business-analysis
Work from Home Business Ideas for Moms, Housewives in Bangladesh
In this era of modern technological and wide internet-accessibility, running a business successfully from home is not a matter of dream any more. Rather it is more convenient than full time jobs. On the other hand, you have complete authority and dominance over everything in your day job. Have a look and grab some small-scale business ideas for moms and housewives in Bangladesh in 2022.
Top 8 Home-Based Business Ideas for Housewives and Full Time Moms in 2022
Bakery and Cake Making Business
Your passion is the most important thing to kick off a baking business. So, if you have passion, it is high time to implement your skills and start a cake and bakery product delivery business from home. Initially, much investment won’t be required, as you can sell to neighbors, family, friends, and local people. Thus, you can gradually expand to collecting online orders.
Investment Required:
You can start with an investment of BDT 10,000/- or more.
Profit
Your desired profit may vary depending on your efforts.
Read Work from Home, Earn and Be Your Own Boss
Home Cooked Food
Catering homemade food is one of the best businesses for homemakers to grip and use their cooking skills for making money. Many people favor home-cooked food over fast food. Start procuring small orders to deliver home-cook tiffin and gently up the activity by providing catering deliverance for parties and events. Kicking off a healthy food business from home is an eminent idea with a prominent number of fitness fans.
Investment Required:
An investment for this business makes up the daily expense of new material purchase between BDT 2000- 4000/- or more, depending on the number of orders daily.
Profit:
Your profit margin is variable depending on the number of customers and your setup.
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Start a Day Care Centre
If you live in a society with a large number of kids, then it's time to avail yourself of the opportunity and start a small daycare center inside your house or yard. If you are good at leading and caring for kids, and eager to spend time with them, it is time for you to earn some money doing what you like. As a female parent, use your skills and leverage them into a small business.
Investment Required:
You can start this business with the initial investment of BDT 20000 – 40000/.
Profit:
The profit margin varies depending on the number of kids you manage.
Read 10 Minutes School: Road to $2 Million Seed Funding
Sell Handmade Stuff from Home
Create handcrafted products using your creative skills. People love these items as eccentric gifts or for decorating homes. It ranges from home decors, gift customized clothing, jewelry, scented candles, paintings, and anything you are skilled at. You can sell handmade products on online shopping sites and shipping corners for better customer reach. Indeed, it is one of the best small business ideas for women.
Investment Required:
This business requires minimum Investment – BDT 10000 – 20,000 for raw material.
Profit:
It varies upon the products you make and sell available.
Read:Salt Industry in Bangladesh: An Overview of Companies, Brands
Yoga and Fitness Business
Are you a certified teacher trained in Yoga and fitness? The best way to go with a fitness business from home is by going ahead with online classes for training. Anyway, to get recognition and a sizable number of niches, you can begin with a YouTube channel or post small videos on social media to reach your desired level of audience. Next, you can start online training step by step. This business will surely earn a positive result for you.
Investment Required:
You can start with a minimum investment of 0 to BDT 10000/.
Profit:
The profit is variable depending on the number of clients/niches.
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Online Tutoring
Online Classes or Tutoring is a convenient and comfortable job for a housewife or full-time mother. This will help you break the monotony and put your academic skills to the correct use as well. Teach your preferable subjects or contents online to your students. There are also many online platforms where you can teach English to non-English speaking kids with hourly pay as good as BDT 500-1000 per hour. Mathematics is another hot topic to teach online. It is a flexible business for housewives with no investment at all.
Investment Required:
Generally, no investment is required for this business.
Profit:
The profit is variable up to the time you invest.
Read How to Open a Super Shop Business in Bangladesh?
Affiliate Marketing
Affiliate marketing is a hip-hop online business sector that women can perform from their homes comfortably. In this system, you will sell another person’s product and in exchange, you will get a commission. To come across affiliate marketing, you need to create a blog for customers or you can upload product videos on YouTube. You can get numerous free resources and tutorials available on the internet to get easy trips for affiliate marketing.
Investment Required:
You can start this business with a little amount of investment.
Profit:
The profit is variable. You can earn thousands to millions depending on your efforts.
Read:Food Cart Business in Bangladesh: How to Get the Food on Wheels Rolling
Start a YouTube Channel
YouTube has helped many housewives earn good money through videos on diverse niches, such as, beauty tutorials, cooking, gardening, workout, handmade craft, fashion, etc. Success and identity will boom according to the numbers of subscribers and watch hours. You can apply paid collaborations and affiliate marketing to increase the returns stream from YouTube. It is a fun and amusing way to work from Home Business Ideas for moms and homemakers to start earning from home.
Invest Required:
Needs around BDT 50,000/ to become a YouTuber that includes the cost of equipment such as Laptop, camera, microphone, lightings, among others.
Profit:
When it comes to profit, successful YouTubers earn up to BDT 10,00,000/ monthly.
Read How Do Social Media Influencers Make Money?
