5 Fastest Growing Businesses in Bangladesh
By: Eric Nelson
For the last decade, Bangladesh is making progress by leaps and bounds. It has made progress in the fields of technology, education, and agriculture. Statistics of May 2019 show, there are 16 crores, mobile subscribers, in Bangladesh according to the Bangladesh Telecommunication Regulatory Commission. Bangladesh has 9 crore internet subscribers that constitute 50 percent of the population of Bangladesh. It is the land of possibilities and opportunities and is considered as one of the fast-growing economies.
There are many profitable businesses operating in Bangladesh. Let’s take a look at some of them.
E-commerce is the fastest growing industry in Bangladesh. It is making progress at a rapid pace. On average, about 50 new companies start their-e-commerce business each day. Out of this statistic, only 1-3 percent of startups can be sustained. No doubt E-commerce is a very lucrative business in Bangladesh and this industry has matured over time. To start your e-commerce business in Bangladesh, first, you need to define the industry and then find the niche products or items to start an e-commerce business. To start with e-commerce business you need to consider multiple factors and some important of them are mentioned below:
- A professional website to display your products or services.
- A business Strategy
- Trade licenses
- The assistance of a reliable business partner who can work hard with you in the initial stage.
- Hire a reliable and competent employee. Tell him about profit loss and risk involved in every step. That employee needs to operate all the digital tasks.
- Localize your website according to the cultural preferences of the local audience.
IT is among the most promising business sectors contributing to upgrade the country into Digital Bangladesh. It is quite a profitable business and can be started with low capital and low operational cost.
It is a profitable business if:
- You have prior experience in the IT sector.
- You are fond of learning technological trends.
- You are ready to make an investment at the start and in the middle of the business.
Educational Institutions – A great Business
As per the world bank, there are 16.47 crore people residing in Bangladesh. The prime education rate has also gone higher in a couple of years. In Bangladesh, people give great importance to education and they spend money on their children's higher education. As per the University of Grant Commission UGC of Bangladesh, there are approximately 103 private universities, 3 international universities, and 45 public universities that are listed. Many of these universities are owned by some renowned businessmen in the country. Some famous brands of the country have also made investments in the education industry. For example, the Daffodil group invested in Daffodil International University, whereas the Hamdard brand invested in Hamdard University. This has enhanced the learning level of the people of Bangladesh and parents want their children to get admission to private universities no matter how expensive they are. Thus, if you want to invest in the Educational sector in Bangladesh, it can be very profitable. Getting recognized by UGC is a difficult task but you can get affiliation with the university because of political liaison. The types of Educational institutions that are profitable in Bangladesh are:
- Technical Vocational Institutions
- Private Institutions for Under-graduation and postgraduate
- Reputed foreign university branches
Digitalization has given a boost to Fin-tech business in Bangladesh. Technology is being used in the financial sector like mobile payments and public awareness to use mobile financial services. At present, it is a great time to start a fintech venture in Bangladesh. As per the Bangladesh Bank Mobile financial system data of 2019 depicts, there are 16 banks that are serving fin-tech services. Even though there are few businesses that have no affiliation with any financial institutions, Rocket, bKash, and other banks are giving financial services to the people.
This situation will soon change because the Bangladesh government is taking interest in foreign investment. Many global investment firms and venture capitalists are trying to indulge in this industry so it is high time to start your business in Bangladesh. There are many opportunities to get capital from foreign investors but you need to initiate first. You can initiate your financial business by the following ideas:
- Mobile banking system
- Digital wallet
- Virtual prepaid/debit visa/master card
There are many businesses in Bangladesh that are facing logistics problems. With the boom of e-commerce, trends for home delivery have increased so the logistics and delivery business will be on a hike in the coming years. Many people are not taking risks of starting a logistic business in Bangladesh because of its infrastructure. If you want to start your business in this sector, make sure you do your research first and get information about:
- Warehouse Facility
- Delivery app
- Courier/transport/delivery app or human resource facility
Are you ready to start your business venture in the lucrative market of Bangladesh? Whether you want to invest in e-commerce, educational institutions, fin-tech business, or logistics, you need to make a business plan before tapping into this land of opportunities. For making your business a huge success, we at Mars Translation are here to provide you with Professional Bengali Translation Services with the help of native translators according to Bengali business culture. Contact us now and get a free quote!