Bangladesh has established itself as a force to reckon with when it comes to readymade garments (RMG). Globally it comes second to China in terms of exports of RMGs. Its market share is also growing rapidly, thanks to a declining Chinese stake resulting from a melodramatic increase in its labor costs. Bangladesh offers investors a number of benefits that include; a cheap labor, a healthy political environment, favorable foreign policies, and availability of a skilled workforce. Many manufacturers in Bangladesh work on no minimum embroidered polo shirts. If you have been considering setting a cloth manufacturing firm in Bangladesh, then consider the following;
- Proper Planning
You do not just take a leap of faith and inject money into investment without planning for it. You have to prepare a comprehensive business plan. This will provide a blueprint that will help guide your business decisions. It helps maintain focus and can be used when applying for financing. You will also use it as a management tool for planning.
You will need a business plan if you intend to establish a manufacturing firm in Bangladesh. This will help pin-point your sales avenues. You have so many sales options and you cannot afford to overstretch. By narrowing down your options you will be able to satisfy your target market.
- Choose a Location
There are two aspects attached to this. First off is where you will establish the factory and secondly where you will sell the product. You have so many locations to choose from in Bangladesh. Most startups begin in the garage and others in a bedroom. This might be impossible when it comes to clothes manufacturing. The latter requires external space since specialized equipment take up large spaces. Where you choose to establish your business will determine the cost of leasing. You should settle for a location that meets your requirements.
Where the products will be sold should be considered too. Do not stick to local buyers only but take advantage of online stores. You should even partner with global retailers. Consider establishing your own website also.
- Skill Set
Of course, you will not launch a clothes manufacturing business in Bangladesh if you lack the required skills. Proper skill set will allow you to efficiently manufacture and deliver the best quality product. You may not achieve this within the first few trials, but as you grow you learn how to get better. You should keep improving and innovating. Some important skills required when establishing a clothes factory in Bangladesh will include; marketing knowledge, confidence, accounting knowledge, innovation, multi-tasking, willpower, analytical skills, and people management skills.
Everything boils down to finances. You will need a huge amount of financial backing in order to start a manufacturing business in Bangladesh. The business plan should stipulate all potential costs. These will include; advertising, equipment, wages, and transport costs. Funding will be less than that by a manufacturer of shirts in India.
If starting a small-scale manufacturing business, a few staff will suffice. If you need to establish a bigger firm, then proper selection of staff should be conducted. This will mean hiring business managers, sales executives, or even market researchers.
You are now ready to establish your clothes manufacturing business in Bangladesh.