Bottom Line
It is high time to become self-dependent and financially solvent regardless of compromising family time. To get going with a successful business from home and around, you do not need to fund a huge capital investment but equitable the fit- to talent and dedication nevertheless of females. These small-scale home-based business ideas for housewives and moms will help you make good money from the corner of your home. Think positive and start earning as your own boss in your own firm.
10 Minutes School: Road to $2 Million Seed Funding
10 minutes school is the largest online education platform in Bangladesh. Through its networks, Ayman Sadiq, the founder of 10 minutes school, and the team has provided access to quality education for all classes of students in Bangladesh. Recently, the company received a $2 million funding from Sequoia Capital based in India. However, the journey to this point was not easy. Here is the story of 10 Minutes School and how it changed education perception and propagation in Bangladesh.
The Story of 10 Minutes School
Ayman Sadiq started 10 minutes School as a YouTube channel back in 2014. The initial aim of the platform was to address a few key constraints facing the 40 million students within the national curriculum. One of the key constraints was access to better education and teaching methods. This initiative also focused on democratizing and disseminating knowledge at a free cost. And finally, overcoming the geological barrier of regions and countries, so that anyone can access the same content from anywhere in the world.
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Before the YouTube kicked-off, Ayman used to make infographics of the educational content and used SlideShare to publish them. The contents were innovative and engaging for the students. As more and more students got involved with his content, Ayman was approached by a group to make an infographic video titled “One formula to rule them all”. Long story short, that video did not get accepted by the commissioning group.
After that Ayman ended up opening a YouTube channel to publish the video. The video became an instant hit overnight. The viral reach paved the way for video-based content and access to a larger audience base. That 10-minute-long video ideated 10 minutes school.
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The Journey to Becoming the Largest EdTech in Bangladesh
Ayman and the team focused on solving a key pressing issue of Bangladesh – access to quality education. Though the education curriculum is almost uniform across rural and urban areas, the quality of imparted education grossly differs. The teachers in rural areas do not have access to different training and grooming facilities that are otherwise available in the city areas. As a result, the teachers also fail to properly disseminate knowledge engagingly.
This is where the effort of the current government in digitizing Bangladesh helped the likes of 10 minutes of school. The increasing connectivity initiatives meant even a rural child now has access to the internet and smart devices. And a free platform like Facebook and YouTube made it easier than ever to connect content with the students.
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The growing popularity motivated 10 minutes of School to focus on curriculum-based content. Within a year, the organization was able to make chapter and subject-wise content for grade 1 to 12 students. But did they stop there? No. 10 Minutes School then moved on to making video lessons and content for different competitive and entrance exams.
Today 10 Minutes School has grown much from its initial video lessons days. The platform now engages over 40 million learners through their different channels. With over 2.5 million daily engagements, 10 Minutes School is single-handedly paving the way for educational democratization and access to quality content.
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The platform now has over 20,000 video lessons and over 1200 smartbooks. It also houses almost 50,000 quizzes and over 1300 blog content. The 10 Minutes School is a glaring example that with will and effort, it is possible to create a better future for the bright minds scattered across Bangladesh. This innovative venture showed that education, no matter how hard the subject might be, can be fun and engaging. And with the right technology, it can reach anyone, anywhere on the globe.
$2 Million Funding from Sequoia Capital: What it Means for the Future?
10 Minutes School and its content has been grossly tech-based. Whether it is content generation or content propagation, a lion’s share of the cost in the process is involved with technological infrastructure . The organization has had a partnership with Robi. Robi is one of the largest Bangladeshi telecommunication companies that has supported 10 Minutes School since its early days. Robi allowed 10 Minutes School to scale up their contents and areas with sufficient funding.
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But to fulfill the dreams of 10 Minutes School more assistance was required. The organization also received co-operation from the ICT ministry. The ministry helped in launching different skill development programs in 64 districts of Bangladesh. It acted as the activation partner whereas 10 Minutes School developed the training content. In addition to that, the organization partnered with the a2i program and different UNDP projects. The aim was to make education and knowledge more accessible across different social denominations.
But the pandemic has been a game-changer for 10 Minutes School. The effective closure of the educational institution for almost over a year hindered the participation of students in classroom-based education in different parts of Bangladesh. During this period, 10 Minutes School saw unprecedented growth in its content and lesson engagement across all platforms. This online education platform emerged as an effective alternative to classroom education in Bangladesh.
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In 2021, the organization saw a 12% growth in its business amidst the pandemic. It clearly showed that EdTech is the future of education. The students made the transition from age-old traditional classroom-based learning to a more advanced system. 10 Minutes School proved that online distance learning does not have to complement classroom learning anymore. It can be an effective alternative if such situations arise or continue.
The team also launched a few paid upskilling courses during this time. The $2 Million funds will be aimed at rapidly developing the content base and expanding to new learners in Bangladesh and globally.
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The organization plans to launch several live coaching classes for primary-level students. It also has plans for designing interactive textbooks for primary, secondary, and higher secondary levels.
