Steps to Start a Small Business

Starting a small business is not something difficult. If you want to start a small business in Bangladesh then you have to follow some procedures and legal steps.

Among the steps you must first apply to the Register of Joint Stock Companies and Firms (RJSC) for name clearance. Then apply for commercial license to the concerned city corporation or municipal corporation or union council.

You will also need to collect registration from the Special National Revenue Board and the Customs, Excise and VAT Commission.

Here we have discussed how to start a business in Bangladesh by investing small capital. I hope you find some relief.

Mental preparation

If you want to start a small business, you need to be mentally strong. In addition to being mentally prepared to start a business, it is important to be fully prepared to continue the business.

Business plan

The plan you have in mind for starting a business should be recorded in a paper pen. Then you need to make your plan visible. There is no alternative to business planning for any business to succeed.

Do the research

When you can identify a small business idea, you have to transform the idea into a little bit of a reality. In order for a small business to succeed, you need to verify that your business idea is the solution to a problem. When you do market research for your business, you need to know the answer to some questions. Namely:

  • What is the demand for potential services or products?
  • How many companies are offering the same service or product?
  • How is the competition?
  • Who will receive this service or product?
  • What do you do to make your business market friendly? Etc.

Financial source

Although starting a small business doesn’t require a lot of money, it does involve some initial investment. Moreover, there should be the ability to bear the running costs before earning a profit. So you have to estimate the start up costs and keep that amount together

Business structure

Your small business can be either wholly owned or partnership based. You also have to choose what your business name will be, what your responsibilities are, how you file taxes, etc. Read more – 5 things to know before starting a business in Bangladesh

As your business grows, you can change all these structures of your business if you wish. So to start a business you must choose a business structure.

Location of business

Know where to start the business in advance. A home office or private office space is very important for setting up your business. If you can find a good location, you need to think about setting up an office, equipment and accessories.

Other essentials for small business in Bangladesh;

  • Necessary licenses and permits
  • Business name and registration
  • Turn on the accounting system
  • Prepare the team and
  • To propagate
by Abdullah Sam
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