How to prepare for starting an online business in Bangladesh?

Potential and Benefits of Online Business

The biggest advantage of an online business is that it does not require a large investment or extensive institutional preparation to start.

A little preparation is enough for you-

• The opportunity to start with low costs or even for free.
• The advantage of quickly reaching customers.
• The advantage of keeping an online shop or store open 24/7.
• The opportunity to connect with customers worldwide.

There are several successful online business examples in the Bangladeshi market, such as fashion houses, gadgets, and grocery delivery services. If you use the right planning and technology, the chances of success will increase significantly.

The Current Landscape of Online Business in Bangladesh

The e-commerce sector in Bangladesh has already gained immense popularity. With the implementation of Digital Bangladesh, the number of internet users and online shoppers is increasing every day.

Let's take a look at some statistics-

• In 2024, Bangladesh's e-commerce market has surpassed nearly 7.5 billion US dollars.
• The usage rate of online payments and mobile banking has increased by 60%.
• Most customers are shopping through Facebook, Instagram, and e-commerce websites.

These statistics are sure to motivate you to start an online business!

Prepare to start an online business in Bangladesh in 7 steps.

1. Conduct market research and choose a business idea

The foundation of any business is a good business idea and proper market research. Before learning about how to run an online business, you need to understand which products or services are popular and what the competition is like in the market.

How to conduct market research?

• Use Google Trends – Find out what the search trends are saying for your product or service.

• Monitor Facebook groups and communities – Observe where and what type of products are being discussed. Analyze which products people are accustomed to buying online.
• Read consumer reviews – By looking at reviews on popular e-commerce sites, you can understand people's demands.
• Analyze competitors – Observe the websites, social media types, and customer engagement of successful businesses.

2. Legal processes and business registration.

To operate an online business in Bangladesh, you need to consider a few legal aspects.

How to register a business?

• Obtain a trade license: You can obtain it from the local city corporation or union council.
• Register for VAT and taxes: VAT registration is important when dealing with specific categories of products or services, so make sure to complete it.
• Open a bank account: It is essential to have a separate bank account for business transactions.

3. Build a supply chain for product delivery

It is important to plan how you will source your products and how you will deliver them to customers from the very beginning.

Strategy based on the type of business

• Dropshipping model – In this model, you won't hold any stock yourself; products will be shipped directly from the supplier to the customer.
• Creating your own product – It's a great initiative, but if you work as a manufacturer or artisan, you must ensure quality standards.

• Local reseller business – If you want to buy and sell other people's products, you need to find a reliable supplier.

4. Create an online platform

Ensure your presence across websites and social media. Choose an online platform based on your budget and goals-

• Starting a Facebook and Instagram page is a good option for a quick launch.
• An e-commerce website is ideal for large-scale businesses. Create a website using Shopify, WooCommerce, or Wix.
• If you want to sell on online marketplaces, you can list your products on platforms like Daraz and AjkerDeal.

5. Digital marketing and customer attraction.

Content marketing –

• Write SEO-optimized blogs. This means writing blogs related to topics that are relevant to your business.
• Engage in video marketing. Post content on YouTube, Facebook, and TikTok.
• Engage in email marketing. Run regular email campaigns for potential customers.

Paid Marketing

• Use Facebook and Google Ads – Attract customers by using targeted advertisements.
• Influencer marketing – Promote your brand through popular figures. Not just actors or celebrities, but those who can influence on social media.

6. Learn financial management and accounting from the beginning.

If you do not keep accurate records of your business income and expenses, you may face losses. So, use the HishabPati app or accounting software to track transactions, inventory, and profit.

Which software should you use?

• HishabPati app – helps you easily track sales, expenses, dues, and profits.

• Excel sheet – suitable for small businesses but can be time-consuming.
• Cloud accounting software – For large businesses, you can use Zoho Books or QuickBooks. However, for Bangladesh, the HishabPati app provides the best solution.

7. Start an online business with low investment or no money.

If you want to start an online business with low investment, you can follow these approaches-

• Freelancing and digital products – Sell services using your skills.
• Do affiliate marketing – Promote products from other companies and earn a commission. It has become quite popular.
• Dropshipping – Follow a business model where you don’t have to buy products upfront.

Some tips for a successful online business.

• Ensure customer support. Respond quickly and resolve issues.
• Provide a phone number and live chat option. Create an opportunity for direct communication with customers.
• Keep up with market changes. Try to understand competitors' strategies and stay updated.
• Keep accurate records of your business income and expenses. Use the HishabPati app to track transactions.

Starting an online business in Bangladesh is now easier than before. However, to succeed, you need to focus on market analysis, financial management, digital marketing, and ensuring customer service. By using the right accounting software or the HishabPati app, you can simplify all transactions for your business. With proper planning and consistent effort, success in online business is achievable. So, are you ready to start digital accounting management for your business? Try using the HishabPati app!

Demo - View this & start your journey with HishabPati in three simple steps!

• Step 1: Sign up on HishabPati 

First, visit the HishabPati website and create an account for your business. Alternatively, download hisabpati app from google play store and register. Registration in HishabPati is quite easy & complete free.

• Step 2: Set up your company 

After signing up, first set up your business profile by providing the necessary information as the owner. Then, set up essential business aspects such as inventory, units, purchases and sales, outstanding balances, invoices, and transactions. After that, start updating daily transactions.

• Step 3: Enjoy the various features of HishabPati 

After starting to keep business accounts on HishabPati, make use of the necessary and unique features, such as invoicing, barcode scanning, units, and expense management, among others. 

Watch a demo video on YouTube in Bengali to understand the usage and features of HishabPati in detail. 

Digital ledger for income and expenses – HishabPati demo.

HishabPati's subscription fee starts at just 99 Taka!

HishabPati is Bangladesh's easiest and most affordable accounting app. Its subscription fee is divided into monthly and annual terms, with three budget-friendly packages available.

• 01. Basic Package: The Basic package is completely free! This means you can try out the app without purchasing a subscription.
• 02. Premium Package: The monthly subscription fee for the premium package is just BDT.99. And there's a 17% discount on annual subscriptions! It will cost only 999 taka in a year!
• 03. Business Package: The monthly subscription fee for the Business package is just 199 Taka. Like the Premium package, the annual subscription also comes with a 17% discount, making the yearly cost only 1990 Taka.

Know about all features of packages today in details & choose your desired package. Good luck with your business!