The Seed Funding: Lessons for Future EdTechs
10 Minutes School is not the only EdTech in Bangladesh. But it is the first of its kind to receive such a high amount of seed funding. The pandemic and how 10 Minutes School stood up to the test of time can be a great example for future EdTech startups.
In today’s world, learning is not limited to physical classrooms anymore. Neither does it have to be constrained to a certain concentration or syllabus. Now anyone can learn whatever they want thanks to tons of resources that are available. What EdTechs can do is ease the process of learning. They can create platforms like 10 Minute School. It can be based on different concentrations and learning agendas.
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Global connectivity and internet access have made the process of disseminating education a lot easier than it was before. EdTechs can emerge as a leader in this new order of knowledge democratization.
Salt Industry in Bangladesh: An Overview of Companies, Brands
‘Salt’ is well known to all of us as it is used in cooking. Salt is not just used for cooking. It also has other uses. The heart, liver, kidneys, adrenal glands, and other parts of the body depend on salt for some functions. When it comes to buying salt, Bangladeshi people rely on local salt brands. Bangladesh became self-sufficient in salt production in 2019. So, what are the top salt companies? Read on to know the notable salt brands in Bangladesh.
Most Renowned Salt Manufacturing Companies in Bangladesh
ACI Pure Salt
Advanced Chemical Industries Limited (ACI) or ACI Limited is one of the largest companies in Bangladesh. They sell a total of 39 products in four sectors: healthcare, consumer goods, electronics, agriculture, and retail. ACI Salt Limited started its business in 2004 in the Edible Salt Market through ACI. In the salt market, ACI Salt has earned the top brand position almost 8 times in the last decade.
ACI Pure Salt Company aims to produce 100% edible salt applying the modern vacuum evaporation method technology. Since its establishment, ACI has been providing premium grade edible salt with 100% purity. Hence, the brand achieved global recognition. Nevertheless, the ACI salt factory is claimed to be the biggest factory in Bangladesh in the Vacuum Salt industry.
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Molla Salt
Molla Salt was one of the pioneers in the Bangladeshi salt industry. The company started its journey in the 80s. Initially, they introduced the ‘Molla Salt’ brand, and later they brought ‘Molla Super Salt,’ which is produced with a modern evaporation system. In 2007, the company began Molla Salt (Triple Refined) Industry limited at Fotullah, Narayanganj. Over the years Molla Super Salt has become one of the successful brands in the Bangladeshi Salt industry in the premium salt category.
Molla Salt has the vision to become the market leader while ensuring the people’s good health through their product. Moreover, they also want to boost the quality of life of the Bangladeshi people by producing a world-class product. Although Molla Salt doesn’t have a strong distribution channel, they are focusing on it.
Fresh Salt
Fresh Salt from Meghna Group of Industries is another top salt brand in Bangladesh. The brand claimed to bring the best blend of balanced nutrition and minerals. Further, Fresh Salt is produced using the Vacuum Evaporation System and Switzerland’s Latest USD (Ultra Superior Dosage) Technology. The combination of these two systems allows to remove all kinds of impurities from the salt and balance all the minerals such as Magnesium, Iodine, Sodium Chloride, and Calcium. Eventually, all these ingredients help anyone to keep themselves active and healthy.
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Moreover, the unique formula helps to activate nerve function and create balanced electrolytes. Besides Fresh, Meghna Group also has another salt brand named No. 1, which is a vacuum salt, while fresh is super-premium salt.
Confidence Salt
Confidence Salt Limited started its journey in 2005 with a factory in Chittagong near the Karnafuli River. They use vacuum evaporation technology to produce salts from the beginning of their establishment. The claim to the first company who started the Swiss vacuum evaporation system. Confidence Salt is produced in a healthy environment. Now the brand is supplying salt all over the country with its strong network.
Sena Salt
Sena is a brand name from Sena Kalyan Sangstha. Sena Salt aims to satisfy the customers with high-quality products. It is an iodized salt that is produced through the Triple Refined Vacuum Evaporation process system.
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Pran Iodized Salt
Although Pran is a popular brand, its salt vertical is quite new in the market. The Pran Iodized Salt provides the necessary iodine for the human body. It is produced through the Triple Refined Vacuum Evaporation process, which is the latest technology to ensure the quality of the salt. Though Pran has a great distribution channel, they are yet to spread it all over the country. Pran aims to improve livelihood.
Muskan Salt
Muskan Salt from S. A Salt Industries is a free flow iodized salt that is produced through the Triple Refined Vacuum Evaporated Salt. They process the salt by Evatherm Branded Machine imported from Switzerland. With the help of Evatherm Branded Machine, they refine the raw salt and convert it to the free flow condition. Moreover, the State-of-the-art Evatherm has the ability to maintain an accurate amount of Iodine, sodium chloride, and other ingredients while processing. Hence, the human body gets all the necessary elements available in salt in the proper amount.
Akiz Essential Iodized Salt
Essential Iodized salt from Akiz is a triple refined vacuum evaporated salt, which uses world-class technology under strict quality control. Hence, the Essential Iodized Salt remains crisp, white, and pure while containing the right amount of ingredients. Akiz salt has the necessary iodine, chlorine, sodium, and potassium.
