How to Start a Small Business in Bangladesh
Start a Small Business in Bangladesh
This is because you’re looking for how to start a small business in Bangladesh, you’re here. In the same way, we’re also here or you to introduce to you the system that how you can start a business in Bangladesh with small capital. Starting a small business is not tough. If you want to set up a business in Bangladesh, you have to follow some procedures and legal steps.
The entrepreneur has to apply to Registrar of Joint Stock Companies and Firms (RJSC) for Name Clearance Certificate at the very first of other steps. The next step is to pay stamp duty at a Designated Bank and again apply to RJSC for registration after receiving the certificate. Then, you have to apply for the trade license to respective City Corporation or Municipal Corporations after making the company seal and bank account.
The entrepreneur has to approach the National Board of Revenue (NBR) for receiving TIN Certificate and registering with the Customs, Excise, and VAT Commissioner when you have completed all those procedures. Now, you’re all set to get the registration while applying to the Bangladesh Investment Development Authority (BIDA. Apart from these procedures and legal steps, you have something more to do. We’ll learn them after an overview of the small business in Bangladesh.
An Overview of the Small Business in Bangladesh
With a population that is well over 160 million, Bangladesh happens to be the 8th most populous country in the world. The location of the country is bordered by India in most of the parts except the south one. The power of Bangladesh is called Dhaka, which is the capital city as well where the official language is Bengali, but English is also spoken widely in the big cities across the country. Around the exportation of textile and garments, seafood, jute and fish, the economy of Bangladesh revolves in general. Here are 5 Best Businesses for Dhaka.
Want to Start a Small Business in Bangladesh? Then Go Through Below
When you’re well-known with tax issues or have difficulty processing legal terminology, starting a business in Bangladesh is easy. Also, it can help to reduce costs and stress significantly when you cleverly use the resources and benefits available to you. Getting the admin right at this stage is just as important as developing your business idea, which is important to remember.
If you want to start a small business in Bangladesh, you must get the mental preparation for it. Also, it’s so much necessary to keep continuing a business mind with a psychological assessment. Moreover, you have to transform your mind to do a business if you’re totally novice in the industry. This relates a lot of issues and for your business; your mind is the key operation figure here. The evaluation is entirely our own according to the previous experience.
You just need a plan which is already drawn in your mind or on the paper to start a business. Then you have to make the plan visual. Also, you can get through the app named “MindMapping”, which is a visualization system of your thoughts.
This is because those relate to other whatever you think. So, if you want to be a success in your business, you must have a good plan. For this, you need hard work, lots of determination, compromise etc. Besides, it’s said that planning is half done of a work. It means that if you work with a good plan, you’ll get the success as you anticipate.
Research for Your Plan
It’s time to balance it with a little reality when you have already identified a business idea. Before you go any further, you’ll need to run your business idea through a validation process. It must solve a problem in order for a small business to be successful. You can identify this need with a number of ways, such as research, focus groups etc. there are some of the questions you should answer when you’ll want to explore the market, include:
- How are the demands of the potential services or products?
- How many companies are offering the same services or products?
- What about the competition like?
- Who will take the services or products?
- What will you do to make fit your business in your market?
- What is the competition like?
- How will your business fit into the market? Etc.
Source of your finances
It’ll involve some initial investment because starting a small business doesn’t have to require a lot of money. Also, before you are turning a profit, you must have the ability to cover ongoing expenses. So, make the estimates of the one-time startup costs for your business putting together a spreadsheet along with what you anticipate you will need to keep your business running for at least 12 months.
It can be a sole proprietorship, a partnership, a limited liability company (LLC) or a corporation of your small business. Also, it’ll impact many factors from your business name, to your liability, to how you file your taxes that the business entity you choose. As you reevaluate and change your structure as your business grows and needs change, you may choose an initial business structure.
Find your business location
Whether you’ll have a home office, a shared or private office space, or a retail location, setting up your place of business is important for the operation of your business. When you make sure your business location works for the type of business you will be doing, you’ll need to think about your location, equipment, and overall setup. Moreover, if it makes more sense to buy or lease your commercial space you’ll also need to consider.
Other Things you need to start a Small Business in Bangladesh:
- Unique business name and its registration
- Necessary License & permits
- Select your accounting system
- Make your team ready
- Promote Your Small Business