How to Start a Fresh Fish Selling Business in Bangladesh
Start a Fresh Fish Selling Business in Bangladesh
This is not the only foundation of a fresh fish selling business in Bangladesh but setting up is equally essential for an entrepreneurial journey. There are several essential elements that good business strategies simply must include despite the diversity that exists in business plan writing. It’s one kind of business that’s more profitable than many other businesses. Because many people believe that fresh fishes have high nutrition value, there is a large demand for seafood in food industries these days.
Also, since you can easily find direct suppliers, ranging from small-scale to large sectors all over the world there will be no shortage of supply of fresh fishes. Although people say that all you need in putting up a business is a big capital, this is so wrong. We’ll know the reasons below.
Why Start Fresh Fish Selling Business in Bangladesh
As Bangladeshi people are fond of eating fish in various ways, they called “Bengalis with fish and rice”. It means that they like to eat fishes more than any other food items. So, if you take an account of the eating amount of 160 million Bangladeshis, you’ll understand easily that fresh fishes a wide demand other than any foods. Not only are these but fishes also exported to different countries as well.
Especially, the Ilish (Hilsa) fishes are something special that’s not to be expressed in words. Also, the taste of this fish is known worldwide. Apart from this single fish, there are many more names, such as Rui, Katla, Chital, Bowal etc are also tasty to eat. As there are huge demands of these fishes, the business opportunities are high in this industry with higher profit.
Steps to Start Fresh Fish Selling Business in Bangladesh
It’s true that a fresh fish selling business in Bangladesh needs a lot of money, but the business may make you good profit. But, the money is not all in a business like any other businesses as well. This is because your money is useless if you know nothing or little about your chosen line of business.
Also, this is a very complicated and high-maintenance while this is undoubtedly a fascinating undertaking. So, you should be as highly knowledgeable about tropical fish as you possess keen business smarts along with a deep passion for this pursuit. Well, let’s know the steps that need to start this fish selling business.
First Step: Business Plan
You should focus on the detailed business plan before you have done other related things. Your business plan will show you how to find a location for your business, rent a commercial space and hire staff. Also, it will come with a set up a tiered pricing plan because there are the different types of clients. In this case, you could offer a lower price, for example, to local chefs and restaurants.
Moreover, you’ll be able to assume how much you can invest in your seafood business and how much you need to. That means it finds out your financing ability along with the sources of the fund if you need. Besides, when you have a well-researched business plan, you can understand what type of equipment you need and what safety procedures are necessary. Additionally, it comes with-
- Promotion strategies
- Funds strategies
- Business research strategies
- Enlarge financial projections
- Identify your organizational structure
Second Step: Knowledge of Business
Having enough knowledge on the kind of business you are essential and you must ensure it. It’s of your likes and interests as much as possible are needed in this industry. You may try businesses like fast food chains, wholesaling, or online shops if you’re into taking and delivering orders.
You should be knowledgeable about different kinds of seafood as well as its potential market as a fresh fish seller. If a business does not require too much marketing and then that must be the best kind of business. As fishes are a must item, people can’t deprive themselves of fishes.
They can work on how to give them satisfaction instead of spending more time and effort convincing possible customers to buy as a business owner. That’s why consider getting the better knowledge of business that you’re going to start like a fresh fish selling business.
Third Step: Buy an Existing Business
A prospective fresh fish selling business startup entrepreneur to pursue an acquisition strategy is according to more than a few experts advice. However, it’s worth considering whether a fish selling business acquisition is great or not. Although there are a lot of reasons why it makes sense to buy a business, the most important reason may be capital.
Because there are exceptions, lenders take a much more favorable view of a business acquisition; they do an unproven, fish selling business startup. And we think the idea of buying a business to get acquisition capital makes good business sense At the risk of oversimplification.
Fourth Step: Get Learnt from Others
It’s a wise move to speak with some experts in the business while opening a fresh fish selling business. But, avoid being more optimistic because the local competition will not talk to you about it. On the other hand, you can talk to some other locations’ businessmen in this issue. As they don’t think you their competitor, they’ll talk to you in details about the business.
Also, if you are persistent then many business owners are happy to give advice to new entrepreneurs. Other than, find out a business mentor who is willing to help you out. The lessons you’ll learn from the existing business that will work great for your business promotion. That’s why to consider learning from others if you like to run your business smoothly.
Fifth Step: Choose a Distributor
Apart from setting all other steps, the next one is to find out fish distributors. Also, many products will come in frozen unless you’re a high-end niche supplier or living right on the coast. Moreover, when they’re frozen, they come free of bacterial contamination and ensure they are safe to eat. This is because freezing is the only practical method to eliminate the risk of parasites.