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Mamia Premium Iodized Salt
Established in 2013 Mamia salt from Mashrifa Food Products Ltd. is a popular name in Chittagong. Mamia salt is produced through the latest technology using automated machines. Therefore, the salt is 100% pure, white, and has no dirt in it. Mamia Premium Iodized Salt contains the right amount of iodine. As it is produced using the latest automated technology, the iodine remains intact in the pack for a long time.
Final Words
The raw materials to manufacture salt are produced in the country. But the amount of raw material produced in the country is not enough all the time. Hence, the companies need to import the raw materials sometimes. However, the above-mentioned brands mostly rely on local raw materials. Although there are not many options available when you go shopping, you will surely find any of the brands in your nearest grocery store.
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Best Men's Shoe Companies, Brands in Bangladesh: An Overview
Bangladeshi people are leaning towards branded shoes due to an increase in purchasing power as well as awareness about a change of taste and quality. That is why the sales of branded shoes are increasing at an average rate of 12-15% every year. That is why many new companies are entering the business. However, despite the increase in business, a large part of the number of shoes sold throughout the year is non-branded. But still, Bangladeshi men’s shoe brands’ market share is increasing significantly. Following are the most popular men’s shoe brands in Bangladesh.
Top 10 Men’s Footwear Brands in Bangladesh
Bata
Bata occupies the top position in the brand's shoe business. This global shoe company started their operation in Bangladesh in 1962. At present they have two factories. One in Tongi, the other in Dhamrai. These two factories can manufacture 1.6 lakh pairs of shoes daily. They have 248 outlets across the country. Further, there are more than 1500 dealer shops across the country. Although two factories in Tongi and Dhamrai produce butter shoes, shoes of different brands including Nike and Adidas are imported from outside the country. In all, around 40% of the Bata shoes are imported from abroad. Bata also sell online through their website batabd.com
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Apex Footwear
Launched in 1990, Apex Footwear's Tannery Unit was awarded the 2015 Leather Working Group (LWG) Best Quality or Gold Factory status, which is pre-requirements for large brands to buy products. Apex has a collection of about 135 shoe brands around the world. Apex founded the brand back in 1997 to sell footwear in the local market. Moreover, they are the second-largest shoe brand in the country. They occupy 7-8% of the brand's shoe market. At present, they have about 800 own sales outlets, franchisees, and wholesale outlets across the country. Apex shoes can be found at apex4u.com.
Bay Emporium
Bay Emporium is one of the notable brands of shoes and sandals in Bangladesh. It started its journey in 1996 on the 4th floor of Shimanto Square. At present, the brand has a total of 22 branches all over Bangladesh including Dhaka. Besides shoes, it also sells belts, wallets, socks, etc. Bay also sell their footwear online through their website amarbay.com.
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Orion Footwear
Orion Group's Orion Footwear came on the market in 2015. They have already opened about 30 outlets in Dhaka and big cities. They began their journey with a slogan to “Tender Loving Care.” They started the journey with 450 unique designed shoes. Orion offers different kinds of footwear for men including, dress shoes, casual shoes, sports, summertime shoes, and more. Its website address is orionfootwearltd.com.
Jennys
Starting in 1992, Jennys is another men's shoe brand in Bangladesh. However, they were mainly leather goods exporter company based in Bangladesh. The brand produces casual leather footwear which is handmade cement and moccasins shoes. Jennys also export shoes abroad and they already have a footprint in the UK, Canada, Australia, Japan, and other countries. Although they have a small portion of the market share in Bangladesh, they have proved their standard and quality in the international market. You can see the Jennys product at jennysshoesltd.com.
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Walkar Footwear
A concern of the Pran-RFL group, Walkar Footwear started its business in 2017. Walker currently has 70 outlets. The factory is located at Danga Industrial Park, Narsingdi. The factory can produce around 12 lakh pairs of shoes per month. Currently, 500 people work under the Walker brand. Walkar Footwear also sells online via walkarfootware.com.
Step Footwear
Bangladeshi brand Step Footwear aims to produce comfortable shoes for men, women, and kids at an affordable price. The brand is a part of a step group of industries. For men, Step offer Sandal, Slipper, Casual shoes, and sneakers. Currently, they have more than 18 outlets across the country. Besides, a potential buyer can check out their online store at stepfootwear.net.
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Lotto
Quality and trendy lotto products are the first choices of many fashion-conscious customers worldwide. Exotic Lotto shoes and sandals from the famous Italian fashion brand Lotto Footwear have also become popular among the fashion and diversity lovers of Bangladesh. Lotto Bangladesh started its journey in 2012 as the first international sports brand in Bangladesh. Currently, they have 180+ retail stores across the country and 1300 people are working for the company. They offer a wide range of shoe collections for men.
Leatherx
Leatherx Fashion & Footwear is a subsidiary of Leatherx Footwear Industry Limited. Launched in March 2000, the company is now exporting shoes to the international market. Leatherx is operated under the technical supervision of German, Italian, Korean and Japanese experts. The brand offers different types of shoes for men. While they have several outlets in large cities, you may check out the shoes online at leatherex-fashion.com.
