Top 5 Fast Growing Business in Bangladesh in 2024
Unemployment is a significant challenge in Bangladesh, impacting the nation’s economic growth and social stability. The country struggles with high unemployment rates, particularly among the youth and recent graduates. Factors contributing to this issue include a mismatch between educational outcomes and market demands, rapid population growth, and limited job opportunities in certain sectors. To deal with this challenge, It is necessary to build more business institutions in Bangladesh. After a deep research, I have identified top 5 fast growing business in Bangladesh that are in demand right now and hopefully the demand for those businesses will increase more in the future.
Importance of Business in Bangladesh
The number of unemployed people in Bangladesh has slowly decreased according to the renowned newspaper The Daily Star. According to the newspaper, approximately 24.30 lakh people stood unemployed in the July-September period of 2023. Businesses play a critical role in reducing unemployment by contributing in job creation, economic stability, and skill development. So, the importance of fast growing business in Bangladesh is beyond saying.
Top 5 Fast Growing Business in Bangladesh
The business sector in Bangladesh is growing every day. Though it is associated with risk but success rate in business is also very high. If you’re looking to start a business, here are the top 5 fast growing business in Bangladesh that are in demand right now and can be considered as the most profitable business in Bangladesh as well. I am seeing a glorious future of those businesses.
1. Content Creation Agency
Time changes everything. The invention of the internet opened several new doors for business. Globalization has made the market borderless. Leaflets and posters are now replaced by digital content. This is not for all businesses but for the majority of the businesses. You will hardly find a business that doesn’t have a social presence. Previously we used leaflets, and posters to make people aware of a business, and now we use content. The importance of content is increasing and the demand for content creation agencies is increasing. That’s why content creation agency has became a fast growing business in Bangladesh.
Why Businesses Need a Content Creation Agency?
As described above, not all the business fully depends on digital marketing. Some business run their operation using both digital and traditional marketing. Businesses that follow business-to-business model mostly generate sales from traditional marketing. They just need a social media presence to create brand awareness. This type of business does not focus on publishing regular content. They use content occasionally to sustain their existence. So, having a team of content creation may not be necessary for them rather hiring an agency can be cost-effective for them.
To make you easily understand, let’s use an example. Let’s say company “A” is an interior design studio. Company “A” design restaurants, hospitals, and offices for clients. They get clients from traditional marketing or third-party agencies. Now, company “A” found Mr. R through an agency. Mr. R is looking for an interior designer to decorate his office. Company “A” submitted a proposal with a price quotation. The first thing Mr. R will do now is search company “A” on social media to see their previous work. So, here comes the necessity of content creation for company “A”, although they do not use content to find Mr. R.
How Content Creation Agency Works?
Let’s take the previous example, company “A” is an interior design studio that doesn’t have a content creation team. So, company “A” will require everything that is needed to create content. The content creation agency will plan a content discussion with the client, shoot or create the content, do necessary image or video editing, and deliver the final image or video clip to the client. Sometimes content creation agencies are also responsible for idea generation and providing models, actors, and actresses on content demand.
How to Start a Content Creation Agency?
Content creation agency is one of the fast growing business in Bangladesh and it will not cost you much at the beginning. You can work remotely. You will need a good quality DSLR camera with some accessories, a well-configured computer to run editing software, a videographer, a graphic designer and a video editor. In the beginning, if you run remotely, it won’t cost you much. Also, you can contact freelance editors and videographers initially and save salary expenses by giving them project-based remuneration.
With all this flexibility in operation, it is easy to make this business one of the most profitable business in Bangladesh. So, if you are looking for business with low risk, you can think of creating a content creation agency. But you have to invest on a good digital marketer who can build your brand’s online presence in front of targeted audience. Hire a Facebook marketing expert who can help you in both paid and organic social media marketing.
2. Software Development Agency
Software development agency is one of the fast growing business in Bangladesh. A software development agency in Bangladesh typically offers a wide range of services, including web and mobile application development, custom software solutions, e-commerce platforms, and IT consulting. The country has become a growing hub for tech talent, with many agencies employing skilled developers proficient in languages like Python, JavaScript, PHP, and Java. These agencies cater to both local and international clients, offering cost-effective and high-quality services. Bangladeshi software development agencies are also expanding into emerging technologies like AI, blockchain, and cloud computing. The industry benefits from a supportive government, a young and dynamic workforce, and an increasing focus on digital transformation across various sectors.
Demand for Software Development Agency in Bangladesh
The demand for software development agencies in Bangladesh is on the rise, driven by the country’s growing digital economy and the global shift towards technology-driven solutions. So, there are chances to transform a software development agency into a most profitable business in Bangladesh. Businesses, both local and international, are increasingly turning to Bangladeshi agencies for cost-effective and high-quality software development services. The rapid expansion of industries such as e-commerce, fintech, healthcare, and education has fueled the need for custom software solutions, mobile apps, and web development. Additionally, the government’s focus on promoting ICT and digital infrastructure has created a conducive environment for tech startups and agencies to thrive.
