How to Start a TV Fridge AC Selling Business in Bangladesh
Start a TV Fridge AC Selling Business in Bangladesh
If you imagine the days without home appliances, that are quite depressing and frustrating. So, one of the best businesses that you can venture into is the TV Fridge AC selling business in Bangladesh if you’re planning to double your profits this year.
Because the need for appliances is always on a high demand by customers, this business is very easy to manage. Also, you’ll be making a large profit when customers will damage them and will come immediately find a way to replace them the fastest time possible. That’s why brace yourself if you’re dedicated to a life-changing experience in the financial aspect. This is because this article will provide you with ways on how to start a home appliance business.
Why Start a TV Fridge AC Selling Business in Bangladesh
There is a great opportunity of the market in the offering of TV Fridge AC Selling business in the today’s age, especially in countries like Bangladesh where there is the growth of the population on a fast scale.
With their houses equipped with kitchen, Bangladesh is catered for nearly a 160 million people. As there is a kitchen with one or more home kitchen appliances in every household based upon the standard of living, you can consider this point to start the business.
Whatever the major home appliances in the country, it attracts all of them. As the developed countries like UK, US, Australia, Singapore etc are attracted towards the market; it’s a good chance to get your head in this business. Besides, there is a constant rise in the home appliances’ sales in this country.
Steps to Start a TV Fridge AC Selling Business in Bangladesh
You have to do a plan for the TV Fridge AC selling business as the very first thing. This is because it serves as the backbone of the entire business strategy. Among the other things, you have to decide on what brands and types of appliances you will sell in the market.
Moreover, you can’t undervalue the customers and the specific market which you are going to target. So, it would be a very good idea if you think that you can also do appliance repair jobs aside from selling them. Well, let’s know the steps to start a TV Fridge AC Selling business in Bangladesh.
First Step: Market Research
Knowing how big the market for home kitchen appliances is that’s the first needed to find out. If you can do it then there can be a scope of demand for home appliances for the kitchen. So, you need to perform a feasibility study so that you can understand how a TV Fridge AC selling business can operate in the given geographical area.
And as the large-scale companies belonging to all the home appliances industries in the entire world, there is a huge investment that’s involved. For example, there is LG, Samsung, Hawkins, Jaipan, Videocon, and Whirlpool to name a few. When there is so much competition in the market it’s necessary to study as to be there any scope of establishing a kitchen home appliances business.
Second Step: Location
It’s perhaps the most important one for your business the location where you establish a TV Fridge AC selling business. So, if you open a store in an area that is frequented by people, the potential customers will know about your business easily.
It means that more people frequent the area of your store and there are more chances of them visiting your store and providing you with business. That’s why your store should be easily accessible for the customers to visit. But, an internet service is the best option for you if you do not have a capital that will fetch you with a good commercial location.
Third Step: Products & Supplies
As products from various dealers, you need to obtain kitchen home appliances. Also, you need to establish contacts in the market in order to deal with the business. Moreover, consider contacting the different distributors if you want to get the offer of a discount on different brands.
Not only need to gather different models and price ranges of home kitchen appliances but gather as many of them in the market as it’s possible for your business’s budget. That’s why to keep different accessories like spare parts, performance enhancers, stand for appliances, covers etc. Besides, for the same purpose, contact the authorized dealers from the various companies.
Fourth Step: Learn from others
If you need experience of sales and growth opportunities in certain areas, you should from an existing home TV Fridge AC selling business. This is the easiest way that you can learn certain areas about the interests of people in buying home appliances.
As the business doesn’t require any academic degree, it’s important to gather experience from an existing one. In this case, we like to advise on getting practical experience doing someone’s job.
Fifth Step: Plan your business
If you’re determined as an entrepreneur, a clear plan is essential for success. The initial costs, your target market, and how long it will take you to break even these are some important topics to consider while planning your business.
As a regular reader of our blog, you may have read that we have stated several times, a well-balanced business plan is half done of a task. Also, when you see a business plan, you must see the entire lifeline of your business from top to toe. That’s why not only for this business but for all business a plan is most vital.
More Steps to Follow
There are some other vital steps to follow while starting a TV Fridge AC selling business in Bangladesh. They’re as important as you can’t ignore any of them. If you ignore any of them, you’re likely to have faced some difficulties. The steps to follow essentially are below:
- Form a legal entity to continue stress-free business
- Register for taxes and get Tax Identification Number (TIN)
- Open a business bank account, for example, a current account
- Set up business accounting to perform all business accounts
- Get business insurance for future need
- Define your brand
- Establish a web presence
- Hire employees
- Build a customer base
- Obtain products from various brands in demand
- The World Wide Web-based business