How to Start an Electrical Wire Manufacturing Business in Bangladesh
Electrical Wire Manufacturing Business in Bangladesh
If you do it right then it would be your ticket to owning a good, stable business while starting an electrical wire manufacturing business. When you notice closely, you’ll find a cable comprises two or more wires which bonds, twists, or braids together to form an assembly.
In order to impart protection to users and the surrounding environment, the wires and cables encapsulate with non-conducting plastic materials, usually PVC or polyethylene. And while transmitting and distributing of electrical power, PVC cables are major equipment.
From the house wiring to street lighting, they are suitable for use in substations, distribution systems, and Industrial installations. Although PVC insulated wires and cables are the ultimate medium for distribution of electricity. Its manufacturing process is simple. As a result, you can initiate the business as small and medium scale basis.
An Overview of the Electrical Wire Manufacturing Business in Bangladesh
It’s true that cables get very little attention in Bangladesh despite being a vital product. Although a little do most people know that a faulty cable can have devastating consequences, we are barely aware of the quality of cable products that we use in everyday life.
That’s why certification is a continuous process and much essential one as well. So, from the source of raw material, production process, post-production quality control mechanism, and human resource management, it requires a certified company to follow a rigorous quality control system on a regular basis in every segment of the industry.
Apart from these, there is a different level of technical capacity is necessary for manufacturing different types of cable products. This is because power cable or industrial cable requires a production technique and raw materials that are superior to the domestic cables.
Steps to Start an Electrical Wire Manufacturing Business in Bangladesh
Because quality demands bigger expenditure, it creates unfair competition in the electrical wire manufacturing market which ultimately affects the quality producers.
So, there is a huge competition in this market like others. That’s why you need to follow some special and specific steps to last in the business. This is because we’re here with a friendly, comprehensive guide that can make your business profitable, stable and built to last.
Well, let’s know the steps are important to follow while starting an electrical wire manufacturing business in Bangladesh.
First Step: Business Plan
If you don’t have a well-judged business plan then it’s virtually impossible for your electrical wire manufacturing business to succeed. When writing a business plan keep accuracy and an eye for detail count.
Also, you’ll have done your electric wire and cable wholesale and manufacturers business a major disservice if your business plan is based on unrealistic assumptions and best case scenarios.
And you’ll get the greater the payoff you will receive from your effort when you have more effort you invest in the details of your plan. Moreover, you should consider what the experts say about business plan writing as a further guide. So, a business plan includes:
- Marketing strategies
- Business funds
- Business location
- Thorough budget
- Business analysis
- Business competitions
- Hiring employees and many more
Second Step: Review Competitors
It’s essential to determine how many competitors you have, prior to launching an electrical wire manufacturing business in your area. If you gain knowledge of how existing firms have positioned themselves in the marketplace then design your business in a way that sets you apart from the others.
And when you’ll know your business competitors it will let you to make your business plan accordingly. This way, you’ll know their weak points and you’ll try to remove them from your side. That’s why reviewing your competitors are much essential if you want to make a stable business.
Third Step: Talk to Experienced Entrepreneurs
You really ought to talk to somebody who is already in the business if you’re interested in starting an electrical wire manufacturing business.
But, you should avoid your local competitors as they are not going to give you the time of day. In this case, you must find out a person who owns this business outside of your community.
When they realize that you are not going to directly compete with them in their community they may be willing to share their entrepreneurial wisdom with you.
And sometimes things happen like this that they are very willing to share startup advice with you. This is because it’s important to talk and get advice from the veteran entrepreneurs.
Fourth Step: Franchising
If you go the franchising route in lieu of doing everything yourself then your chances of achieving the entrepreneurial goal of thriving in your new business are much greater.
You should investigate whether there are good franchise opportunities available that might help you avoid common entrepreneurial mistakes before you get too far along in your plan to open an electrical wire manufacturing business. And necessarily find out something, which will point you in a completely different direction in the crowd.
Fifth Step: Manufacturing Process
Wherein PVC is coated on the wire to the particular thickness, copper conductor (wire) of the necessary size is fed into the Extruder. It’s coiled on the take-off system, after passing through the cooling tank. It’s tested as per IS specification as the wire is coiled into the length of 100 meters.
As PVC cables use PVC compound that takes care of overload and short-circuits currents with course and fire protection systems, PVC cables are available as a Thermoplastic dielectric. Now, let’s know about the final step is testing:
- Conductor resistant test
- Shrinkage Test
- Ozone-resistant Test
- Heat shock Test
- Hot deformation Test
- Bleeding Test
- Cold impact Test
- Water absorption test (electrical)
- Environmental stress cracking test
Sixth Step: Business Acquisition
If you’re frustrated why it may be preferable to acquire an electrical wire manufacturing business instead of starting a new business venture then you have a lot of reasons. As an acquisition isn’t necessarily a bed of roses, you’ll need to thoroughly evaluate the factors involved with buying a business. That’s why you should ensure that the business is capable of meeting your own expectations. And this is the way that you’ll be well on your way to owning a proven business.
Some Other Essential Steps to Follow
- Necessary permits and licenses
- Business funds
- Web presence
- Business permits etc
- Machine & Testing Equipment
- Quality Control