UNIVERSITY OF DHAKA
FACULTY OF BUSINESS STUDIES
DEPARTMENT OF MANAGEMENT
A TERM PAPER ON
Small Business Ideas and Opportunities in Bangladesh
Course name: Introduction to Business (101)
Submitted to:
Tanuza Nath
Assistant Professor
Submitted by: The Capitalists
Merit
Members Name
Merit
Members Name
764
769
808
853
882
2428
Maisha Maliat
MD ALI EL WAHID
Nabhila Akter Jothee
Sakibul Islam
Md. Rasehd
Lazury Chakma
768
784
822
859
914
Fahima Rahman
Samara Zarin Dhara
Rafi Bin Rouf
Mithila Farzana Nowshin
Tanim Hasan
Date of Submission: 25th July, 2020
LETTER OF TRANSMITTAL
Date: 25th July, 2020
Assistant Professor
Tanuza Nath
Department of Management
Faculty of Business Studies
University of Dhaka
Subject: Submission of term paper on “Small Business ideas and opportunities in Bangladesh”.
Dear Madam,
It is indeed a great pleasure to work on this project and to hand over the term paper titled “Small
Business ideas and opportunities in Bangladesh” under your guidance. This term paper is the
consequences of our learning from our INTRODUCTION TO BUSINESS course that led us to
research thoroughly the subject that we were working on. We as a team put a lot of efforts to
complete this paper that will be worth reading for your time. The making of this term paper has
been enriched in a significant way with the mix-up of our own decisions, ideas, knowledge about
the topic and the help of ideas, articles, journals etc. from the web. Lastly, this report is a result
of accumulated knowledge of all the eleven members of our team that may led to unintentional
mistakes.
We humbly request you to consider this report as means of our learning from your constructive
feedbacks.
Sincerely,
Maisha Maliat
Merit : 764
(On behalf of the team members of group “The Capitalists “)
Section
:B
Batch : 26th
Department of Management
Table of Contents
Executive Summary:
2
Introduction:
3
Features
4
Agricultural Business
6
Home Made Goods
7
The Tourism Business
8
Restaurant
9
Fast Food
11
Clothing Business
12
Real Estate Business
14
Career and Student Counselling Centers.
14
Drawbacks
16
Executive Summary:
Small business means the size of which is not big- the size again depends on the yardstick one
uses to measure. In other words, small business is that part of business which is organized by the
owner or his or her family. Small business is a crucial parts of the total business scenario of
country any country. Especially it plays a vital role in case of the economic development of a
less developed or developing country like Bangladesh. Today small business is providing a
strong contribution to the national economy. Starting a small business is all about initiative and
entrepreneurship. The theory goes something like this: entrepreneurship often kick-starts
economic development. Many small businesses are founded not only to provide income based on
existing profession or product, but also as a way to introduce new processes, ideas and products
to the market. Nowadays people in Bangladesh started to indulge themselves in small business
creating new ideas and thoughts because of its easy formation and minimum amount of capital
and so many other features that have made small business distinct from other business forms.
People started showing more interests in clothing, agricultural, fast food, career and student
counseling centers, restaurants, tourism, real state, home made goods business and so on. Small
business has widened the door for the new initiators to step their foot in and show their creativity
by inventing new highbrow ideas as new ideas are coming in peoples mind, so new opportunities
have also started to give hope to the country unemployed people. But unfortunately, small
business is facing some unexpected problems. These problems include- lack of required
knowledge and managerial skill of the owner, lack of finance, inefficiency in hiring people,
inability to compete with big firms, other assistance and so on. As small business is having a
crucial impact on the economic developed of our country, so government as well as nongovernment institutions must come forward with comprehensive program to remove all
inconveniences because small business holds a huge portion of our country by its immeasurable
contribution to personalized flexibility, creativity, opportunities, ideas, specialization and
performance.
