How to Start a Sweet Shop Business in Bangladesh
Start a Sweet Shop Business in Bangladesh
While satisfying another one’s sweet tooth, you can make a profit starting a sweet shop business in Bangladesh. And starting a sweatshop might just be a great way for you to become self-employed if however, you are one those of lucky folk who is a little more in control of their sweet tooth.
But, you need to do your homework if you’re considering opening up your own sweet shop or candy store. Although there are real upsurges in the number of sweet shops on high streets, people have been hankering for a taste of their childhood. Also, the sweetshops those only selling the most familiar sweets from jars their days are gone. Moreover, you can expect to find treats from all over the world in a modern sweetshop.
Why Start a Sweet Shop Business in Bangladesh
As Bangladeshi people are fond of tasting sweetmeats, starting a sweet shop business is a much more profitable business. All over the country and everyone loves the traditional sweets from adults a throwback to childhood. But, due to competition from supermarkets, it can be hard to run as a profitable business.
Also, when they do their weekly shop, as shoppers tend to pick up supplies, supermarkets dominate much of the market. And it’s important to decide whether your sweet shops rely on passing trade or have such a strong brand/unique selling point that people make a special journey. It’s very hard to make a living as a dedicated sweet seller without one or both of these characteristics. These are nothing to be worried if you start with proper steps.
Steps to Start a Sweet Shop Business in Bangladesh
As the Sweet Shop Business in Bangladesh has expanded considerably, the classic products are still popular. And it’s important for independent sellers looking to compete with supermarkets to buy into new trends, and ensuring product ranges are up to date. But, as it’s said above, these are nothing to worry, it can be done. The way to go ahead is to establish a strong brand, along with a unique selling point. Simply know some steps and follow them to get the taste of success how sweet they’re to taste.
First Step: Business Skills
As many have a rustic feel that people enjoy, an independent sweet shop carry themselves on the brand. If people bring their children then the personality of the proprietor is important. The great way is to encourage a return visit while engaging with the children, and ensuring they have a good time.
Also, as the sweet shop business model can be tricky, a head for figures is important. Not only you need to sell in volume to turn a profit but you need to watch out for your ‘cash cow’ products and maintain a good supply, and see what items are popular at certain times and ensure your stock and promotional materials reflect this.
Moreover, as people need a reason to visit your independent sweet shop when they can pick sweets up when they go to the supermarket, marketing skills are also important.
Second Step: Training and Development
Although there are no dedicated courses available for sweet sellers, there is an abundance of general retail training. It’s the training that can help you set up your business, present a professional image and deal effectively and personably with customers. The best way as in aspect of Bangladesh is to gain the qualification to learn how to make sweets is to join someone’s traditional shop. You’ll learn there not only making sweets but the processes of developing the sweet shop business as well.
Related Articles: Start a Food Shop Business with Small Investment in Bangladesh
Third Step: Business Location
As a location is important for all retail establishments, it’s especially for sweet shop business. Before getting a location, you should know its all advantages and disadvantages.
Although substantial at times, offers a low value per transaction and significant seasonal dips, a common mistake is to overvalue the school trade. But, depending on how ‘out of the way’ the school route is, and whether trade dips too much during the school holidays, some sweet shops are located on school routes and make a good profit. Also, there are so many sweet shops that are located in town centers.
This guarantees not only a higher amount of traffic but easy to transport the business goods. The thing that makes one disadvantage is the high rental costs. But, it can help secure business for other services you provide, such as sweets for parties when you have a high profile sweet shop.
Fourth Step: Start-up costs
Rent and retrofitting will be your biggest initial costs as with other retail businesses. Although you’ll gain the advantage of greater traffic, the location is the higher your rent. But, when you make your first order, sweets are often seen as inexpensive items, the stock can be surprisingly expensive. Although this figure will depend on whether you predominantly stock popular, you may need near US$ 2, 000 (BDT 170, 000).
The amount may vary depending on your location and employees. Also, it depends on your skill whether you’ll make sweets your own or hire someone to make them. Besides, it’s important to find the sources of the business startup costs. Lack of the fund you may either slow down to get the successor to make it fails. So, decide wisely on this issue.
Fifth Step: Franchise Business
In the sweet shop business, the franchise model is well-known. Although stock will be extra there are a number of options available which provide full shop retrofitting and use of the brand name. Since the brand is established you go into business, franchises work better in some situations than in others. Also, it’s good that can help generate sales in the early stages.
When it’s appropriate for your target market, the old-fashioned tills and this look can be easily recreated. Because of high traffic and a recognizable name, franchises do often work well in town centers. Moreover, if you need assistance in the first six months of operation, gain the support of an established brand. This is the most appealing while choosing a franchise.
Some Other Steps to Follow
- Write a well-researched business plan
- Diversifying revenue streams
- Insurance and compliance
- Trade license and permit
- Sweet shop equipment
- Research your sweet shop
- Advertise your business