How to Start a Manufacturing Business in Bangladesh
Start a Manufacturing Business in Bangladesh
There were mostly spent on researching the market, benchmarking competition, and seeking funding from friends and family in the initial days of starting up businesses. It all starts to feel real when you start searching for manufacturers and talking to them. But, it’s usually considered to be more difficult to set up and maintain a manufacturing business than a customer service business.
Because, in order to establish such a business, there is a lot of equipment and space needed. Also, because there are more parties involved, such businesses take a longer time to start generating a profit.
However, it usually forms long-term partnerships within the community and stays lucrative for years regardless of the changes in the economy overall when you establish a small manufacturing business.
An Overview of a Manufacturing Business in Bangladesh
Although manufacturing may have the image of a dwindling industry in Bangladesh, it still not accounts for a big of the economy. As a hub for innovation and ideas, there is still plenty of room to succeed in manufacturing business in Bangladesh.
But, it’s true that the cheaper operating costs in other markets around the world have damaged this country’s opportunities, especially Indian cheap goods. Despite Indian aggression, the manufacturing industry of Bangladesh is going ahead.
And starting up a manufacturing business could be the exact route for you to take if you’ve got a product idea and the required financial backing.
The structure of your days will be decided by how involved with different strands of the business you are as a manufacturing business owner.
Steps to Start a Manufacturing Business in Bangladesh
The research and efforts into creating sales and interest in your product will not be while the manufacturing may be finished at a certain point.
Unless you get so much financial backing so that you can afford to hire any of these, you’ll have to act as an entrepreneur, manufacturer, PR, and salesman simultaneously.
Although you may be able to completely hand over both the manufacturing and selling of your product to employees, a lot of the earnest will be on you in the early days of starting up.
Well, let’s know about some steps that are essential to start a manufacturing business in Bangladesh.
First Step: Business Plan
As you must know your business plan, you can’t be short-sighted when starting up this business without a proper planning.
So, when you’ll need to hire staff you can utilize a separate manufacturing space. This is because you need to know how long it is until you will start making a profit. Learn – 20 Steps to Develop a Business Plans
Also, a business plan helps you to decide on your sales avenues. Although there is a multitude of sales options available, you need to consider your target markets and the correct way to sell to them. When you will need to know the items on your list, there will be many points along the road to starting up.
That’s why it’s vital you write a business plan thoroughly. And seek assistance if you can’t do this yourself. And it’s a manufacturing business in Bangladesh that you can’t go without a good plan like any other business.
Second Step: Business Location
When starting up a manufacturing business in Bangladesh, there are two separate parts of your location decision. It’s important to know where your product will be made and where it will be sold. Some manufacturing businesses may be able to operate out of your homes while starting up. But, you may have to find an external office if you require specialist equipment of large spaces.
Although there will be space available all across the country, the prices do vary. So, try to find out the cheapest option that will fit your requirements.
Related: 10 Profitable Manufacturing Business Ideas List
Third Step: Training & Skills
You’ll need to be able to efficiently create your product to the highest possible standard as a manufacturer.
And it will come from your first few attempts at each strand as a lot of what you need to learn about starting up a manufacturing business in Bangladesh.
Before you settle into a routine your production technique will change dramatically. Through rewrites with a business manager and your sales pitches will never stop changing and improving, your business planning skills will be developed.
Read also: Legal Requirements for Starting a Business in Bangladesh
Although starting-up a manufacturing business will require a huge investment of time, on top of that you will need a variety of skills:
- Interpersonal expertise
- Multi-tasking ability
- An analytical mind
- A good grasp of accounts
- Marketing knowledge
Fourth Step: Business Investment
A huge amount of backing requires while starting a manufacturing business in Bangladesh. Without a substantial bank loan or investment, you’re unlikely to be able to proceed.
Your business plan should include all potential costs that are related to your business.
It’ll be the end of the discussion if a prospective investor can spot a cost you haven’t.
The possible costs of a startup in Bangladesh are including:
- Equipment costs
- Transportation costs
- Advertising etc
Fifth Step: Business Promotion
Where to sell your products is a big question when you have produced them. As you can take advantage of the internet and get a professional website to sell from, it would be foolish to limit yourself to regions or shops.
Not only in the national stores, even if possible try to get your product into international stores. Although this will require a lot of time to set up meetings and convince buyers of the profitability of your product, it’ll be a worthwhile venture and take a lot of the selling strain from your shoulders.
Sixth Step: Required Staffs
You may not need any staff at a start-up level for some small-scale manufacturing businesses in Bangladesh. You’ll have to find investors for this option. So, conduct research by yourself to manufacture your product and sell it through one of many avenues.
Although it isn’t an impossible task, it can be a daunting one. You could hire a selection of people to help you in your business if you feel you need help, and it is possible in practical terms. If you have the finances then the options are there.
And you can choose from business managers to manufacturers, freelance sales executives and market researchers. As each of these will take some of the strain from your shoulders, they will also take some of the profits from your business.