Small Business Ideas and Opportunities in Bangladesh
Introduction:
The term “small business” may be interpreted in a number of different ways. There is, in fact, no
consistency in defining the term. Indeed, within a specific interpretation of small business there
exists a variety of definitions. The following paragraphs provide some perspectives on
definitions of the term.
With a focus on decision making the Australian Wiltshire Committee developed the following
definition: “…a business in which one or two persons are required to make all the critical
management decisions.” Wiltshire Committee (1971:7).Other definitions have been related to
financial aspects. These measures include total assets; net worth; total value of products; annual
sales; or annual revenues. Unfortunately, when these measures are used there is no consistency
in the threshold amounts for an interpretation of what constitutes a small business.
According to Small Business act 1934- A business which is independently owned and operated
and not dominant in its field” is a Small Business.
The small Business Act of 1953 defines small business as “one which is independently owned
and operated and not dominant in its field of operation.” Though small in size such business
activities cover almost any area of business viz. manufacturing, mining, wholesaling, retailing,
service and the like.
Definition of Small Business in the Context of Bangladesh:
A small business is a business that is independently owned and operated, with a small number
of employees and relatively low volume of sales. Small business is defined as those engaged in
manufacturing or processing or service activities whose total fixed investment is limited
to BDT 30 million (US$ 0.75 million). Small business in Bangladesh has a significant prospect
in respect of social, economic & cultural perspective. In previous & current year, we observe the
owner of the small business; get auspicious result from conducting this business. Under the new
definition of Bangladesh Bank, the Bangladesh Bank will deem an individual as an entrepreneur
or a small business owner if the person is an owner or proprietor of a privately-run organization,
or owns at least 51 percent of share in case of a joint venture or company listed with the Office
of the Registrar of Joint Stock Companies and Firms. Small businesses tend to focus on a
relatively small customer base. The focus is also within the local region. The customer and
regional focus are related to the fact that the business is small and lacks necessary resources to
expand operations. This focus, however, creates a conundrum. It is incumbent upon the small
business managers to work directly with their customers to provide a personalized services.Also
small business work as a supporting industry for the large business unit. Large business develops
products, select market and produce large scale of products which are distributed to the ultimate
consumers by small business.
Features
Both the small business and entrepreneurship are the inseparable twin feathers of the same bird.
Therefore, small business is vital for the development of entrepreneurship in every economy.
Small business has unique features that have made it different from other businesses. Experts
have identified the following common features of small business. Let’s dig the features:
1. Easy Formation.
2. Less Legal complexities.
3. Small business is managed by the owner of the firm. The management team of the business
might consist of family members, relatives, and close friends.
4. The responsibility for decision-making normally lies with one key executive, with very little
or no delegation of authority. They do not delegate as they believe that if you want a thing done
right, do it yourself.
5. The capital is supplied by an individual who holds the ownership. Small businesses may take
proprietorship, partnership or private limited company. In any case, the number of owners is
always limited and they hold the total ownership and they supply the required equity too.
6. The area of operation is mainly local, with the workers and owners, living in one home
community. However, the markets need not be local.
7. The relative size of the firm within its industry must be small, which is not dominant in the
industry. A small business should not have a major share of the market.
8. The management of the firm is independent. They are not subject to any other’s supervision.
Entrepreneurs are the owner-managers of small businesses. They are the sole authority of the
firm to decide about the organizational matters.
9. The firm often places little emphasis on long-term planning, although, the owner-manager
may be aware that a formal long-term plan is necessary. The owner-managers entrepreneurs are
reluctant to make a plan, as it requires a handful of intellectual exercise with past, present, and
future data to profess the future. The demand for continuous adjustment with the current
environmental conditions sometimes discourages entrepreneurs to make.
10. Normally, the firm’s stock is not listed with a stock exchange.
11. There appears to be a close management-employee and customer relationship. Entrepreneurs
take an active part in the management and operation of the firm. They develop a very intimate
relationship with the customers and employees. Therefore, relationships are informal and
friendly.
12. Small business is an extension of the personality of the entrepreneur. It is the reflection of the
dreams and desires of the entrepreneurs.