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Fortuna
Bangladeshi footwear brand Fortuna offers stylish, confident, relaxed, intelligent, and modern shoes for men. Further, they aim to provide shoes at an affordable price. From office shoes to casual, Fortuna has numerous comfortable choices for everyone. While they have around 15 stores in the country, they also sell online at fortunabangladesh.com.
Final Words
So far, we have discussed the most renowned shoe brands in Bangladesh. Even 20 years ago, Bangladeshi men knew Bata as a shoe brand. Those who did not buy Bata shoes relied on shoes imported from China, India, or Thailand. Of course, people wore fewer shoes then. But, many Bangladeshi brands have emerged over the years. So, people now have many options to buy shoes. Moreover, The size of the country's shoe market is now around Tk 8,000 crore, which is growing at an average rate of 15% per annum. So, it is understandable that customers’ buying behavior has changed and many stylish shoes are coming to the market every day.
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International entrepreneurship development conference Saturday
Entrepreneurial Economist Club (EEC), an organisation of the Dhaka School of Economics (DScE), will arrange an international conference on entrepreneurship development in Bangladesh after LDC Graduation Saturday.
The day-long programme will include research paper presentations, debates, and experience sharing by top executives of some enterprises.
Also, foreign researchers and teachers from renowned universities of India, Thailand, Australia, and Mexico will join the event.
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Dr Qazi Kholiquzzaman Ahmad, chairman of the DScE and Palli Karma Sahayak Foundation, will inaugurate the programme as the chief guest.
Professor Sheikh Ekramul Kabir, head of admin and academic affairs of the DScE, will be present as the special guest.
Professor Dr Sujata Khandai, deputy dean (academics) of India's Amity University Noida, will present the theme paper on entrepreneurship development, international economics under Covid-19 in Bangladesh: Aftermath of LDC Graduation.
Dr Azreen Karim, research fellow of the Bangladesh Institute of Development Studies, Sara Tasneem, assistant professor of entrepreneurial economics at the DScE, and Md Mahbubur Rahman, executive director of SDO, will also speak at the programme.
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Professor Dr Muhammad Mahboob Ali, coordinator of entrepreneurial economics at the DScE, will moderate the inaugural session.
Food Cart Business in Bangladesh: How to Get the Food on Wheels Rolling
Historically, street vendor food has been prevalent in the Bengal region. From Fuchkas to Jhalmuri to Bhelpuri, street food has been an intricate part of Bengali snacks. In recent times, there has been a boom of more evolved street food in the form of food carts. This is something cheap, fast, and brings a whole different range of cuisines to the taste bud. The increasing popularity of the food cart business poses a few questions. How profitable food cart business is? How to open a food cart business? This article details it all.
The State of Food Cart in Bangladesh
More often than not, food carts have been a success story in Bangladesh. While most food carts end up making a significant profit, some even go on to become full-blown franchises. The Coffelicious of Baily Road and Madchef from Dhanmondi are such success stories. Both of these restaurants started from a humble cart and expanded into several branches across Bangladesh.
However, there are challenges as well.
There is no correct estimate on the number of food carts in Dhaka. A conservative estimate would put the numbers ranging from 2,000 to 3,000. Recently, the Dhaka North City Corporation handed over 80 carts to prospective food vendors. The initiative was part of DNCC and FAO to provide healthy and safe street food to the city dwellers.
Read: How to Open a Super Shop Business in Bangladesh?
Constraints of Food Cart Business in Bangladesh
The success stories, the business prospect, and the easy return might make the food cart look like gold mines. However, like any other business, food carts also face some key constraints.
The initial cost of starting a food cart isn’t much. As a result, it is very easy to jump on the bandwagon. But the problem starts afterward. Carts are set up on streets and public properties. It might create a problem for the adjoining street or neighbors. A simple complaint to the local authority will easily see the cart getting removed from its place.
Then the owner needs to consider the matter of quality. Even though the food cart business is still in its budding stage, the high concentration at certain places makes things very competitive. A slight fall in quality will see the easy loss of customers. The high concentration also brings the constraints of innovation. Cart owners are constantly pushed to bring something innovative to stand out from the crowd.
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But perhaps the greatest constraint is regarding regulation. Given the bureaucratic maze of Bangladesh, it might be thought that opening a food cart would bring about a lot of legal issues. But the problem here isn’t the regulation itself, the problem is that there is no regulation, to begin with.
Even though food safety authorities and different judicial mobile courts accept that the food carts are becoming increasingly popular and rampant in the city areas, there are not any initiatives to regulate their activity or food quality.
Some of the cart vendors do not even have the minimum trade license that enlists the cart as a business entity. Consequently, most of these carts become part of the informal economy and the government misses out on the tax revenue generated from the profit.
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There is also the issue of paying spot money to unsanctioned authorities to retain cart spots. Considering everything, the food cart business doesn’t look as smooth as it might seem from the outside.
