How to Start a Moving Company in Bangladesh
Starting a Moving Company in Bangladesh
Starting a moving company is a small scale business idea in Bangladesh. As it requires a lot of time, energy, and financial investment, starting a new business is never easy. But, you have the chance to begin in the best way possible. What you can do to make thing simple is research the industry and market before you actually begin.
It must start with an organized and proper plan that makes your business easier.
This is also applicable for those who going to start a successful moving company in Bangladesh. But, it would be a scary undertaking considering the state of the economy to start a new business. Despite the fact, many people like to take the risk and start a new business. And it’s surprising that they have become financially independent consequently.
An Overview of the Moving Company in Bangladesh
If you’re thinking to start a moving company in Bangladesh, it’s a good decision. This is because this type of business is not flourished widely in the country. But, since the economic crises started in 2008, entrepreneurship has been encouraged.
The reason was to get off many companies worldwide. In fact, you can start small if you think is risky. Although many people think that they need those big commercial trucks and a huge warehouse in order to start the business. This is why you should know the how the business works.
It’s a lot more than just picking up and delivering stuff than running a moving business. Not only you should track every single moving piece but have to consider marketing and logistics as well. These all can make you successful in this business in Bangladesh.
Simple Steps to Start a Moving Company in Bangladesh
If you want to start a moving company in Bangladesh, you need to know exactly how long it takes you to get from point A to point B. Also, you must know the startup costs, which come under a good plan.
Moreover, planning goes work for someone else for a little while as the best way to build your business winning. Here are some of the essential steps that need to start a moving company in Bangladesh.
Step #1 – Understand a Moving Business Works
If you learn how a moving company in Bangladesh works, it will help you to understand the business and decide what style of company you want to have.
Also, it’s fine when If you’re working as a one-man moving company. You’ll have to pay taxes with Tax Identification Number (TIN) as an employer. Although nothing is better for you than rolling up your sleeves and doing the actual work for a seasoned industry veteran, the point is that you can research all you like.
Even you’ll still want to pick up tips from someone who has been doing this for years when you know all the legalities of everything. But, remember that you’re not helping your chances of success if you don’t understand how the moving industry works.
Step #2 – Create a Plan
There is some dissimilarity with a moving company and other companies. This is because it’s not like your traditional store where people walk in, shop around, deal with a smiling employee, buy something and leave. However, you have to have a plan for your business, which is common as other businesses.
As you need a lot of planning for a moving company, you need to have an idea of sales projections for your business. These are the parts of a business plan along with many other things.
Besides, your potential earnings, location, service offerings, marketing plan, staffing plan etc come with a planning.
Step #3 – Obtain moving training
If you have not moved households before then you’ll definitely need some kind of training. Even, moving training will help you better understand the mechanics behind proper packing and loading if you have a practical experience.
Read more: Easy-to-Start Business Ideas in Bangladesh
So, it’ll ultimately help you save on money because moving training will teach you how to be more efficient in all aspects of the moving process. Also, it’s very important in this business to have a good reputation.
Step #4 – Set a Budget
The purpose to set up a helps you know how low you can set your rates and profit comes in from your business. And you must know whatever you’re expensing. Let’s get a prediction how much you may need to start a moving business in Bangladesh:
- A Truck’s Down Payment: BDT500, 000
- Legal: BDT 40, 000
- Stationery: BDT 24, 000
- Licenses and Permits: BDT 50,000
- Fuel: BDT 50, 000
- Insurance: BDT 50, 000
- Total: BDT 714,000
Now, if you think it’s not a lot of money then Okay it’s not so. But, you don’t have to have all that to get started, which is the good news at it. Also, when you’re a trucker, there are tons of financing options available to you. Among the largest startup expense, the truck is the biggest one.
But, it’s the most important thing as you can’t move without a truck. Here is also an option for you and that’s you can lease a truck instead of buying. That’ll cost only the operations and fuels. However, there are some other costs to consider below:
- Truck payments
- Registration or permits
- Repairs and maintenance
- Washes and cleaning
Step #5: Decide on a Right Location
As you don’t need a fancy storefront or shiny office like so many other businesses, it’s another great thing about the moving company in Bangladesh. However, you can’t leave the option to rent an office for the business and it depends on whether you’re working alone or with your drivers.
You can rent a space to park your truck if you’re by yourself. Besides, you’ll want to lease commercial space (to keep costs low) with lots of parking for your vehicles when you’ve got a lot of trucks, ranging from pickups to moving trucks and vans. So, you definitely need to get a space for all of your equipment and the truck.
More Steps to Follow
Here are some other steps to follow, which are not ignorable while starting a moving business in Bangladesh:
- Discover Earning Potential
- Secure a warehouse if offering storage
- Take good care of your customers
- Decide Which Products/Service to Offer
- Promote Your Moving Company
- Create an Accounting Plan
- Getting License and Permits