It's 2022 and more and more people want to be their own boss. The choice of becoming an entrepreneur is a commendable one. It contributes to the economy, creates more jobs, and relieves a person from 9 to 5 routines. But more often than not, people cannot define where to start. It is like having a number of ideas or none at all. Either way, uncertainty is one of the biggest hurdles to starting a business. In this article, let’s look at some of the best ways to match expertise with an idea for a successful business venture. Steps to Choose the Right Business Idea There are a lot of factors that should be considered while starting a business. It is not always about what’s in trend or following the heart. There are several essential factors to consider, such as, market planning, product viability, etc that determine the success of any business. With that said, here come some of the must-follow steps before etching a business plan. The 5-Year Plan Before brainstorming for a business idea, an entrepreneur should do some self-reflection. And that starts with asking one important question. Where do they see themselves in 5 years? What do they want to achieve out of it? Is it profit maximization making a social impact or driving for a change? To sum it up, the passion of the entrepreneur should determine the course of the business. Read How to Start a Tea Stall Business in Bangladesh? The Work-Life Balance Many people choose to start their own business to have a flexible work life. But essentially, that is never the case. At least not initially. Setting up a business is no easy task. It requires a lot of detailing and work which essentially offsets the employed jobs. So, if family time is a priority, make sure to find a business that does not require constant monitoring. Matching Skills and Expertise Many people make the mistake of entering a business sector they have little idea about. It is important to focus on a business with matching skills and expertise. A person does not have to be a master of their craft, but it is important to at least know the basics and find the push to learn even more. Test Out the Waters There is a term in business called MVP. It means Market Viable Product. Before launching a business, it is essential to find out the demand for the end product.  For example, setting up a luxury watch business in a low-income area will not attract customers as much as it would in an area with a high median income. So it is important to conduct a proper market assessment before going on with the business. Read Food Cart Business in Bangladesh: How to Get the Food on Wheels Rolling Reinvent the Wheel Not every idea needs to be a breakthrough one. There is a common misconception that without a completely fresh idea, it is not possible to survive in the long run. Rather a business can take inspiration from what already exists and try to make it better. For example, the food delivery apps in Bangladesh. Foodpanda, HungryNaki, Pathao foods were all founded consecutively in a short period. Yet each of these startups has its own unique feature which makes them a strong market contender even though they provide virtually the same service. Try a Simpler Approach The main focus for a new business should be to reduce complexity. The more complex a business is, the more risk gets associated with it. Try and think of a go-to product or service that is easily accessible and something the people are willing to pay for. There is no need to develop multi-service or products from the get-go. Test out a product or service and then focus on scale-up. The new peripherals will come up as it is. Get On from Get-Go Do not spend too much time planning and assessing. Think of a business idea that can be started right away. It does not have to be a full-fledged established business. This point is tailing the idea of testing the waters. Test out the idea in its bare form with little investment and effort. If it shows promise, then go all out. There is no such thing as a hunch behind a perfect business idea. Read: How to Start a Bakery Business in Bangladesh ? Check for Profit As a business, the aim should be to get into profit-making as soon as possible. Yes, there are examples like Uber which took a decade to break even. But businesses like Uber relied heavily on investments. What if the business fails to secure investment? The key here is to jump to money-making as soon as possible. So that any investment risk can be eliminated. Scalability This is often ignored while stumbling upon a business idea. The general consensus is that every business is scalable. And that is true to some extent. However, not every business is scalable equally. A business that solely focuses on serving a specific demographic cannot attract new customers from other demographics. And that ultimately hinders the scale-up process. Before hitting on an idea ask what are the long-term plans with the business. If scalability is of priority, the business should be something that is universal or can cater to a large base. Cross Matching with Resources A business is hardly ever a one-man thing. It requires a team, investment, planning, and a whole lot more. Ask whether all these resources are available at hand. A business that requires a physical office will require a minimum investment for rent and management. The people are also an important factor in this regard. Make sure there is competence and expertise match with the idea. A business can still get by with basic knowledge and growth mentality. But it is sure to fail if the management is clueless about the basic processes. Read Work from Home Business Ideas for Moms, Housewives in Bangladesh Final Thoughts Study shows that a human gets approximately 6,200 random thoughts and ideas in a single day. For an entrepreneur, does all of these make for a great business idea? Truth is, it does not. A business idea needs to be tried and tested to make sure it is viable and scalable. There is no shortcut to becoming successful with a business. It only comes with proper planning and a structured approach.  