13. In most cases, the owner-managers are verbal communicators. Least number of written
communications is made within the small businesses. Instructions are generally made through
oral media of communication.
14. The firm often places little emphasis on long-term planning, although, the owner-manager
may be aware that a formal long-term plan is necessary. The owner-managers entrepreneurs are
reluctant to make a plan, as it requires a handful of intellectual exercise with past, present, and
future data to profess the future. The demand for continuous adjustment with the current
environmental conditions sometimes discourages entrepreneurs to make.
Strengths of Small Business
The definition of a small business varies from country to country and between times in the same
country. There is no generally accepted concept of small business. It defies easy definition too.
The following discussion will deal with various concepts of small business adopted in various
countries of the world:
1. Spurs of Innovation
Small businesses are the major sources of innovation in our civilization. Substantive numbers of
successful innovations are implemented by small businesses .Sources of new materials,
processes, ideas, services, and products that large business firms are reluctant to provide arc
being provided by small businesses. Thus, the small business acts as a spur of innovation lo
millions of entrepreneurs throughout the world.
2. Checks monopoly:
Small businesses encourage competition by checking the development of monopolies by large
businesses. It produces new products, methods, and services and so forth and checks large firms’
tendency to control the market. It also provides differentiated products that give the market a
wide spectrum of choices. Therefore, small businesses keep large firms on their toes.
3. Creates employment:
Small, young, high technology businesses create jobs at a much higher rate than do older, large
businesses.
4. Produces people:
Small business has more intimate knowledge of its communities: therefore, take more personal
interest in them. It takes community projects. It produces people as well as goods and services.
People have greater freedom in making decisions and in perforating a greater variety of
activities. It lends zest and interest to their work.
5. Develops risk-takers and fosters flexibility:
Small entrepreneurs have relative freedom to enter and leave a business at will. They can start
and grow, expand or contract, succeed or fail, as they feel comfortable with the situation. This
freedom is the essence of the free economy. It makes managers responsible for customers,
employees, investors and the community. Moreover, they can switch their production readily u»
meet changing market conditions, can adapt themselves quickly to chatty mu demands within
their fields and capacity and even can chance field at low cost. This environment of small
businesses helps developing risk-takers in society and fosters flexibility in the practice of
economic activities.
Agricultural Business
Agricultural business means an enterprise engaged in the production, processing, marketing,
distribution, or exporting of agricultural products. The term includes any related business the
primary function of which is providing goods or services to an agricultural enterprise.
Bangladesh is primarily an agrarian economy. Agriculture is the single largest producing sector
of economy since it comprises about 30% of the country's GDP and employing around 66% of
the total labor force. The performance of this sector has an overwhelming impact on major
macroeconomic objectives like employment generation, poverty alleviation, human resources
development and food security.
Ideas: As there are several agriculturally based business opportunities available in the
agricultural industry, the good thing about the industry is there is a market for all the produce
which the industry churns out. Also, researchers and scientists have been reaching for ways to
improve crop cultivation over the years. In terms of new and innovative business ideas, there is
an agricultural revolution this time. And it has increased its prospects in all forms with educated
youth going back to the roots in the form of agro-based products.
One can start an agricultural farm by investing reasonable money. One can produce items as per
the local demand and sell them locally. For far areas one can even supply the product through
distribution channels. One can also start to export fruits and vegetables by collecting them from
local farmers. One can start fertilizer distribution business with moderate capital investment. The
production of vermin compost organic fertilizer requires very low investment and hence can be
considered profitable for the startup of agricultural business. One can simply start this business
by the proper know-how of the production process. Flower production is one of the fastestgrowing crop trends in today’s agriculture. It requires all types of flowers especially unique and
hard to grow varieties. The increased demand for organically grown farm products has led to the
growth of agricultural business also the production of botanical pesticide, which is essential and
mandatory for the organic farming, is considered as one of the most profitable agricultural
business ideas. More agricultural businesses like poultry farming, dairy farming, mushroom
farming, sunflower farming, fish farming and bee keeping business can also be considered as
some of the most profitable agricultural business ideas.
