There are several things to keep in mind when starting a business. You can’t do all kinds of business in Bangladesh’s perspective like America. And even if you do, the chances of success are low.
Some businesses rely heavily on geolocation. But Bangladesh is a perfect place for most businesses. This is a lucrative place to invest and established a profitable business at the current time.
So, we have to take a few initiatives to start a successful business in Bangladesh.
7 steps of How to start a business in Bangladesh
- Market Research
- Competitor Analysis
- Modify Your Product or Service
- Business Plan
- Company Documents
- Open Company Bank Account
1. Market Research:
The most important thing for a business is to observe the market. Whether there is a demand for the product or service that you are bringing to market.
If so, who is the target customer, whether they are young, old, kids, or everyone? Are they accustomed to modern culture or do they prefer classic culture?
Basically, this is the customer segmentation of your business. If you approach your product or service in the wrong way, they will not buy it.
Market research is about analyzing in advance how your idea will perform.
2. Competitors Analysis:
Competitor Analysis is what you do if you come up with a new product or service but another company is selling the same product or service.
Since you did not come to First, you will not get First in Advantage. Just like Grameenphone got. If you look closely, you will see that most of us have one or the other GP SIM.
This is because they come first with modern SIM technology which is a big help to overtake Robi, and Banglalink. Now if a new SIM company comes, it is very difficult to get along with them.
This is the advantage of coming first. Because there is no competition in the market then.
Always keep your competitors in the observation. How they are marketing, what is their approach, and what is the result.
What kind of approach will work best for you? Maybe your competitors have already done what you wanted to do and the results have not been good.
So that wouldn’t work for you either. If you take competitors as learning, you will see that in the end, the profit will be the same. Many of us do not want to do this.
3. Your Product or Service:
People always want to use something that will solve their problems very easily and is easy to use. One thing to keep in mind is that the human brain does not want to do anything difficult.
That’s why designing your product or service in a way that everyone can easily understand and use. Suppose you want to sell a very popular Japanese juice imported to Bangladesh.
There is a good chance that more people will not like your juice and will not buy it. Unless it is modified for the people of Bangladesh.
Because there are many differences between Japanese and Bangladeshi food cultures. If you want to do well in Bangladesh then you have to bring some changes to Test. Which will be the choice of the people of Bangladesh.
In the same way, if you want to sell any Bangladeshi juice in Japan, then you have to modify the juice test keeping in mind the Japanese.
For this, you will see that the tests of actual American Pepsi, Coca-Cola, and Pepsi of Bangladesh, Coca-Cola are a little different.
In all cases, that is not the case. You need to understand through market research what to do when and how to do it.
4. Business Plan:
A business plan is a complete visualization of how your business will be managed.
How to make a business plan for a business
What kind of business model will your business follow? What is its revenue model, that is, how will it earn? It has to be decided according to the business structure.
This is a must have for any startup summit program. Because no one wants to invest without knowing the source of income. Also, you need to be clear about how the business will be run.
The location of a business depends on all kinds of liabilities, from income to expenses. For example, the situation is different in New York and different in Dhaka.
The name of a business is a brand like Facebook, Google, or Apple. You need to understand why people prefer branded products or services to a normal business.
If you do everything from start to finish for your business but don’t do marketing, will people buy your product? They do not know about your product.
People rushed to a product market in a hurry. You need to know about your product or service. You need to create awareness among them through your marketing message.
That’s why when you open TV, and social media, you can see how much advertising. According to Statista, Coca-Cola spends 4 billion dollars annually on marketing and Pepsi spends 1.84 billion dollars.
If you want to do marketing for your business then you can contact the Boyshero Marketing Agency.
One of them does everything from the beginning of the business to the creation of the brand and helps to boost the business.
They are offering 20 minutes of FREE Consultation and you can contact them if needed.
6. Company Documents:
In order for a company to be officially disclosed, a number of procedures have to be followed.
How to do Trade License in Bangladesh
Trade licenses are official licenses that allow you to do business. City Corporation works for Bangladesh Trade License. In this case, you have to go directly to the city corporation and get a trade license.
You can do trade licenses online but it is only available in Comilla and Rangpur City Corporation. To do this online you need to register from this website CLICK HERE.
How to get TIN Certificate in Bangladesh
TIN (Tax Identification Number):
You have to pay a tax on your income. TIN can be done completely online. Therefore, if you search the internet by typing eTIN, you will find the Income Tax website CLICK HERE.
How to do VAT Registration in Bangladesh
Businesses with an annual turnover of over 80 lakh taka will have to pay 15% VAT to the Government of Bangladesh.
VAT Registration is required for all normal activities including tenders, banking transactions, export, and import.
Through this, you will get the Business Identification Number (BIN). Which will help you to recognize your business.
A search on the internet with VAT registration will bring up a website run by NBR (National Board of Revenue).
From CLICK HERE you can register VAT Registration online in Bangladesh.
How to do RJSC Registration for a company in Bangladesh
RJSC stands for Registrar of Joint Stock Companies And Firms. Any company has to come here last and register.
Search here to see if there is any other business already in the name of your brand or business. If not here’s a new product just for you!
This will allow you to incorporate your company. In addition, depending on the type of business, different certificates may be required, such as Fire Certificate, Environmental Certificate, etc.
All the company-related services can be done from the one-stop service website of BIDA (Bangladesh Investment Development Authority) which we did first one by one like TIN, VAT Registration.
7. Open Company Bank Account
Lastly, we need to open a company bank account through which business transactions will be done.
How to open a company bank account in Bangladesh
- First, you have to select any bank recognized by Bangladesh Bank like EBL, Bank Asia, City Bank, etc.
- You need to get an account opening form from the bank.
- All your information must be given correctly.
- You need to provide 3 copies of passport-size photos.
- If there are shareholders then they also need 3 copies of the photo and signature.
- Trade License must be given.
- TIN Certificate must be given.
- You have to give your VAT Registration Certificate.
- You have to give your Passport. Some banks can also issue National ID cards.
- Your company’s shareholders will also need to provide a passport and a national id card if there are shareholders.
- Must give the Incorporate Certificate of RJSC.
- It may also ask for some additional documents which will depend on the bank.
- Initially, some amount needs to be deposited in the account.
The account will be the current account so that you can withdraw and keep money at any time as required.
Your company account will be open for use within 2 to 5 working days after providing all the documents and information.
This is the complete guideline to start a business in Bangladesh. If you follow everything from the beginning to the end business procedure, it is possible to start any successful business in Bangladesh.