business in Bangladesh
Steps to Start a Ceiling Fan Manufacturing Business in Bangladesh
You need to identify the different types of ceiling fans if you’re interested in investing in the ceiling fan manufacturing business. Depending on the design, functionality, energy consumption, decorative style, and technology, the type of ceiling fan varies.
While powered by an electrical current to form a rotary motion, a ceiling fan is a mechanically operated device. But, it’s not very easy to start the business as it looks like. Because it needs a lot of procedures and steps and then you can be successful. Well, let’s know how to start a ceiling fan manufacturing business in Bangladesh.
First Step: Ceiling Fan Manufacturing Business Plan
Before jumping over, it’s extremely necessary to write a ceiling fan manufacturing business plan. Also, it’s essential to carry out a feasibility study. As you need to secure startup capital, licensing and raw materials, the business plan should have an executive summary, intro, industry analysis. The manufacturing process, project details, and cost considerations etc are other parameters.
Moreover, it will come with the focus on how to get financial assistance or loans. Furthermore, it also has the parameters are manufacturing requirement, project economic and project cost. Apart from these, it’s included the investigation of the competition then determines their strength, market share, and marketing strategy.
So, below are the things that come with a business plan in summary:
- Industry analysis
- Executive summary
- Manufacturing process
- Project details
- Cost considerations
- Financial assistance
- Manufacturing requirement
- Project economic
- Project cost
- Investigation of the competition
- Market share
- Marketing strategy etc
Second Step: Determine the Sector of Interest
You need to determine the sector of interest before entering into the business. While choosing the industry of ceiling fan manufacturing business, become a wholesaler or retailer. Also, when you’re manufacturing it requires knowledge of electric fan assembling, marketing, and branding.
In this case, you should have a good location along with a warehouse, raw materials, and appropriate equipment. And you need to remember that as a small business owner, you have to compete with top brands in the market. This is because it’s much important to determine the sector of your interest.
Third Step: Ceiling Fan Manufacturing Business Cost
There are many factors those influence the cost of producing a unit. Along with the efficiency of the equipment and raw materials, the costs include the cost of utility and labor.
Also, there are many other costs, including transportation cost, warehousing, value-added tax, and the cost of production. So, below are the things that come with as the ceiling fan manufacturing business costs in summary:
- Raw materials
- Value added tax,
- Cost of production
Fourth Step: Ceiling Fan Raw Materials
While starting a ceiling fan manufacturing business, you need a few raw materials. Although some are build parts, you need top quality, strength, and durability of the component. And those how supply quality product for a ceiling fan, you should try to order parts from them.
Also, you must be sure that the parts purchased are ISO certified for commercial use. Well, let’s know what the raw materials that need to produce ceiling fans:
- Fan capacitor
- Fan blades
- Fan Coils
- Fan stamping
- Fan top/bottom
- Decorative components
- Fan shafts
- Down rod
- U-bolt system
Fifth Step: Consider Franchising
If you consider buying into a franchise then look for one that allows assembling of the parts in your factory. You can use Yellow pages, directories or online search engines to find them.
So, if there are no manufacturers in your geographical location then there is a possibility of getting one. Although securing a franchise is expensive, you gain their training, market penetration and brand name.
Sixth Step: Ceiling Fan Manufacturing Business Marketing
When you have produced a quality product, you could patent the brand name and apply strategic marketing. In order to push your brand, you can use electronic and print media.
And consider giving discounts, organize competitions or fairs. But, the wholesalers are should be your priority, which is the good way is to have good remunerations and competitive pricing for your product.
Seventh Step: Market Survey
If you want to know about the popular brands, verities and the price band of each variety than you should survey your local market. And identify the reasons of popularity for a particular brand.
When you’ll purchase few branded, unbranded fans and examine the speed, sound, physical structure, and electrical connections, this gives you a rough picture of the structure, its strength, and lifespan.
Some Other Essential Steps to follow
- Business location
- Staff Requirements
- Manufacturing Process
- Finding the sources of business investment
- Getting the market niche
- Deciding the financial aspects