Opportunities: As Bangladesh is an agrarian economy and also densely populated, the lack of
sufficient farming land might not be helpful to get rid of the unemployment problem. The
amount of investment that goes into starting a modern farm can be substantial, especially when
compared to a non-agricultural small business or startup. So there are some agricultural business
opportunities that do not require land.
Modern farms of all sizes and kinds require basic infrastructure to operate. After all, produce
needs to be watered, livestock needs to be contained, and all products will need to be harvested,
processed, and stored. There’s always money in helping farmers plan for, procure, and install
that infrastructure. Opportunity for entrepreneurs exists all throughout that sales process.
Agronomy consultancy can be considered as a good business as consultants are in demand
throughout the country. Agritourism can also be a new profitable business opportunity as in the
recent years, more people in the urban areas are getting interested in finding out more about
where their food comes from and how it is produced. Transportation can present major
challenges for small farmers looking to move products to market. Limited access to
transportation can impact how a farmer moves products into the supply chain, which inhibits
their growth as a business. To improve transportation without buying a fleet of trucks, many will
partner with agricultural transportation firms to get their products on the road. Providing access
to transportation for farmers can generate a strong profit. Entrepreneurs can provide the raw
materials for transport, including trucks, trailers, and other equipment that are designed for
livestock and produce. Alternately, agricultural trucking companies can take on a transport role,
allowing farmers to spend more time with their crops.
The Tourism Business
As a small business idea, tourism is the best one and also profitable. We don’t need a huge
amount of money to start the tourism business. Just need to use our brain, manage the business
strategically and earn money. But now, the questions arise- what is the tourism business? How
can we start this business? What is the risk and opportunity of the tourism business?
Tourism Business
A tourism business or a travel agency means providing services to general people who are
interested in traveling for refreshments or business work. By providing quality services tourism
business can catch the target market smoothly.
Target Market
Business travelers, newly married couples, students, family vacations.
Start of Tourism Business
Firstly, we need to make a plan and then we have to implement our activities according to the
plan. We can hire a tiny office in an official area and then by completing business formalities we
can start the tourism business with a license. Incidentally, it’s better to start within the country.
After starting the tourism business, we have to provide various types of services to the tourists so
that they will be benefited and be happy with us
The Services Are Following:
•
Informing the tourists about new spots
•
Booking tickets for buses or trains
•
Guiding the tour
•
Providing full package
•
Arranging public transports
•
Booking hotel rooms
To add more unique ideas in this business, we can start arranging different types of packages like
family, kids, golden agers, autistic kids, couples, colleagues, students, women, wild lives, nature,
historical and more. As tourism is a seasonal business, we have to deliver special offers
occasionally. We can also arrange a monthly package by targeting any occasion in every month.
Opportunities:
After starting domestically, we can expand it internationally. We can arrange visas, passports,
and business tours internationally. Even we don’t need a huge amount of money for promoting
the tourism business. It is possible to complete local promotion with fixed money. An online
platform is another opportunity for promoting. Even one can start a tourism business in share.
There are many opportunities in this business.
Risks:
As tourism is a seasonal business, it doesn’t carry a handsome profit all other months. But, if we
take this risk strategically then we can overcome the risk by earning profit in a favorable season.
We know that profit is a reward for the risk taken in a business.
Final Thought:
People all around the world love to travel and make trips in different countries. For this, they
take help from tourist agencies.
As far as the number of tourists is increasing day by day, the opportunity for this business is also
increasing equally. Though the risk is still there in this business, it is undoubtedly a potential
business in this fancy world.
Restaurant
Restaurant is a place where people pay to sit and eat meals that are cooked and served on the
premises. It is a business that prepares and serves food and drinks to customers. Meals are
generally served and eaten on the premises, but many restaurants also offer take-out and food
delivery services. Restaurants vary greatly in appearance and offerings, including a wide variety
of cuisines and service models ranging from inexpensive fast food restaurants and cafeterias, to
mid-priced family restaurants, to high-priced luxury establishments.
