How to get Most Profitable Business Ideas in Bangladesh ?
What is the business idea that can give you maximum profit? In the context of Bangladesh, which one is the most profitable business idea? How do you get an idea on that?
How to get Most Profitable Business Ideas in Bangladesh is about finding business ideas or plans; it will elaborate the ways on how a person can get a profitable business idea and utilize it.
Business Idea List: 5 Home Based Business Ideas in Bangladesh
So, what does “most profitable” mean? Some people will consider it as a financial gain, some will consider it as gaining an ethical goal or do well for the society or both. What is yours? From the business perspective, it considers the financial gains at the first place.
For a student starter, I have selected few Small Business Ideas. These ideas can be utilized too, just make sure you have a suitable business plan.
How to get Most Profitable Business Ideas in Bangladesh
First, you need to gather a list of different business ideas. You can try to follow the sources below,
Talk with an Experienced Business Person – the businesspersons is the first one you should be talking with. They are the most experienced people in the business field. When you go to a businessman for a suggestion, they can give you rationales with proper evidence because they went through different types of business operations. So talk with the businesspersons to get business ideas.
The businesspersons is the first one you should be talking with. They are the most experienced people in the business field. When you go to a businessman for a suggestion, they can give you rationales with proper evidence because they went through different types of business operations. So talk with the businesspersons to get business ideas.
Do brainstorming. It’s a creative technique for finding business ideas. When you do it, make sure you have a pencil and a paper to note down all the business ideas.
Talk with Friends and Family
Go outside, talk with your friends. Maybe they have different types of ideas that you did not think of. Talk with them, select few names that you think will make more money than other businesses do.
Talk with your Mentors/Teachers
Your teachers or mentors are more experienced than you. Talk with them to have some ideas.
From the Internet
The internet is a huge resource of business ideas. You can simply search using Google. There are, also, few renowned websites such as Entrepreneurs, Businessnewsdaily, Inc etc.
One thing is to be remembered, you must consult a reputed and quality full resources from the internet.
So, you have collected some business ideas from different sources. You made a list of them. Now you need to find out one specific one which will give you the most profit. Follow the steps below.
How do you know which business will make more profit?
Consider the following points:
Measuring the Future Demand
Think about the future demand on a product. When demand goes up, you sell more of it than you used to in the past. As a result, your profit goes up. So, if you can predict the future demand, if it goes up or down, you can make invest in that business accordingly.
The point should be noted here, many unethical businesspersons take the opportunity of low supply of the product. What they do is making the price higher to make more profit which is not a decent or ethical business strategy.
Use Economies of Scale
“when you know the future demand, you invest more.” – quoting from the previous point. But what more you can gain from investing large capital? You must achieve economies of scale.
What is “Economies of Scale? When you buy a large quantity, you pay a much lower price for that product. When you buy a small quantity, you pay a higher price. So, when economies of scale achieved, it gives you more return in exchange.
You must reduce the cost of the raw material. When you buy a specific product from a local area, perhaps the same product can be found at a lower price on some other place.
Increasing Price – you can increase the price of your product if you feel you should. If the perceived value of your product is high, you can fill the gap by offering it at a higher price. But that is a very sensitive task. You must not sell your product at over price.
You can increase the price of your product if you feel you should. If the perceived value of your product is high, you can fill the gap by offering it at a higher price. But that is a very sensitive task. You must not sell your product at over price.
By Creating Value of Your Product
Teach your customers about your product. If they know the true value of your product, the demand will increase slowly which will result in higher profit.
After considering these points, now you can select a business which will be preferable for you to apply these strategies very efficiently.
Example of a Profitable Business Idea
After brainstorming or finishing the internet research, you have decided that you will do mango business. You will sell mangoes (of course chemical free mangoes). So, it’s a beginning of the season and if you start it now, you will be doing the business at least for the next 2 months.
What will be the future demand? The demand will always be high throughout this season in Bangladesh. So, if the quality is high(Mango is sweet, chemical free), you will be making a profit.
Cost reduction can be achieved by physically going there and buying from the wholesale market.
Economies of scale can be achieved if you go to Rajshahi, Chapainabangonj or Rangpur to buy a whole mango garden.
Increasing price, if your product is much better than others, and you think you provide mangoes with fresh quality, you can charge some extra for it. But it should not be sold at over price.
Now, if you have found an idea, convert it to a business plan. You can take help from the Business Plan Guidelines.
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