With the rapid digitization in the country, connecting with people has become easier than ever. And the increased connectivity and digitization of processes, have opened a host of opportunities for small and large scale businesses. But not just the SMEs, social media platforms like Facebook and Instagram have made it possible for people to start a business right from the comfort of their home. For some, it can be a source of side income and for others, it can be a full-scale earning source. However, there are some essential steps that you need to follow to make sure your business kicks off on the right note. So, how to start your online business from home? Let's take a look. How to start an online business from home Identifying the Business Idea The first and foremost thing to be considered is the business idea. As a business that is effectively going to be run from home, what business would be most feasible? Not just home, it also depends on other factors like what you are an expert in. For example, if you have no experience in cooking but want to run a food business, that would not be very fruitful. In the context of Bangladesh, the most profitable business ideas are dropshipping and home cooking. There is a huge demand for online-based products that can be easily availed as home delivery instead of scouring physical marketplaces. Part of the increased interest in online shopping is attributed to the pandemic situation. However, you can play on your expertise and comfort zone and come up with a business idea depending on the demand and size of the online market. Read: Top Insurance Companies in Bangladesh in 2021 Setting up a Platform This stage of the business needs to be accomplished in two steps. The first one is using the existing platforms and the second is setting up a personal platform. As a home business, the priority should be to minimize the cost associated with business operation. The existing platforms like Facebook and Instagram can be used to showcase the product as well as sell them. The number of users on these platforms in Bangladesh is comparatively higher. So this can be a good starting ground for your home-based business. In the later stage, after your business has gained sufficient traction, you can set up a personal website to better interact with your customer base as well as address their queries. Read Small Business Ideas for F-commerce Startups in Bangladesh during Pandemic Formulate the Business Plan The next step is formulating the business plan. A business plan is essentially an outline of operations that goes behind running the business. Depending on your business idea, the business plan will differ. The business plan should include a detailed overview of the product or service you are offering, a detailed analysis of the market and competitors, identifying the advantages and disadvantages of your business model, a financing module for your business as well a customer retention strategy. These might feel a bit too much to get started, but they will ensure that you have a clear vision of your business and won’t run into issues down the line. Read Passive Income Ideas in Bangladesh in 2021 Registering the Business The next step is a legal requirement. I need to come up with a name that embodies your ideas as well as your business. You will also need to register your business with the local authorities to make sure that you do not run into any legal trouble. For a home-based business, the business entity should be a sole proprietorship. This Will provide you with considerable control and flexibility over your business processes and rebates when it comes to taxes. Separate Personal and Business Finances As a home-based business, the initial growth will take some time to take off. You will need to reinvest your profits as well as source additional financing for your business. That all depends on the nature of the business. But the right approach is to ensure that personal finance and business finance are separated. Read: Best Credit Cards in Bangladesh: A Comparative Analysis You can set up a separate account for your business and handle the finances on that account. Separating personal finances from business finance will help to better track business progress and financial gains. It will also help to better assess how much additional investment would be required to finance the business. Engage Your Customer Base Another prominent aspect that should be taken into consideration is engaging the customer base. Naturally, as a home-based business, the reach and the brand image would be minimal while starting. To counter this, widespread promotional activities including discounts should be undertaken. Customers should be encouraged to share their thoughts on their social media. That way it would be possible to spread the business brand through word of mouth. In the end, it's all about maintaining quality as well as customer satisfaction. Read Ways of Affiliate Marketing while Staying in Bangladesh Review the Business Strategy The thing about the market is that it is constantly changing. What might be in demand today might not be in demand tomorrow. As a home-based growing business, you need to understand the changing dynamics and adapt your business to face the change. The right thing to do in this aspect is to review the business strategy to make sure the product or the service stays relevant to the customer. If you run a B2C business strategy, try and understand what your customer shows interest in. Change your product line up to better address the customer needs. As a home-based business owner, you need to stay up-to-date with the changing trends. Introducing innovative products at a competitive price will surely give you an upper hand among the startups. Read Zero Investment Business Ideas to Try Amidst the Pandemic Final Words The current landscape of the digital market in Bangladesh is expanding rapidly. More and more people are getting into online business and trying to make a profit out of it. The pandemic even forced some reputed businesses to implement online business strategies. Thanks to the widespread use of social media, showcasing your product and growing your business is now easier than ever. With that said, we tried to outline the key aspects that make or break a starting home-based business. With proper planning and conviction, it is easily possible to grow your business to a large scale and initiate substantial profit from it. Read Top FMCG Companies in Bangladesh: At a Glance