Types of Restaurants:
Restaurants are classified or distinguished in many different ways. The primary factors are
usually the food itself (e.g. vegetarian, seafood, steak); the cuisine (e.g. Italian, Chinese,
Japanese, Indian, French, Mexican, Thai) or the style of offering (e.g. tapas bar, a sushi train, a
taste restaurant, a buffet restaurant or a yum cha restaurant). Beyond this, restaurants may
differentiate themselves on factors including speed (see fast food), formality, location, cost,
service, or novelty themes (such as automated restaurants). Some of these include fine dining,
casual dining, contemporary casual, family style, fast casual, fast food, cafes, buffet, concession
stands, food trucks, pop-up restaurants, and ghost restaurants. Restaurants range from
inexpensive and informal lunching or dining places catering to people working nearby, with
modest food served in simple settings at low prices, to expensive establishments serving refined
food and fine wines in a formal setting. In the former case, customers usually wear casual
clothing. In the latter case, depending on culture and local traditions, customers might wear
semi-casual, semi-formal or formal wear.
Opportunities:
Restaurants have a wide range of opportunities. As there is a high demand for restaurants in the
mainstream, starting a restaurant business represents an opportunity. People like to various types
of foods. Providing a diversity among the food items can be an opportunity to be successful in
restaurant business. Offering delivery services and take-out or setting up a drive-through to meet
the needs of people on the go represents another potential opportunity. Also, making it available
on the online platform for the customers will be good for the growth as a business as it will make
it easy for them to know about the restaurant, the available food items, and other necessary
things.
Fast Food
Ideas: Fast Food means easily prepared processed food served in snack bars and restaurants as a
quick meal or to be taken away. The tradition of having fast food is no longer limited just in rich
or developed countries. It’s so much popular in Bangladesh as well. As small business ideas in
Bangladesh new entrepreneurs can easily start fast food shop. If we can find a good location near
official area, crowd area, business area etc. we can setup small fast food business. Also, we can
offer discount/ free for certain period for the regular customers. Further we can apply different
marketing policy to connect the customers in need.
The FAST FOOD business can make a remarkable profit targeting the young generation. So
schools, colleges and universities are the best places to serve the service. The fast food shop can
contain a photo corner, live music to cherish our respective clients. We can add some spicy-street
items like Bhelpuri, Jhalmuri, Chotpoti-Fuchka on the menu as we know how much they are
loved by the youths. Also, refreshments if we want in a little quantity as welcome drink like
tamarind juice, coconut water, lemonade or something to chew. Also, we can make coconut
water available to purchase as well. Since we are giving priority to the young generation in this
setup, so definitely the changes will hit the spot. If we want to add something different in the fast
food list then making spinach, avocado or veggie packed burger buns are no less.
Opportunities: We can make it available on the online platform for the customers to make it
easy to purchase and consumption as well. The take away is another one. As an ideal small
business besides our Fast Food corner, a cafe serving coffee and light refreshments is no less.
Also, we can add a little book corner labeling it reader’s café. It is known that coffee is mostly
wanted by customers anywhere. After a certain period, multiple coffee shops can be opened in
different areas under our brand name. As we know, business is nothing but ideas.
Clothing Business
“Clothes mean nothing until someone lives in them.” When you have a clothing business, you
are selling more than fashion – you are selling dreams. If you've been harboring ideas about
starting your own clothing business, now is the perfect time to act on it. Bangladesh is the
world’s second largest Readymade Garment (RMG) exporter, just behind China. Country’s 81%
of exports come from the RMG sector, and the textile and Apparel sector contributes around
20% to Bangladesh’s GDP. It employs around 20 million people in the country and is the major
driving force of the country’s economy. So, it is kind of easy for an individual to indulge thyself
in clothing business. Before one take the plunges remember this: being your own boss means
you'll be running the show full time. Do we still ready to commit? Get going then! At the
inception of this business decide what niche is one’s focus. It should be something that interests
you, so you have enough passion for your clothing business to keep going when things get tough.
