How to Start a Toy Shop Business in Bangladesh
Start a Toy Shop Business in Bangladesh
Anybody who has a passion for children can consider starting a toy shop business in Bangladesh. Although it can be started at any scale depending on the amount of capital, selling of toys is actually a big business. If you’re thinking to start the business you’ll find various types of toys are there.
We will advise that you focus on a particular line that you know there is enough market for, apart from buying a very huge amount of varieties of kid toys. You’ll find varieties of toys for kids when you’re in a large toy store. This is one of the great small business ideas that you can start according to your investment ability. It means that you can start it either small-scale or large scale, which entirely depends on you.
Why Start a Toy Shop Business in Bangladesh
The first and foremost reason is that children love toys and parents love their children. That’s why they like to buy different types of toys for their children. The growing economy of Bangladesh also indicates that you demand of kids toys are getting increased gradually. As toys are common for children, they’re the most common gift that adults select for children during their birthdays or whenever there is a holiday.
And the population of the country is more than 160 million meaning that there are huge children across the country. This is the reason that made the toy industry huge. So, if you’re passionate along with dedicated and knowledgeable, you can start selling toys. But, it’s important that you love toys before starting your business.
Steps to Start a Toy Shop Business in Bangladesh
Before starting a toy shop business it’s important that you network with others that run such businesses. This will make you able to get the inside scoop on what the latest upcoming toys will be. But, ensure that you’re able to attain your goals and objectives while starting the business. In this case, you need a wide and detailed business plan along with patience and the commitment of hard work. Well, let’s know the essential steps that need to start a toy shop business in Bangladesh.
First Step: Detailed Business Plan
There is a detailed business plan for a successful enterprise. But, when the plan is documented, it becomes more effective. The scale you plan to start your toy shop business that doesn’t matter at all. The types of toys you want to be selling come with your business plan. But, if you don’t have enough money to buy varieties of children toys at a start, you need planning to know which toys are more profitable and start selling them first in small-scale.
Also, it’s vital to decide whether you want to import the toys directly from overseas or buy from the local importers because almost all toys in our country are imported. Thus your business plan should include all details regarding your business from starting to the end.
Second Step: Killer Business Location
It’s one of the most important decisions entrepreneurs make during the planning phase of launching ventures choosing a location for a new business. As it affects many aspects of how it operates, it’s the first and foremost thing to consider wisely. You need to have a clear picture of what you must have, what you’d like to have before you start shopping for business space. Although it’s essential you give it the attention it deserves, developing that picture can be a time-consuming process that’s both exciting and tedious. Let’s see what the main factors affect a location below:
- Transport costs
- Waste disposal
- Parking space
- Labor costs etc
Third Step: Business Marketing
It’s the marketing strategies that will determine what type of toys you’ll sell. Suppose, you’ll do well if you take your products to children day care and crèche to you sell educational toys for toddlers. Also, if you talk to the mothers of your community and local assembly, you’ll get some customers definitely. And you can consider the fairs and expos in order to display your toy shop business.
Moreover, we recommend you have a website for your toy store whether you are starting your toy business at home or in a standard toy store. It’ll be a veritable marketing tool when you have a website and it comes with a professional touch.
Fourth Step: Financing Your Business
It doesn’t matter your business small, medium or a large one. But, the important thing is that to start your business without any financial challenge. That’s why it’s important to have the right amount of capital to run your business smoothly. Although there are many entrepreneurs have fantastic business ideas, due to a lack of capital have been unable to bring their ideas to reality.
And we’re going to talk about the business plan once again because a well-balanced business plan has stated how you’ll gather the fund for your business. When looking to start your toy store, here are some of the financing options that you can explore include:
- Take it from your personal savings and stock sales
- Consider sourcing for a soft loan from your family members and friends
- Getting bank loans from the commercial banks
- Applying NGO (non-government organizations) for loans
- Finding business investors
Fifth Step: Legal Documents
In order to avoid trouble with regulating authorities, you should start the toy shop business with all the necessary legal documents. But, you have to ask others or hire a lawyer if you don’t know what documents and how they will be required for your business.
In this case, it’s the best way to contact a lawyer who knows well what to do and how to do for the business setup. In order to run your business, here are some of the legal documents:
- Trade license
- Space treaty document
- Business Plan
- Insurance Policy
- Employment Agreement
- Tax Identification Number
- Business Identification Number etc
Sixth Step: Store Branding
It’s best that you know who your target market is and where they are likely to visit when boosting up awareness for your brand.
This is because not knowing these two factors would mean that you will be promoting your business without achieving the right results. And you should realize that whatever you spend on your brand should yield the right results as an entrepreneur. That’s why brand awareness is essential while doing a toy shop business.