How to Start a Table Fan Manufacturing Business in Bangladesh
Start a Table Fan Manufacturing Business in Bangladesh
In order to provide air circulation and to cool down the temperature, an electric table fan is one of the common electric appliances used in houses, offices, shops and business establishments. A fan circulates the air; it enhances the evaporation rate of sweat from the body, due to which body is cooled. Although table fans are manufactured various sweep sizes, the one, which is most commonly used.
There are very few limited units who manufacture this product with respect to this particular place. But, it’s almost assembling the parts to start a table fan manufacturing business in Bangladesh.
It’s a matter of assembling the TRIACS, Capacitors, resistors, etc on a pre-designed printed circuit board. And you have to put it in a plastic casing to mount the whole assembled unit.
Market Potential of a Table Fan Manufacturing Business in Bangladesh
Table fan manufacturing business depends upon the capacity of electronic table fan to penetrate the market of the conventional fan and the demand for electronic fan regulator in the future. As electronic table fans are far more durable, first of all, as far as quality aspects are concerned electronic regulators have apparently special features compared to conventional fan regulators.
Apart from these, they operate smoothly; look more elegant, they facilitate greater choice for the speed of the fan. On the other hand, it helps in reducing energy consumption along with occupying much less space.
So, table fans are more economic if thought in terms of all the aspects, in spite of the high price. That’s why it has already secured a great market share with a winning preference.
Steps to Start a Table Fan Manufacturing Business in Bangladesh
Table fans are one of the most used household items in Bangladesh. as it’s said most of the reputed table fan manufacturing business companies basically do assembling jobs in their factory while procuring different parts from ancillaries on an outsource basis. Depending on your utilized capacity and inventory level, it requires a pretty spread out area to get the assembling done and also storage space.
This is because the factory shed will cost quite some money. Although you can get into a rented shed also, it will add to your overheads. But, as primary security, an owned shed will also add value. You need more tools and equipment than machines if you’re just making it an assembly line.
But, working capital is the most important component in this business, which depends mostly on your scale of operation.
Now, let’s know the steps that are essential to start a table fan manufacturing business in Bangladesh:
First Step: Table Fan Manufacturing Business Plan
The growth in your startup table fan manufacturing business mostly depends on a great business plan, which will lay a strong foundation of your business. Along with startup financials, business plans address a wide range of issues. Apart from these, it’s not surprising that lenders immediately turn to the financial section and use the accuracy of your forecasts to gauge the value of other parts of the plan.
This is because before finalizing your business plan’s financial chapter; we strongly recommend educating yourself in business plan financial basics. Besides, you should not forget to collect and attach the documents at the end of your business plan are necessary to form your business. In addition to these, your business plan will come with your-
- A potential source of your business fund
- Necessary equipment for the business
- Marketing strategies
- Hiring employees
- Location etc
Second Step: Investigate the Competition
It’s worthwhile to determine how strong the competition is before you open a table fan manufacturing business in your town.
In this case, you can use the online help to get a list of local competitors nearby. If the local market large enough to then supports another ceiling fans business better be sure that you are doing things much better than the competition.
Also, when you’ll investigate your competitors you’ll know their weak points and you can refine your weaknesses accordingly. That’s why it’s much important to investigate and understand your competitions in your area.
Third Step: Talk to those who are Already in the Business
It’s essential that you learn as much as you can from somebody who is already in the table fan manufacturing business after you’ve evaluated your local competitors. And mind it that your local competitors are not going to give you the time of day. This is because nobody wants to educate a future competitor.
But, as long as they don’t view you as a competitive threat an entrepreneur who owns a ceiling fans business in a location. Moreover, they like to share startup advice with you often very willing. And you may have to contact many business owners to find one who is willing to share his wisdom with you according to our estimation.
Fourth Step: Business Franchising
If you consider buying into a franchise then look for one that allows assembling of the parts in your factory. So, you can use Yellow pages, directories or online search engines to find them.
And if there are no manufacturers in your geographical location then there is a possibility of getting one. Although securing a franchise is expensive, you gain their training, market penetration and brand name.
Fifth Step: Business Location & Staffs
It would determine the space required by the size of the operation. In this case, you need adequate space for equipment, loading, and storage. Apart from these, the factory should have utilities and close to the source of raw material or market.
On the other hand, you should hire only the qualified staff to operate the machinery and run the assembly plant smoothly. Also, you have to get a marketing department where needs to have a quality control officer. And other staffs that you need for your table fan manufacturing business are including:
- Assembly staff,
- Loading, driver
- Quality control officer
Sixth Step: Table Fan Manufacturing Business Marketing
When you have produced a quality product, it’s time to market them. In this case, you can patent the brand name and apply strategic marketing.
So, you should use electronic and print media so that you can push the brand. Apart from these, consider giving discounts, organize competitions or fairs. Having good remunerations and competitive pricing for your product is one of the good ways to market your product.