A person must have a strong plan along with highbrow mentality before starting this business
also must ensure of having optimum amount of capital. One has an option of selling new
clothing, used (vintage) clothing, or both. Concentrating on a distinct type of clothing helps build
brand awareness so that when people think of dressing for certain occasions, first name that
strikes at people’s mind will be yours. The biggest new moves people make is not scouting their
sources properly. If you're importing clothes, check multiple sites to crosscheck prices and
shipping costs. Marketing strategy is also a key point in this business. The more one can
promote their distinctive clothes the more they can grab the attention of targeted customers at
prompt hand. It is also mandatory to find prompt a hand tailor or factory where one can get the
stuff made. Make sure you're doing your math every step of the way - it counts. Doing business
requires patience as at first one may not the expected return from their investment. One will face
slumps; one will be selling things at 5 am and sometimes the booms in demands will be
overwhelming. There will be rude customers, annoying questions and trolling. Be prepared to
ride them all out gracefully. When one starts their clothing line then they will need to find the
balance between their quality standards, costs of production, and making money. Almost no one
is born with the full stack set of skills to start and run a successful business, so take the time to
learn about the parts you don’t know as much about, whether that’s how to network in the
fashion industry, or how to develop a business plan that’s designed for growth.
Opportunities: Today’s world is based on technology. People now prefer to buy cloths through
online. Putting initial budgets into paid advertising on these platforms is probably most
worthwhile for ecommerce sites. You target audience, nine times out of ten, will spend their lives
on these channels. Facebook’s model for ad targeting is so specific and niche these days that you
can really reach the best audience for your brand. Also, before one set up profiles on every single
social media platform, make sure your target market actually uses them. Instagram, for example,
isn’t as widely adopted by people over age 40, so if your range of garments targets that age
group, it might be best to stick to Facebook rather than attempting other social sites too. Through
online platforms people started to buy clothes because in this busy world people don’t have time
specially working women to buy their desired cloths by going to the market. So, these forms of
selling cloths have made an easy path every people. As a result, those online pages are now
started to earn more. So, one must utilize this online opportunity for their own business stake.
Ideas: There are so many lucrative clothing business ideas for anyone to invest in the clothing
industry with no doubt. The cloth is the most important for human, from the original connection
to the civilization. That’s why clothing business is an evergreen business idea. So there are some
clothing business ideas in perspective of Bangladesh. Such as:
1. Applique Designer Dress Making:
Regardless of men or women dresses, the appliqué design is a popular fashion trend in all age
group. Any individual can initiate appliqué designer dress-making business with a very small
capital investment with a proper knowledge of appliqué work. Also, you can start it as a parttime basis from your home. That’s why it’s one of the best clothing business ideas in
Bangladesh.
2. Clothing Rental:
Theater groups and the people engaged in stage performances are the main consumers of
clothing rental business. The next all the revenues from that particular item are almost all profit
when the cost of the product has paid for five to six rentals. And creating awareness among the
people about your clothing rental product availability with the price is the only promotion of the
business.
3. Crochet Knitting:
Although it’s not widely popular, crochet knitting is an early age practice in Bangladesh. But, it’s
still very popular among women to make crochet. As there are different types of high technology
upgraded crochet knitting machines, one will find them in the market.
4. Denim Garments Making:
Among men, women, kids, and seniors, Denim garments or jeans casuals are very popular
apparel items. This is because Denim garments cater to a wide range of products. As Denim
comes under casual dresses, casual garments refer to that breed of dresses whose styles are
generally nonconformist with normal features. Denim garments making not only is profitable but
you can start from your home also. But if one wants to start this business then he or she must
have an adequate amount of space for production operation and storage.