As Bangladesh tackles the Covid-19 situation, the impact left behind by the pandemic has been quite significant. Not just in terms of loss of lives but economic downtrend as well. Many people lost jobs and many businesses saw themselves on the brink of shut down. However, many businesses are opting to shift their offerings to what’s known as Facebook Commerce or F-commerce. With 22% of the population of Bangladesh being active users of Facebook, the platform can provide a strong foothold to reach customers on a far wider and diverse scale. In this article, we will take a look at some of the best small business ideas for F-commerce in Bangladesh during a pandemic. Small business ideas for F-commerce in Bangladesh Clothing Line With a country of festivities, we sure do have a knack for clothing. That is reflected in the apparel market as the market cap stands at around BDT 250 billion. There is a huge opportunity of taking this apparel market to the online platform. As a startup, you can source apparel locally from wholesale dealers and create an apparel niche of your own. With the Flexibility of F-commerce, it becomes very easy to reach your target customer base. You can even jump-start your business with little to no capital. You can start by having a small exclusive line of collection or simply set up a system of pre-order. That will ensure that there isn’t any loss to your startup venture. Also Read A Bangladesh startup that aims at saving the world! Book Store Nothing like a good book in days of lockdown, right? There is a high number of book readers in Bangladesh. The numbers add up as the Amar Ekushey Boi Mela saw a 70 crore BDT jump in sales from 2013-2018. With a growing demand for books, selling them on an online platform can be a good startup venture. The goal here is to find the targeted customer base and set up your business to attract them. Just like the apparel line, you can list your collections or simply deliver on a pre-order basis. Nilkhet being one of the largest markets of all sorts of books, sourcing shouldn’t be an issue and you can make a profit straight away with very little investment. Read How to Earn Money from Facebook Consumer Electronics The consumer electronic market is another potential sector for F-commerce startups. In 2017, the total market cap on consumer electronics stood at 1.38 billion BDT. However, as a startup, it's not possible to sell large-scale consumer electronics because of regulation and investment. You can start with smart gadgets and portable electronic items. The pandemic has seen people shift to online platforms for their gadget fix. You can either start by offering a certain product category or you can add multiples depending on your investment scale. The most important thing here is to plan. You should have a definitive F-commerce marketing strategy to attract customers. And since this is a consumer electronic sector, there should be ample focus on the after-sales service as well to ensure customer retention. Read 24pc of female online entrepreneurs shut businesses in June: Study Home-Based Catering There is a huge untapped opportunity in the home-based catering service in our country. With the easy parcel delivery services in Bangladesh, it is now possible for the home cooks to deliver on-demand food items concurrent to the restaurants. A home-cooked meal is not only a healthier choice for many but also a comparatively cheaper alternative to restaurants and takeaways. Just like the other F-commerce ventures we have mentioned in this article, the capital investment in home-based catering is little to nothing. The variety of cuisines on demand is what makes this start-up idea a thriving one. Based on expertise, a home cook can significantly monetize their skills and convert them into a functional earning source. And with the pandemic in question, the demand is also at an all-time high. Also Read: What Is Passive Income? Pros and Cons of Passive Earning Online Grocery Store An online grocery store is another business idea that has been propelled to the forefront in light of the pandemic and ensuing lockdowns. The idea of having all the daily necessities right at your fingertip is lucrative for many. This not only reduces the hassle but also ensures that you won't have to risk your safety by visiting crowded places. As a small business, focus can be put on a certain niche of groceries. It can be cooking essentials, dairy items to frozen goods. This solely depends on the target market. It is possible to source goods from wholesalers depending on the niche. As long as you can ensure competitive pricing, the F-commerce platform can be the perfect place to kickstart your venture. Read Zero Investment Business Ideas to Try Amidst the Pandemic Cosmetic Line Beauty products have a considerable market cap in Bangladesh. In addition to local brands, there is a high demand for the international cosmetic brands and their products. A cosmetic line can be a good small business idea because the online market is still in its budding state. People are getting more and more used to buying goods from online stores as the pandemic has reshaped the idea of how we shop. Depending on your niche, you can source products from the local market or use importers to source products from an international brand. Needless to say, the latter would require a significantly larger investment. But the ROI of this venture is high and considering there is no sunk cost involved, you stand to make a profit in a considerably short time. Art & Craft Recent trends show that the millennials of Bangladesh are significantly interested in local arts and crafts. It can be attributed to the widespread cultural promotion and in the general interest of the mass. If you are someone who is an artist, you can sell your work on the F-commerce platform. Not just art itself, there is a huge of demand for local craft utensils. Whether it's for home decoration or part of utility needs, as a business, you can produce or source these local crafts for online clients. Also Read: Domestic electronics, technology products should get priority in govt procurement: Speakers Sell Your Expertise If you are an expert in your trade, you can set up your online consulting firm. There are endless niches where there is a demand for expert consultation on different subjects. The same stands true for skills as well. If you are good with graphics designing or web content development, you can sell your expertise on the F-commerce platform depending on your niche. This doesn’t require any investment to begin with and also makes communicating with the clients easier. Bottom Line There is a huge untapped opportunity when it comes to the startups in the F-commerce sector of Bangladesh. The pandemic has paved a way for many new Facebook-based business ideas in the existing niche as well as creating demand for new ones. Sure enough, you won't see success upfront, and you would need to develop a sizeable community around your product. But the efforts and investment are much more risk-free when it comes to F-commerce and has a high ROI. Read Bangladesh Cloud Kitchen Business Heralds Improved Food Delivery Services