Steps to Start Food Cart Business in Bangladesh
Constraints aside, food carts can still be a profitable option for those willing to put in the effort. And it all starts with proper steps.
Business Plan
It is essential to think of the food cart as a full-fledged business. This will help to get into the idea of how profitable business models work and what are the responsibilities that come with managing one.
The first step is to get the business plan ready. Before chalking up the plan, collect some key data including –
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- Demographic information
- Target audience
- Target audience median expendable income
- The food culture of the area
- The average size of the target audience at any given time
This information will help to properly design a food art outline including cart size, serving, menu, and price. Now, let’s move to the next step.
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Budget
After the plan comes the budget. A few years ago, it was possible to set up a full-fledged cart under 50,000 BDT. But now it costs significantly more to set up a proper cart from the scratch. But it is still much less compared to physical restaurants.
A simple bare bone cart can be started under 100,000 BDT. This cost will cover the price of the cart along with the basic cooking utensils. At least 3 people are required to run a cart one being the chef himself. Going by the average industry standard of 15,000 BDT for the chef and 10,000 BDT for the associate, the effective month-end cost is 35,000 BDT excluding the food production and food produce cost. This is a meager amount compared to what a regular cart can make in a single day. Proper planning and a positive approach can see profit from the first month onward.
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License
It’s already mentioned that the food cart scene in Bangladesh is completely unregulated. Whatever small regulation there is, it is based on the Hotel and Restaurant Act of 2014 which falls grossly short to regulate the food carts.
Yet the basic legal requirement for any food cart is a trade license. The process of obtaining a trade license is fairly simple.
- Get a K form from the zonal city corporation office. The K form is the designated form to enlist business entities.
- Fill up the form and submit it for verification by the local ward commissioner.
- The final submission of the form with 3 copies of passport size photo of the applicant, proof of municipal tax payment, and area rent documents.
- After a thorough survey by the licensing officer, the trade license is issued after payment of the issuance fee.
Final Thoughts
The food cart is emerging as a promising front away from the conventional restaurant business. While there are still a lot of issues in the sector, it can be an effective starting point for the small-scale entrepreneur. The proper regulation and formulation of a regulatory body will make the process much smoother.
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How to Open a Super Shop Business in Bangladesh?
Super shops have gained significant popularity over the years. Traditionally there have been small daily shops on every alleyway of Bangladesh. But super shops were the first specialized modern integration of everything in a single place. From fresh fish, meat, vegetables to daily groceries, everything can be found under one roof. The growing popularity of the super shops offers a unique opportunity for many to get into the stream. So how to start a supershop business in Bangladesh? This article details everything.
The Regulatory Requirement
Many people will say start with a business plan, choice of place, shop outline, employees, product choice, and whatnot. But in the context of Bangladesh, all of those are secondary. None of these plans will mean anything without the regulatory clearing.
Bangladesh ranks 168th out of 190 countries in the ease of doing business index. Bear on as there are a lot of formalities to get through before a basic outline can be drawn for a super shop. Here is a list of must-have permits and the detailed procedure of getting them.
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Choosing a Name
It all starts with the name. However, it cannot be any name. A prospective shop owner must check whether the chosen name is already in use or not. This can be done from the website of the Registrar of Joint Stock Companies or RJSC.
It will cost about 600 BDT to get the name registered. The process starts with filling out the required application form. The name gets approved within one business day if it adheres to all the regulations. The name is allotted to the applicant for a period of 6 months. This document is important for registration with the RJSC.
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The Stamp Duty
The stamp duty is paid as a memorandum for shared capital or ownership of the business. A 2500 BDT stamp is used for up to 1 crore of joint capital ownership. This stamp duty is to be paid in designated BRAC bank branches under the account of the Treasury department.
Registering at the RJSC
The stamp duty and the name registration documents will enable you to register with the RJSC. This is to register as a store and a business. For this, a copy of the stamped article and association memorandum needs to be submitted along with 4 different forms. These forms are declaration papers of different business entities as well as business running and returning procedures. There are two costs associated with this process, the filing process costs 1200 BDT and the registration itself costs 3645 BDT. These two amounts need to be combined and paid off at the RJSC.
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Getting the TIN
After registering with the RJSC comes the TIN. The Tax Identification Number is a must-have document for every eligible income tax returning individual. Business entity owners naturally fall under this category. The TIN can be obtained from the zonal tax office under the NBR. The process takes up to 4 days but there is no cost associated with getting the TIN.
Company Monogram
A monogram is like a brand. And brand promotion is important to kickstart super shop business. Some of the famous super shops of Bangladesh like Agora, Meena Bazaar, and Shwapno all have their distinct monogram and logo. It is an essential part of creating a unique business identity.
Read Frozen Food Companies in Bangladesh: An Overview
Trade License
This is the most important of all the processes mentioned above. A trade license is the official government declaration that enables a person to engage in any form of trade-related transaction. Normally, a trade license costs 5000 BDT and can take up to 3 days to be issued. It is issued from the zonal city corporation. All the above documents except for the company seal will be required to register for the trade license.
