Entrepreneurship: 10 Business Ideas for New Entrepreneurs

Entrepreneurship Defined:

Entrepreneurship is identifying, creating, and pursuing opportunities to establish and manage a business, taking on financial risks to achieve success and financial profitability. In Bangladesh, entrepreneurship is pivotal in shaping the economic landscape and encouraging sustainable development.

“I have not failed. I’ve just found 10,000 ways that won’t work.”

– Thomas Edison

Importance of Entrepreneurship in Bangladesh:

1. Job Creation: Bangladesh faces a significant challenge in terms of unemployment. Entrepreneurship helps mitigate this issue by creating job opportunities. Small and medium-sized enterprises (SMEs) initiated by entrepreneurs contribute significantly to employment generation, especially in urban and rural areas.
2. Economic Growth: Entrepreneurial ventures contribute to Bangladesh’s overall economic growth. As new businesses emerge, they inject dynamism into the economy, promoting innovation, increasing productivity, and driving competition, leading to economic expansion.
3. Innovation and Technology Adoption: Entrepreneurs are often at the forefront of innovation, introducing new ideas, technologies, and business models. In a country like Bangladesh, where technological advancements are critical for development, entrepreneurship catalyzes the adoption of innovative solutions across various sectors.
4. Poverty Alleviation: despite progress in recent years, Bangladesh still grapples with poverty. Entrepreneurship, particularly in sectors like microfinance and social enterprises, has the potential to uplift marginalized communities by providing access to financial services and creating sustainable livelihoods.
5. Global Competitiveness: Entrepreneurs contribute to enhancing Bangladesh’s global competitiveness. Successful entrepreneurial ventures that gain recognition and export capabilities contribute to the country’s standing in the worldwide market, attracting foreign investment and fostering economic resilience.

10 Business Ideas for New Entrepreneurs

Entrepreneurship in Bangladesh goes beyond business creation; it drives economic progress, innovation, and social change. The entrepreneurial spirit in the country is vital for addressing challenges, unlocking opportunities, and shaping a resilient and prosperous future.

Here are ten business ideas with concise descriptions, budget estimates, marketing policies, risks, and potential return on investment (ROI) examples:

01# Virtual Fitness Classes Platform:

• Business Idea: With the rising demand for at-home workouts, there is an opportunity to create an online platform that offers live virtual fitness classes led by certified instructors. The platform would cater to various fitness levels and interests, offering classes such as yoga, HIIT, Pilates, and more. Users could browse and book classes in advance and join from the comfort of their homes via a live video feed. The certified instructors would provide personalized feedback and guidance throughout the classes, ensuring users received a high-quality fitness experience. Additionally, the platform could offer on-demand recordings of past courses, allowing users to access the content conveniently.
• Budget:5,00,000 BDT (Platform development, marketing, instructor fees)
• Marketing: Utilize social media advertising, collaborate with fitness influencers, and offer a free trial period.
• Risk: Competition from established platforms technology glitches.
• ROI Example: Charge a monthly subscription fee of 500 BDT per user. With 1,000 subscribers, the monthly revenue could be 5, 00,000 BDT.

02# Local Specialty Food Delivery:

• Business Idea: Create a platform allowing passionate home chefs to showcase their unique and delicious local and specialty cuisines to enthusiasts. Our delivery service connects these talented chefs with customers who crave authentic, homemade meals made with fresh, high-quality ingredients.
• Budget:3,50,000 BDT (App development, marketing, initial partnerships)
• Marketing: Collaborate with local food bloggers, offer first-order discounts, and use targeted social media ads.
• Risk: Food safety concerns and logistics challenges.
• ROI Example: Charge a 10% commission on each order. With 500 orders per month at an average value of 800 BDT, monthly revenue could be 40,000 BDT.

03# Online Language Learning Platform:

• Business Idea: Create a user-friendly and engaging virtual platform that provides a dynamic learning experience for individuals seeking to enhance their language skills. The platform will offer various courses in regional and international languages, enabling learners to improve their proficiency in a language of their choice. The platform’s interactive features will allow learners to engage with native speakers and other learners, practice their speaking and writing skills, and receive personalized feedback from experienced language instructors.
• Budget:6,00,000 BDT (Platform development, marketing, hiring language instructors)
• Marketing: Offer free introductory courses, collaborate with language schools, and invest in targeted online ads.
• Risk: Competition from established language learning platforms and user engagement challenges.
• ROI Example: Charge course fees of 2,000 BDT per month per user. With 300 subscribers, monthly revenue could be 6, 00,000 BDT.