How Software Development Agency Works?
You hardly find a business that doesn’t have a website. The website works as a showcase for a business and a channel to generate direct sales from online. Some businesses do not generate direct sales online that’s why they do not create a permanent position for a software engineer in their company. They often hire a software agency to make minor or sometimes major changes to their website. On the other hand, software made day-to-day business activities more easier. Some businesses use software like CRM, ERP, and POS to make business activities easier. So, if you start a software development agency, you can serve businesses with custom-made software and websites.
How to Start a Software Development Agency?
To start a software development agency, a good investment is not required at the beginning. You need to hire 1 or 2 full-stake web developer, a salesperson who can visit clients and handle meetings for you, and a project manager who can take care of project timeline and on-time delivery. As developing software is fully computer-based you can start remote office if you are on a tight budget or maximize the profit. A remote office will lower your operational cost and you can turn your business a most profitable business in Bangladesh.
Initially, you have to invest on digital marketing to create your brand presence. You can hire an SEO expert to rank your website at the top of search engine. This will bring you business leads and you have to convert it into sales.
3. E-commerce
In recent years, e-commerce is one of the fast growing business in Bangladesh. E-commerce, short for electronic commerce, is a business model that involves buying and selling goods or services over the Internet. E-commerce businesses operate through various platforms, including websites, mobile apps, and social media, allowing customers to browse, select, and purchase products or services from anywhere in the world. This model eliminates the need for physical stores, reduces overhead costs, and provides convenience to both businesses and consumers.
Demand for E-commerce in Bangladesh
E-commerce in Bangladesh has seen rapid growth in recent years, driven by increased internet access and widespread use of smartphones. Popular platforms like Daraz, Ajker Deal, and Chaldal have become popular household names, offering a wide range of products from electronics to groceries. Government support and improvements in digital payment infrastructure have further fueled the sector’s expansion. Despite challenges like logistics and trust issues, e-commerce in Bangladesh is poised to become a significant contributor to the country’s economy. Considering the emerging behavior of individual’s online purchases, starting an e-commerce platform can be considered as one of the most profitable business in Bangladesh.
How E-commerce Business Works?
The basic concept of e-commerce is giving the customer a chance to purchase by sitting at home. You can sell any kind of products on an e-commerce website but the most popular product categories are grocery, electronic, clothing, and organic foods. This business works in a very simple model. You have to find a winning product, run marketing campaigns, get orders and deliver the product. The success of an e-commerce business mostly depends on product sourcing. If you can source quality product in cheap price, you can easily turn your business into a most profitable business in Bangladesh. But this business is associated with some risk as well. The most common risks are product damage and order cancellation.
How You Can Start an E-commerce Business?
As discussed above, the first thing to start an e-commerce business is finding winning products. Once you find a product to sell, build a website. Forecast a number of your customers and build your website in that way. You have to maintain a good inventory to meet the demands of your customers. You have to hire someone who can confirm the order over the phone. The delivery system plays a key role in earning customer satisfaction. There are many delivery rider agencies like REDX, and Steadfast who are renowned in this field. You can hire any of them. So, by following those steps you can run an e-commerce business.
To get sale or increase sales there are no alternative to Investing on digital marketing. Social media advertising plays a key role in bringing as e-commerce is design for direct sales. So, to make your e-commerce a profitable business, hire a social media advertising expert, stock up winning products, and invest in Facebook boosting services. At the same time you will need a social media manager to make engagement, build trust among customers, and answer all the queries.
4. Photography Agency
Ever since cameras became available the demand for photography and videography is on demand. From the past decade the demand for it in the commercial sector has increases and it became one of the fast growing business in Bangladesh. A photography agency serves clients with professional photography and videography. Services provide by a photography agency includes capturing wedding events, corporate events, fashion, advertising, and more.
Photography agencies in Bangladesh typically offer a range of services apart from capturing high-quality images. They work on post-production activities like editing and retouching. With a rich cultural heritage and a vibrant social scene, the demand for professional photography services is on the rise. So, it can be one of the most profitable business in Bangladesh.
Demand for Photography Agency in Bangladesh
The demand for photography agencies in Bangladesh is rapidly increasing due to several factors. With the rise of social media, more individuals and businesses seek high-quality visual content to enhance their online presence. The booming wedding industry, where couples desire professionally captured memories, significantly contributes to this demand. Additionally, the growing fashion, advertising, and e-commerce sectors require professional photography for branding and product promotion. Corporate events and personal milestones, such as birthdays and anniversaries, also fuel this demand making it a fast growing business in Bangladesh.
How Photography Agency Works?