VAT Registration
The VAT registration happens simultaneously with the TIN generation. The process is fairly simple and enables a person to sell different imported and BSTI approved products legally. It is to be noted that buying and selling any goods without is completely prohibited under Bangladesh Law.
These are just the technical aspects of setting up a super shop.
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Business Pans to Start a Super Shop
The main activity starts right after getting the legal proceedings done. Lets chek out some key steps:
Selecting a Target Audience
The target of the super shop has always been the middle income, upper middle income, and higher-income households of Bangladesh. This target audience grossly determines the setup, location, and product category of a super shop.
Location
Depending on the target audience the shop location has to be in an easily accessible place. Preferably near the main road or at a junction of alleyways. The median income of the location also determines whether it will be an ideal location for setting up a super shop.
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Product Catalog
Super shops are like a one-stop roof for everything. From daily necessities to monthly groceries, a super shop should include everything. But that depends on the scale of the shop itself. Typically, there can be a fresh protein section, frozen item section, fresh vegetable section, and all sorts of snacks and daily goodies.
Product Sourcing
With the trade license and the RJSC registration, a super shop initiator can directly contact the suppliers or producers for products on the shop. The initial proposition can be contract-based selling where the commission would be based on the actual number of products sold. Many super shops sell imported goods and food items. In that case, it becomes important to track the specific importer of the good.
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Staff and Store Management
There needs to be a robust store management scheme under an able store manager. It is easy to get sales representatives but it is important to make sure they are well trained. Customers always look for meaningful interaction so these can be a make-or-break aspect for any aspiring super shop.
Final Thoughts
The process of setting up a super shop isn’t easy. But it is not that hard as well. It is just that a person should have the patience to get through the endless barrage of bureaucratic regulation. However, depending on the market understanding and successful coordination, a super shop can easily be a profitable business for many.
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Influencer Marketing: A Beginner’s Guide
Are you thinking of leveraging influencer marketing as a way to promote your business; but unsure of the process? You have probably asked yourself "How do I find influencers?" or "What are the benefits of using an influencer marketing platform?" Well, this article is full of insider tips on how to do influencer marketing successfully and reach your targeted audience.
What is Influencer Marketing?
Influencer marketing is the practice of leveraging social media influencers to generate sales. A good influencer has the ability to reach a wide range of consumers who trust them and will buy products recommended by them.
In turn, vendors of a product often sponsor an influencer in order to create buzz around their newest release or get their name out there with fresh new content. More and more businesses are finding that they need to use this unique approach with their marketing campaigns in order to compete in today's saturated digital marketplace.
READ: How Do Social Media Influencers Make Money?
However, it can be difficult for businesses who are not used to working with social media influencers, especially those who lack the necessary skill set or leverage networks themselves for promotion.
Implementing Influencer Marketing
Before you launch your product campaign you will need to comply with some requirements such as finding the right platform, right influencer, strategy, and more.
Selecting the Social Media Platform
There are many different social media platforms to choose from to find influencers because there is no standard that defines what constitutes a successful influencer. However, the top three platforms everyone uses are Facebook, YouTube, and Instagram. This is because these three platforms have the highest amount of views compared to other social networks. However, recently Tiktok has also been playing a vital role in influencer marketing.
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How Do Social Media Influencers Make Money?
Many people are finding success through the internet by creating and promoting content to a targeted audience who wants to hear their voice. Social media influencers have taken up this niche and made it their personal obsession. But how do these influencers make money, we break down the costs of their time, possessions, and other essentials so you can gauge what they are in for?
It is interesting to see how some social media influencers refer back to traditional methods of generating income: with advertising revenue as well as through sponsorships and partnerships. What's great about this movement is that they are not confined to traditional ways of making money.
8 Ways Social Media Influencers Make Money
Social media influencers are a type of Internet celebrities who use social media websites such as Instagram, Twitter, and YouTube to promote their personal personas. They often engage with their followers by posting photos and videos that follow certain themes or include captions that describe their "brand." Let's see how they earn money using their fan base.
Sponsored Social Media Posts
When you are a social media influencer, some companies will pay you to promote their products on your social media accounts. This has a couple of benefits for the company: they are able to reach their targeted demographic through accounts that already have thousands of followers, and they can reach an untapped demographic through an influencer with a different audience. The influencers benefit by making money through sponsorships and partnerships, allowing them to charge money to the brands they promote.
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Social Media Influencers Make Money through Ads
Social media platforms like Facebook, Instagram, YouTube, and Twitter all offer ways for users to make money. For example, these platforms show ads on videos. Hence, the influencers make money from those videos.
Webinars on Social Media Platforms
Webinars are a great way for some subject matter expert people to make money. They can host a webinar on any social media platform, and other people will be able to sign up for it and watch the content. This is not only a good way to get more information from people, but these influencers can also sell products or otherwise promote themselves through these webinars.
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Plot vs Apartment: Which is the Better Investment Option?