5. Designer Saree Making:
As saris are the most traditional attire for Bangladeshi women, the price of Saris varies from
Taka 100 to even Taka 100000. Also, they not only come in a variety of colors and fabric but
design, and patterns as well. Because saris are no more a daily wear for urban women, they use
‘Designer Saris occasionally. Not only in Bangladesh but designer saris are popular across the
world. And one can also sell their designer saris from their own online store that any people can
start at home.
Real Estate Business
Ideas: The real estate industry has become a gold mine over the years, and many smart
entrepreneurs have tapped into it and are making profit.
People are always in need of houses and buildings, such as luxury mansions, average duplexes,
small flats, office buildings, and warehouses. They look to either buy or rent buildings and
structures of their choice, and they sometimes need to consult real estate experts or consultants
before making their choices. Here are some real estate business ideas:
1. Become a landlord
2. Flip property
3. Manage property
4. Become a real estate agent
Opportunities: Dhaka is the capital of Bangladesh and one of the most overpopulated cities
in the world. There are some reasons behind the strong demand for housing business in
Bangladesh. Dhaka is home of 20.2 million peoples estimated as of 2019 and according to far
eastern economic review this city will be the home of 25 million people by the year 2025. So,
day by day the people are increasing. This is the main opportunity. Because as a developing
country it is a quite difficult to provide such a big housing need. For this reason, real estate
business comes forward to meet the needs of housing demands. Real estate business is also
important for our economic development. By viewing all this opportunity, we can say, there are
many opportunities for developing our real estate business.
Home Made Goods
Ideas: There are plenty of home-based business ideas out there but if someone is looking for
something that will let you exercise your creativity. Design our own greeting cards from home
using paper, stamps, stencils and our own artistic talents. Then sell our creations online. We can
also design and create our own jewelry using beads and other supplies. We can easily pick up
online or at a local craft store. If sewing and making larger garments is more up our alley, then
we can also create our own line of dresses. For more tech savvy entrepreneurs, we can also offer
a variety of different products that we design using our computer or other tech tools. Gift baskets
make great presents for just about everyone and it can be sold online. There are many ways to
make money from writing, such as freelance writing articles, ghostwriting, or copywriting. But
the option that provides the most freedom for artistic expression is fiction writing. We can also
sell handmade frames that we create from plastic, wood or other materials. We can start a blog
about our handmade business and make money through ads, affiliate links or other methods. We
can also make our own candy products right in our own kitchen and then package them for sale.
Opportunities: Etsy is easily the most well-known marketplace for selling handmade items
online. As home to more than two million sellers and over 39 million active buyers, the platform
provides our store with exposure, as well as built in tools for marketing and analytics. Social
media is the biggest and most successful way to market and sell handmade items online. There
are plenty of channels for us to share pictures of our work, give customers a peek behind the
scenes by posting videos and make connections with potential customers and influencers. If
writing is not our preferred method for marketing our store, video blogs are a great alternative.
Ideally, a combination of the two should be used. Whenever shoppers search for something on
Google, Etsy or another search engine, they’ll see results that are the best match for their search.
We want to use keywords and search phrases that match up well to the search queries that our
customers write, a process known as search engine optimization (SEO).
Career and Student Counseling Centers
What is “counseling Services”?
Career Counseling means imparting advises to another; counseling services may include
psychological, mental or emotional, education and career counseling. They should be advised
through conversation and exercises; otherwise students often discover beforehand unidentified
interests and meander along without any proper guidance and direction about their career path.
Ideas:
These kinds of businesses can provide student counseling and internship services and should
design their business model to assist students if they have questions regarding their degree
program and career opportunities, to provide sparring, and if they meet any challenges during
their studies.
The student counselors at these institutions should have several years of experience with student
counseling and are well equipped to assist them and should be passionate about providing the
best service. One of their most important tasks is to provide support to students during their
studies. The student counseling and internship services are to be committed to the following
principles: respect, equality, independence, openness and trust.