04# Smart Home Installation Service:

• Description: Start a business catering to homeowners interested in smart home technology.  Integrate smart devices for energy-efficient, convenient homes with smart home installation services. Services can help homeowners automate their homes, control their devices remotely, and reduce their energy consumption while enjoying the comfort and security of a smart home.
• Budget:4,50,000 BDT (Training, marketing, initial equipment)
• Marketing: Offer free consultations, collaborate with real estate agents, and use local advertising channels.
• Risk: Technological glitches and competition from established home automation companies.
• ROI Example: Charge installation fees based on the scope of work. With 50 monthly installations at an average fee of 9,000 BDT, monthly revenue could be 4, 50,000 BDT.

05# Local Artisanal Product Marketplace:

• Description: Create a digital platform connecting skilled local artisans and consumers seeking to discover and purchase unique handmade products. The marketplace will showcase a diverse range of unique crafts and goods, providing a platform for artisans to showcase their creations and for customers to find distinct, high-quality items that cannot be found elsewhere.
• Budget: 3,00,000 BDT (Website development, marketing, onboarding artisans)
• Marketing: Feature artisans on social media, collaborate with local influencers, and host virtual artisan fairs.
• Risk: Logistics challenges competition from established e-commerce platforms.
• ROI Example: Charge a 15% commission on each sale. With 300 monthly transactions at an average value of 1,500 BDT, monthly revenue could be 67,500 BDT.

06# Remote Work Consultancy:

• Description: Consider offering remote work solutions for companies, which involves providing comprehensive advice on tools and technologies, HR policies, and strategies for effective employee engagement. By focusing on remote work solutions, you can help businesses adapt to the changing work landscape and improve their overall productivity and efficiency. Let me know if you need further assistance creating a business plan or marketing strategy for your consultancy.
• Budget: 2,50,000 BDT (Marketing, website development, hiring consultants)
• Marketing: Offer free webinars, collaborate with business associations, and use social media like Facebook and LinkedIn advertising.
• Risk: Limited demand competition from established HR consulting firms.
• ROI Example: Charge consulting fees per project. With ten projects per month at an average fee of 25,000 BDT, monthly revenue could be 2, 50,000 BDT.

07# Educational Toys Subscription Box:

• Description: Create a subscription service delivering educational toys to children, promoting learning through play. We aim to provide a subscription service that delivers high-quality educational toys to children, designed to encourage learning through play. Our carefully curated selection of toys is aimed at helping children develop essential skills and knowledge while having fun. With our service, parents can rest assured that their children receive the best tools to support their growth and development.
• Budget:2,00,000 BDT (Toy sourcing, marketing, website development)
• Marketing: Collaborate with parenting bloggers, offer trial boxes, and use social media advertising.
• Risk: Quality control issues competition from established toy brands.
• ROI Example: Charge a monthly subscription fee of 800 BDT per box. With 250 subscribers, monthly revenue could be 2 00,000 BDT.

08# Green Cleaning Services:

• Description: Provide a cleaning service that prioritizes using eco-friendly cleaning products for residential and commercial locations, ensuring that our client’s homes and businesses are clean and safe for the environment.
• Budget: 3,50,000 BDT (Eco-friendly cleaning supplies, marketing, hiring staff)
• Marketing: Emphasize sustainability in advertising, collaborate with eco-conscious businesses, and offer first-time discounts.
• Risk: Limited awareness competition from traditional cleaning services.
• ROI Example: Charge hourly rates for cleaning services. With 100 cleaning sessions per month at an average rate of 1,500 BDT, monthly revenue could be 1, 50,000 BDT.

09# Personal Finance App:

• Description:Create a user-friendly mobile application that allows individuals to manage their finances efficiently. The app should include real-time budget tracking, personalized investment guidance, and the ability to set financial goals and track progress toward achieving them. The app should also provide easy-to-understand visualizations of an individual’s spending habits and economic trends to help users make informed decisions with their money.
• Budget:5,50,000 BDT (App development, marketing, financial content creation)
• Marketing:Collaborate with finance influencers, offer free financial workshops, and use targeted online ads.
• Risk:Security concerns competition from established finance apps.
• ROI Example:Offer a premium subscription at 200 BDT per month. With 2,000 subscribers, monthly revenue could be 4, 00,000 BDT.

10# Local Travel Experience Planning:

• Description:Provide a platform that offers visitors personalized and exclusive travel opportunities, enabling them to engage in immersive cultural and thrilling adventure experiences with the locals.
• Budget:4,00,000 BDT (Marketing, website development, partnership building)
• Marketing:Collaborate with local travel bloggers, offer seasonal discounts, and use social media advertising.
• Risk:Limited tourist influx competition from established travel agencies.
• ROI Example:Charge a commission on each booked experience. With 100 monthly bookings at an average commission of 1,500 BDT, monthly revenue could be 1, 50,000 BDT.

Note: These budget estimates and ROI examples are approximations and can vary based on location, scale, and specific business requirements. Entrepreneurs should conduct detailed market research and financial planning before starting a business.