How to Start a Profitable Stationary Business in Bangladesh
Start a Profitable Stationary Business in Bangladesh
When you’re going to start a profitable stationary business in Bangladesh, you have to decide first the type of you want to open. Also, it’s essential to focus on stationary that are made for family or personal events, for example, birthdays, engagements, weddings, births, etc.
Moreover, you can offer the caliber of paper most commonly used with either choice. Besides, you may offer printing businesses cards or invitations or in-house or contract that go out to a wholesale printer. In so far as what merchandise you keep in stock, pricing tiers, marketing strategies, the focus of your stationery store dictates your angle. Thus you can start a profitable and fulfilling stationery business if you have an eye for designs, are talented and are on know about new trends for products.
Why Start a Profitable Stationary Business in Bangladesh
Not only a small-scale business but a profitable stationary business in Bangladesh is easy to maintain as well. With the pace of developing the economy, there is an increasing demand for stationery products. This is the point that made the chance to start this business.
As it caters to products like personal and professional correspondence, birth announcements, marketing materials, and wedding invitations, the stationery business is one that is huge. So, you’ll need to ensure that you are well grounded in running a business, asides having the right kind of talent for this business.
But, you’ll first need to research the stationery industry you intend going into, like any other business. That’s why you can effectively compete with them in the same region or industry if you to know their strengths and weaknesses.
Steps to Start a Profitable Stationary Business in Bangladesh
Like any other business, there are some similar steps to start a profitable stationary business in Bangladesh. Also, this business has some specific steps and terms to start. For example, you should ensure the necessary finance for your business, getting a business name and also ensuring that your stationery business is properly incorporated into the right business structure. These will allow you to achieve all the goals and objectives you have regarding your business when you’ll follow them properly.
Step #1 – Business Plan
Deciding what you’re going to sell is one of the parts of your business plan. If you sell something more than the other stores sell, you’ll get an additional income and provide customers with everything they need in one place. Also, determine which ones would be a good fit for your profitable stationary business startup and compare the most popular brands.
So, when you plan for your business, the market trends can help you understand what customers expect and how to meet their ever-changing needs. You must consider adding the costs of permits, license and whatever you need to complete your legal requirements. And these all must write down and maintain them in detail.
Step #2 – Location
Where there you want your store located, reach out to commercial real estate agents. In order to decide between leasing a space and buying a space, as each choice has its pluses and minuses, take time exploring different storefronts. So, if you either use an online service to build your website or contract out, it’s a good idea to simultaneously register a domain name reflective of your store’s name.
Step #3 – Market Research
When you’ll take look on the market, you’ll find this business market is oversaturated. Although there are a lot of similar businesses are running, you can run your one as well. What you need to do when you come in this business is to stand out from the crowd and come up with something better.
Also, other local businesses in this niche should be checked. If you look at the most successful ones you can determine what they have in common. Moreover, if they have a website, visit it to know what more they’re offering. Besides, if you read their customers’ reviews, you’ll know why people choose that store.
Step #4 – Business Permits
You need to get the correct business permits when you have your store locked down. Some of them you’ll get free of cost and some will charge money. For example, you’ll get almost free of cost your company name, but you need money for trade license, company formation process etc. you’ll get all of the legal permits from the nearest municipality or city corporation. Moreover, there are people to help you with whatever you need to start a profitable stationary business in Bangladesh.
Step #5– Supplies and Equipment
You must solidify relationships with the suppliers and wholesalers you intend to use while starting stocking your store with the appropriate merchandise. In order to make your business run in full swing, fill your store with all the accouterments you need. When you have a big and profitable stationary business you may need computers, software along with essential software that complements a stationery store. Here are some items that are commonly sold in the stationary store:
- Address books
- Baby albums
- Business card cases
- Calligraphy sets
- Children’s stationery
- Desk Clocks
- Fountain pens
- Greeting cards
- Holiday decorations
Step #6– Marketing
This is one of the most important steps when you’re in business to start marketing. In this case, you’ll need to print business cards, brochures, and some invitation card and send them to invite people to your opening day. As you use some other businesses, event venues, wedding coordinators, day care centers, and preschools etc, you can decide how best to reach out to your target markets. Also, if you make any special effort, the people will know who you are and what you are offering. When these all are done, you’re all set to open your business.
Step #7 – Legal Documents’ List
Before you start your profitable stationary business in Bangladesh you need various legal documents. So, when you intend to run your stationery business here, arrange the following legal documents;
- Trade License
- Certificate of Incorporation
- Operating Agreement
- Rent/ Space Agreement
- Business Plan
- Insurance Policy
- Employment Agreement
- Tax Identification Number (TIN)
- Business Identification Number (BIN)
- Employers Identification Number (EIN)