A photography agency in Bangladesh operates by providing a range of professional photography services to individuals and businesses. The process typically begins with client consultation, where the agency understands the client’s needs, such as wedding event coverage, corporate event coverage, fashion shoots, or product photography. Based on the client’s requirements, the agency offers a customized package that includes the scope of work, timelines, and pricing.
Once an agreement is reached, the agency assembles a team of photographers, assistants, and sometimes stylists or makeup artists, depending on the nature of the project. The shoot is then conducted at the client’s chosen location or in the agency’s studio, utilizing professional equipment to ensure high-quality results. The agency handles post-production work, which involves editing and retouching images to meet the client’s expectations. This may include color correction, background adjustments, and other enhancements. The final images are delivered to the client in digital or printed formats, as per their preference.
How to Start a Photography Agency?
To start a photography agency you must need to hire one good photographer and a video and image editor. You have to invest in gear such as a DSLR, a soft box, and a well-configured computer. But at the beginning, you can hire freelance photographers who usually have their gear. For the video editor, you can also do the same at the beginning. Freelance video editors have their setup. But this is not a sustainable model. To ensure quality and do long-term business you must have to create your setup.
You have to invest in marketing mostly for digital. Google and Facebook ads will help you find you clients. Place your sample work in front of millions of users with the help of a freelance Facebook and Google ads expert. An expert media buyer will target the right audience for your business, retarget interest audience and lower your CPC.
5. Drop Shipping
Drop shipping has emerge due to the boom of e-commerce business worldwide. Drop shipping is a method in which a store doesn’t keep the inventory, instead, it purchases from a third party when receives an order and ships it directly to the customer. As a result, the seller never physically handles the product. This means the seller never handles or stores the product. Drop shipping allows entrepreneurs to start an online store with lower upfront costs, as there’s no need to invest in inventory. Drop shipping is one of the fast growing business in Bangladesh and it has a glowing future.
Demand for Drop Shipping Business in Bangladesh
The demand for drop shipping businesses in Bangladesh has been rapidly increasing due to the rise of e-commerce and an increasing number of internet users in the country. With more consumers shopping online, entrepreneurs are finding drop shipping an attractive way to start a business with minimal investment. The model allows entrepreneurs to offer a wide range of products without maintaining the inventory. It is one of the most profitable business in Bangladesh as there will be no operating expenses. Additionally, Bangladesh’s growing access to global markets and suppliers and its young, tech-savvy population, have fueled interest in drop shipping. As a result, it became a fast growing business in Bangladesh.
How Does Drop Shipping Business Work?
Drop shipping is a business model where the retailer doesn’t hold inventory or manage the shipping of products. Instead, the retailer receives an order and places the same order with a third-party retailer who offers the same product at a bit lower price. That’s why it is considered as one of the most profitable business in Bangladesh.
To make it more clear, let’s try an example. A customer visits your online store and orders a product. After receiving the order, you order the same product from a third-party supplier at a lower price. You provide the supplier with the customer’s shipping details. The supplier packages and ships the product directly to the customer.
How to Start a Drop Shipping Business?
The first thing you will need to start a drop shipping business is to find a unique product and a website. If you have sound technical knowledge you can operate your website by yourself otherwise you have to hire someone. You have to track each order and place it to the third party maintaining the delivery schedule.
But It is not as easy as it is described. Think about why you got the order and why the third-party supplier didn’t get it. The answer will be because of marketing. You have to invest in digital marketing. You can hire an social media advertising expert to run successful ads campaign. Beside those, you have to invest in SEO and social media marketing to build trust among customers. There are many expert digital marketer in Bangladesh. You can hire them contractual basis for remote service.
Conclusion
In conclusion, due to the availability if internet and the revolution in technology, we have seen many fast growing business in Bangladesh. With a focus on innovation, entrepreneurship, and adapting to global market trends, Bangladeshi businesses are thriving like never before. In recent years, sectors such as technology and e commerce, have shown remarkable growth and have become key drivers of the country’s economy. Government also take necessary initiatives to encourage entrepreneurship.
This article was written keeping in mind the business scenario of 2024. Business success depends on several factors. Before starting anything analyze the current business scenario, competition, and risk factors. According to my research, I have found 5 fast growing business in Bangladesh. Those businesses have significant opportunities for high returns now and in the future.
FAQ
Web and application development is website and mobile app development. Web development includes business website, e-commerce, etc. And the mobile app development includes application development for Android or IOS.
Organic food refers to the natural foods such as nut, honey, date palm, etc.
All those are programming languages. Those are used to develop website or software.
Fast growing business are those on which peoples are investing highly right now. The number of those business is continuously increasing in recent times.
Most profitable businesses are those which has larger profit margin.
Tech savvy means those who are technologically advanced. Technology savvy peoples have proper skills and knowledge to effectively operate modern devices.
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