Business Model:
All students counseling should be based on an open dialogue and the students make the
decisions. The student counselor can only provide information and act as an active sparring
partner. All students counseling must be confidential. The student counselor will not pass on to
others information that one has given in confidentiality, i.e. they will only contact their
professors and/or others with their consent. All students counseling must be unbiased and
independent. The Student Counseling also must be neutral and independent.
In order to assist as many as possible, Student Counseling and Internship Services may be
divided into a centralized and de-centralized department. As such, one can find a local Student
Counseling and Internship Services on each campus, as well as a centralized Student Counseling
and Internship Services on the main office.
And these programs can be monetized by validating an entry fee upon entrance which might be
of a minimal amount. The aim is to make these sessions more common among students in
Bangladesh and the business model should focus on personalizing services while focusing on
maximizing total number of services sold and charging less. Also, an online website should be
created alongside to provide these services online via connecting specialists with the clients. The
online service can either charge fees or be provided for free and receive advertisement revenues
upon showing ads.
Opportunities:
Currently there are very few businesses that provide these services altogether. Setting up a
business model that serves both student and career counseling services mentioned above would
yield great opportunities and prospects for the future by linking up all these services and making
it available under one roof. Now if one has to obtain advice/guidance/ counseling services about
psychological, mental or emotional, education and career counseling, then he/she has to travel to
three separate counseling center’s that is specialized on each topic. In the present time these
services are fragmented and are not provided under one roof.
For example, IDP provides only student counseling services for higher studies abroad; Youth
Opportunities (YO), a platform for helping youth people, helps students to excel in career growth
only while there are several other online student counseling websites providing counseling
services on one specialized category.
Drawbacks
Starting a new venture gives business owners the opportunity to earn income by to exploiting
untapped markets and unfulfilled needs in the economy. Small businesses tend to have low
expenses, which can allow them to achieve profitability and sustain themselves in niche markets.
On the other hand, small-scale companies face a variety of problems that can put them at a
disadvantage with respect to large companies.
Let’s dig the drawbacks of small business:
1. Financing:
Obtaining financing can be more difficult for small-scale operations than large companies. The
majority of small businesses are sole proprietorships, which are companies with a single owner
who controls all business decisions. Sole proprietors often use personal savings, gifts from
friends and family, and small business loans to finance their companies.
2. Economies of Scale:
A company's sales must exceed its total expenses for it to achieve a profit and be sustainable in
the long term. The cost of producing and delivering products and services is a major part of a
business's expenses. Large-scale companies can benefit from "economies of scale," a situation
where the average cost of producing goods falls as the size of production operations increases.
Economies of scale can make it difficult for small companies to offer prices that are as low as
large companies.
3. Recruiting:
Small-scale businesses can have difficulty recruiting top workers because most of the time
owners hire employees from relatives. Also in a small business there is lack of training for the
employees.
4. Knowledge:
Running a business involves making decisions in many different areas, from finance and tax law
to marketing and human resources. A small business owner might not have the breadth of
knowledge necessary to make informed decisions about all aspects of his company.
5. Less Recognition:
Small businesses suffer from less visibility, and this poses a serious challenge for them when it
comes to attracting new traffic and expanding their operations. The company reputation must be
developed from scratch and go through several growing pains before reaching anywhere near the
level of a large business, which has already established its reputation.
6. Experience Higher Costs:
Small businesses have lower bargaining power than their larger counterparts, and this hampers
their ability to lower the unit costs of their products. A large company does not face this
problem. It can negotiate large discounts on volume purchases by virtue of the large volumes it
purchases. A small business, on the other hand, simply doesn’t have the same production
capacity or buying power, therefore forcing it to bear greater unit costs.
7. Smaller Budgets:
Budget hurdles typically face small businesses. They can’t afford the levels of research and
development, marketing, and technology that large businesses enjoy. They also can’t employ
workers with the same level of skill at the required starter salaries, inhibiting their ability to grow
and offer the same quality of products and services to their consumers as large businesses.