How to Start a Birthday Planning Business in Bangladesh
Starting a Birthday Planning Business in Bangladesh
It has a flair for entertaining and coordinating events along with a fulfilling and profitable opportunity to start a birthday planning business in Bangladesh. The business is not only profitable but easy to start as well. Also, a party planning business doesn’t require much capital or dedicated space, unlike other startups.
But, it requires some basic steps that are similar to all home-based ventures, as well as those that are unique to the field to figure out how to start the business. Although birthday planning might sound fun, it takes more than booking a caterer and DJ to make a living at it.
Moreover, above all, a desire to help other people enjoy themselves also require along with diplomacy, salesmanship, and multitasking. Besides, the business comes with some other tasks that we’ll discuss in the next topics.
Why Start a Birthday Planning Business in Bangladesh
If you want to start a birthday planning business in Bangladesh, you need not any specific education or training. Although academic education is not necessary, the experience can go a long way in helping you know what to do and what to expect. Moreover, there is the rising economy of Bangladesh and people are getting educated so they’re trying to keep pace with others.
It means that people do whatever they see and this way the birthday tradition is established in the country. As a result, there is created a good environment for the birthday planners in Bangladesh. So, you can consider starting this business if you love planning parties, especially kid-themed parties. And, as they play games, enjoy cake and ice cream, and hang out with their friends, imagine seeing the joy on the kids’ faces during a birthday party.
Steps to Start a Birthday Planning Business in Bangladesh
It doesn’t happen daily; it may be done during weekends, which is a good thing about birthday planning business in Bangladesh. So, while still keeping your paid employment or even as a student, you can successfully test run a party planning business.
But, what some of the soft skills you already possess as the most of the basic skills needed to effectively run the business. Or, the skills that are you likely going to acquire in your workplace. However, you would need to be extremely detailed, which is another fact about the business.
Besides, you may consider building it up because as a party planner you must display professionalism of the highest order when you don’t possess this skill. Well, let’s know the essential steps to start the business.
First Step: Make a Business Plan
One of the first steps is to prepare your business plan when it comes to starting a birthday planning business. While making the draft of a business plan, it’s expected to take is to consult experts. Also, you would need to write a good business plan in place in order to successfully run a party planning business.
As the business plan is the blueprint, it’s needed to successfully run a business. Moreover, you’ll reduce the trial and error approach of doing business with a workable business plan in place. With purpose and perhaps with precision, you’ll be able to manage your business. Besides, it’ll tell you what to do per time and how to handle business challenges and business growth or expansion.
Second Step: Find a Perfect Location
It’s essentially doesn’t mean that a location has little influence on the success of this type of business if you operate your party planning business from your home. And you’ll realize that party planning companies are always located around busy business districts when you have taken your time to study the event planning cum party planning industry.
That’s why ensuring that it’s a place locating in the hub of business in your city if you’re looking for a location for your birthday planning business. There are some facts to consider while choosing a location for your party planning company:
- Location’s demography
- Other businesses in the location
- The ability of purchasing/spending of the residence
- Location’s accessibility
- Know the numbers of event planners in the location
- About the traffic, parking and security etc
Third Step: Analyze business cost
It’s somehow being cost effective to start a birthday planning business. It’s not the fact as you need nothing like expensive machines and equipment.
Despite not having expensive machines and equipment, it combines complimentary services like rental services etc. However, it’s the amount needed to secure a standard office facility in a good and busy business district that you should be concerned about.
Moreover, you also should know what the amount is to furniture and equip the office. So, when you’ll analyze your business costs, you’ll never get fail to run your business successfully.
Fourth Step: Sources of business funds
Although you choose to run the business from your home, share office space with a friend or make use of virtual office, it’s cost effective to start a birthday planning business. It’s a part of what will consume a large chunk of your start to secure a standard office.
You may not have the need to go source for the fund to finance the business if you choose to start the business on a small scale with an office from your home. This is because you can finance the business from your savings.
Moreover, one of the first thing and perhaps the major factors when it comes to financing a business is your business plan. And you may not have to labor yourself too hard if you have a good and workable business plan in place.
Let’s see some options you can explore when sourcing to start your business.
- savings and sale of stocks and properties
- Investors and business partners
- Shares to interested investors
- Loan from your bank/microfinance organizations
- loans from family members and friends
More Steps to Follow to Start a Birthday Planning Business in Bangladesh
Although the above steps are much important, you can’t ignore the below steps. Let’s see what the other essential steps to follow for a birthday planning business in Bangladesh:
- Marketing ideas and strategies
- Set up your office
- Market your business effectively
- Keep networking
- Incorporate your company
- Focus on service
- Build a website
- Get necessary license and permits
- Analyze the local market
- Become a part of the community
- Hiring Employees for your business