How to Start a Torch Light Manufacturing Business in Bangladesh
Start a Torch Light Manufacturing Business in Bangladesh
Before we proceed to know how to start a torchlight manufacturing business, we should know something about it. Torchlight is also known as a flashlight, which is a portable hand-held electric light. An incandescent light bulb (lamp) or light-emitting diode (LED) is the source of the light in general.
Along with a transparent cover to protect the light source and reflector, a typical torchlight consists of the light source mounted in a reflector, a battery, and a switch.
And these all are supported and protected by a case. Although the invention of the dry cell and miniature incandescent electric lamps made the first battery-powered flashlights possible around 1899, today, flashlights use mostly incandescent lamps or light-emitting diodes and run on disposable or rechargeable batteries.
An Overview of a Torch Light Manufacturing Business in Bangladesh
In terms of its contribution to growth and poverty reduction, the torchlight manufacturing business is an important industry in Bangladesh. Along with wide opportunities for employment generation, torchlight companies have potentials to make a significant contribution towards technological advancement and economic development.
And while supplying various types of machinery and spare parts and by providing repairing services, the sector has been fueling the growth of many other industries.
As torch light companies are scattered throughout Bangladesh, they imply employment generation in a wider span of areas. There are roughly forty thousand industrial units of this kind, while most of them are small and this manufacturing sector now contributes 18% of GDP.
Although most of these industries are still largely dependent on imported for machinery and spare parts, it’s believed that Bangladesh can benefit a lot if the torchlight products.
Apart from these, the growth of Torchlight companies requires an enabling policy environment and infrastructural support. On the other hand, most of the firms start a business with a capital of a 2 to 3 hundred thousand Taka. That’s why access to finance is a major constraint for the growth of this sector. Also read: 10 Profitable Manufacturing Business Ideas for Bangladesh
Market Potential of Torch Light Manufacturing Business in Bangladesh
Torchlight manufacturing business in Bangladesh is not only a big one but unsaturated enough. As the sector has huge potential to grow, it has strong forward linkage as well as backward linkage. Along with textile mills, railways, jute mills, shoe manufacturers, sugar mills, RMG, washing plants etc, there is sufficient demand within the various manufacturing concerns.
So, if proper support is given then this sector has also the potential for producing import substituting goods. In addition to these, the export the potential of torchlight products is also rising as the cost to production, especially labor cost is low. And the government should come forward for the development of this sector at these backdrops.
Steps to Start a Torch Light Manufacturing Business in Bangladesh
This is the plan for the torchlight manufacturing business, which is the very first thing for you to do in beginning it. So, this is important to have sufficient information and be wise in every aspect of the business for each is vital and of great significance, as you decide to build your own manufacturing company of torch.
Alternatively, as the raw materials that will be used in the process, the first thing to do is to research your target products and know the possible hazardous or specialized materials. Moreover, a sufficient knowledge and master the proper process of manufacturing is essential for this business.
First Step: Torch Light Manufacturing Business Plan
When you’re in the torchlight manufacturing business, one of the essential aspects of starting this business is crafting a business plan. In this case, you have to do some market research so that you can identify the demand for the specific types of torch lights.
And, it’s essential to identify the major players in the industry as well as how they are promoting their products. Also, it will come with the machinery quote and calculate the costs related to setting up the plant. In addition to that, a business plan provides your business-
- Business Objective
- Mission Statement
- Business Vision
- Executive summary
- Marketing plan
- Promotion strategy etc
Second Step: Business Location
While starting a business, it’s the best location where you can construct your new business so you must take in your mind as an important step.
However, for better results, you must earn a nice relationship with the local planning commission. If you need to solve the problems or answer any queries that you have then they can help you. When you do this it will help you avoid mistakes that are costly.
This is because of torchlight manufacturing business values the location of it. That’s why the manufacturing plant demand specific spaces for manufacturing-
- Office space
Third Step: Business Expenses
It’s time to do the next thing and that’s to research the equipment that you are going to make use of after deciding about the product. Though setting up the plant and torchlight manufacturing business operation, the business demands a substantial investment. Moreover, you should have a background of the vendors so that they can provide you with such devices and their proper installation.
Fourth Step: Business Promotion
While you’re producing goods, it’s important to promote your business using both the offline and online. And the best option for this type of business is a well-penetrated distribution network. Apart from these, you have to consider B2B and institutional selling as well. Moreover, if you can make an opportunity to export them then you’ll be able to earn a good amount of revenue.
Also, when you’ll create your own company website, you should create the contact page carefully with all the relevant information. Some other ways to promote your torchlight manufacturing business, including:
- Enroll your business in the local directories
- Join the local business associations
- Exhibit your business in trade fares and trade shows
- Consider social media presence etc
Some Other Essential Steps to Follow
Aside from the above-said steps, there are many more steps to follow. Some of them are below:
- Finding the sources of business investment
- Setting up logistics infrastructure
- Getting the market niche
- Deciding the financial aspects