How to Start a LED Light Manufacturing Business in Bangladesh
LED Light Manufacturing Business in Bangladesh
Do you want to start a manufacturing business in Bangladesh? As small, medium or on a large scale basis, any individual can start LED light manufacturing business in Bangladesh. Although the business demands a substantial startup capital investment definitely, LED (light emitting diode) light manufacturing is a highly profitable business as well.
From 2700K to 6500K which is dark, yellow, mild yellow and ultra white, LED lights are available in a wide range of colors. If you compare to a common bulb, CFL or tube light then you’ll find LED consumes low energy and gives a brighter performance in general. Several companies are distributing and manufacturing their own featured products or services as of the world today.
While others perform the same jobs by their own, some of them are working hand-in-hand in the production and labeling of services and products.
Market Potential of a LED Light Manufacturing Business in Bangladesh
During the lifetime of LED bulbs, total electricity and maintenance cost is around 1/10th of that of normal bulbs. Also, it will save 50% energy and 5 billion units of power every year if all the lights are replaced with LED lights. And the best solution for minimizing electrical power consumption from hydroelectric power stations so far available is LED Street light with a solar panel.
So, in this manner, you can spread the huge amount of power from the hydroelectric plant. Apart from these, it’s the most energy efficient and green lighting solution available today.
Besides, the LED lighting projects are undertaken widely in several parts of Bangladesh. This is because it has opened a huge business opportunity for the local LED industry.
LED is sure to succeed in large markets of the country with so many advantages and potential applications. As a result, LED light manufacturing business is a profitable investment opportunity for those who are the new entrepreneurs. See also – Table Fan Manufacturing Business in Bangladesh
Steps to Start a LED Light Manufacturing Business in Bangladesh
It’s the plan for the LED light manufacturing business, which is the very first thing for you to do in beginning it. If you want to be able to establish your own LED manufacturing business properly then you must follow a set of procedures and steps.
It’s 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 led.
On the other hand, 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. Also, a sufficient knowledge and master the proper process of manufacturing is essential for this business.
Now, let’s know the steps that are essential to start a LED manufacturing business in Bangladesh.
First Step: LED Light Manufacturing Business Plan
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 LED lights. Also, it’s essential to identify the major players in the industry as well as how they are promoting their products.
Moreover, it will come with the machinery quote and calculate the costs related to setting up the plant. And when it comes to your business and the things may happen along the road then have a vivid business plan enclosing all the necessary issues and matters that you must consider.
Aside from these, a business plan provides your business-
- Executive summary
- Marketing plan
- Product promotion strategy etc
Second Step: Business Location
The best location where you can construct your new business so you must take in your mind as an important step.
But, for better results, you must earn a nice relationship with the local planning commission. When you need to solve the problems or answer any queries that you have, they can help you. If you do this then it will help you avoid mistakes that are costly.
That’s why LED light manufacturing business values the location of it. As the industrial zones provide some advantages for starting medium or large scale industries, it’s advisable to start the business in the industrial zone. Also, according to your business size, you must secure an area of space. This is because the manufacturing plant demand specific spaces for manufacturing
- Office operation
Third Step: Business Costs
The next thing to do is to research the equipment that you are going to make use of after deciding about the product. While setting up the plant and LED light manufacturing business operation, the business demands a substantial investment.
Maintenance in accordance with the machinery models to choose from, you should know about their ideal price, pros, and cons, and their cost of maintenance. Also, you should have a background of the vendors so that they can provide you with such devices and their proper installation.
Fourth Step: Business Compliance
While commencing the business, business compliance is an important part. You’ll need to register your business with government authority first of all. Also, you must register your company according to the investment ratio and management pattern.
Apart from these, you should check the licensing factors as the business demands some licensing and permissions from states and countries.
Fifth Step: Business Promotion
It’s important to promote your business using both the offline and online. The best option for this type of business is a well-penetrated distribution network.
In addition to these, you have to consider B2B and institutional selling as well. On the other hand, if you can make an opportunity to export them then you’ll be able to earn a good amount of revenue.
And 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 LED light manufacturing business, including:
- Enlist 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
In addition to the above-said steps, there are many more steps to follow. Some of them are below:
- Sources of business investment
- Set up logistics infrastructure
- Identify the market niche
- Consider the financial aspects