Many city dwellers dream to own plots in the liveable areas of the city where they can build their dream homes. However, the apartment culture has had a significant boom. People are looking to buy apartments in city centers and business districts. This shift to the trend of apartment purchasing is partially accelerated by the lack of available land. As the amount of physical land is diminishing day by day, the portion of residential zone is shrinking in the cities. In recent years, the prices of both plots and apartments have soared up significantly. In 2022, it is a burning question whether someone should invest in land or an apartment for long-term returns? Let's find out.
Pros of Owning a Plot
Affordability
This doesn’t necessarily apply to the developed areas of the city. From the context of Bangladesh, some areas within Dhaka might still be affordable but it is still not developed yet. What happens after development is something that will be discussed in the next point.
Compared to the apartments in city hubs, land prices in a more secluded area might still be comparatively less. There is virtually no maintenance cost and the property tax is also less.
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Appreciation
Land prices tend to appreciate significantly. The appreciation happens at a much faster rate compared to apartments. When a community grows in an area or the transport system becomes easy, land prices tend to soar up. Compared to investment in apartments, the return on the plot will be significantly higher years down the line.
Zero Delay
Most of the apartments require some form of down payment even before the construction begins. There are countless cases of construction taking years to finish leaving investors hanging dry. However, there is virtually no delay with the land property. It is as simple as changing the ownership after completing monetary obligations.
Flexibility
Land ownership provides freedom of choice. A person can build anything any way he or she likes. The apartment doesn’t provide this kind of flexibility. The choice of design, floors, material everything is in the control of the owner.
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Cons of Owning a Plot
Risk
One of the common risks associated with land ownership is the government acquisition issue. There is no guarantee that the fated property will be taken away for civil development. Falsified documents or encroached land might land the buyers in year-long legal battles which is another hassle.
Financing
Land ownership costs a lot. Many banks and financial institutions provide home loans. But those are mostly limited to apartments or ready-made buildings. It is hard to get a loan for plots as the appreciation isn’t guaranteed to happen overnight.
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Supply
There is a supply-demand inequality of land in city and suburban areas. There is a considerable demand for land in the city but the land is scarce. On the other hand, there are available plots in suburban areas but the lack of development deters buyers. As a result, there exists a significant price inequality.
Pros of Owning an apartment
Hassle-Free Product
An apartment is a readymade deal. Here the buyer gets a fully functional home without the hassle of having to actually build one. It is a perfect option for people looking to avoid the extra budget and trouble of overseeing the process.
Cash Flow
An apartment can be a great source of passive income through renting. Considering the passive income opportunities, almost no investment comes even close to apartments.
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Housing Loans
Banks and financial institutions tend to favor apartments for housing loans. As a result, a person can easily put 20 to 30% of the initial sum as a down payment and repay the loan over several years. All the while enjoying the benefits of an apartment.
Instant ROI
The return on investment starts right away if someone buys a readymade apartment. It can be a new family home or rental option, the value generation from apartment investment starts almost instantly.
Cons of Owning an Apartment
Time Investment
It takes considerable time to find, select, assess and go through the details of a prospective apartment. Often the process can be tiring and time-consuming. If the apartment isn’t a ready-made one, there is also the added hassle of checking in with the real estate firm to inquire about the progress.
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Low Appreciation
Apartments do not appreciate at the rate of the plot. The reason is that apartments are already built in areas that are developed or semi-developed. As a result, there aren’t any sudden changes that will see a significant change in the price of the apartment.
Low Liquidity
Unlike other forms of investments, apartments cannot be sold instantly. There are a long list of processes and negotiations underlying an apartment trade. It might take months or years to get an apartment sold after it has been made available in the market.
Tenant Issues
There is no guarantee that the apartment will have tenants all year round. There can also be other issues with unruly tenants. All of these factors can hinder the ROI of an apartment.
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Apartment Vs Plot – Which is the Better Investment Option?
There is no direct answer to this. It depends on what the investor is looking for out of their investment. Three key aspects can be an underlying factor while choosing between apartments or plots – financial abilities, needs, and liabilities.
Apartments provide instant ROI without the hassle of having to build a house. Most of the time they are conveniently located and future-proofed thanks to the location. It also comes with its own set of financing benefits but the cost of purchase might be higher in some instances.
On the other hand, plots offer freedom and long-term gaining opportunity. It also holds a better appreciation prospect compared to apartments without any hassle for maintenance. But it does require a considerable sum upfront without any direct return instantly.
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So it ultimately comes down to the personal choice and ability of the investor. Apartments can be a great choice for short-term gains whereas land ownership is a ball game for a long-term investor with a distant vision on ROI.
Final Thoughts
Apartment and plot both are good investment opportunities. Short-run and long-run gains aside, they both provide a secured investment channel. However, plots outweigh considering the steady return it will provide. With appreciation over time, it might even be profitable to sell off a plot in the long run. Regardless of the choices, the benefits are there in both forms of investments.
Read SM²: Bangladesh-Focused Seed Accelerator by SBK Tech Ventures, SOSV, Miaki