Setting Business in Bangladesh

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Table of Contents

Introduction
First Steps
Commercial Success
Conclusion
References

Introduction

Creating any business is a complex process that requires a lot of consideration of factors and opportunities. It is necessary to calculate all the options and risks that are associated with the creation of a new product. In addition, it is essential to take into account the peculiarities of the market in which the firm is entering. The situation is much more complicated when entering a foreign market that is far from the main office. In addition to the above-mentioned data, it is also essential to take into account the cultural characteristics of the people who live on the territory of the state where the business will be located, the transition to a new currency, and the calculation of profits in it. These and many other aspects will be touched upon during the writing of this paper, namely the launch of the Starbucks business in Bangladesh.

First Steps

For the initial analysis, it is necessary to collect the information that will be needed when establishing a business in the new territory. To begin with, it is crucial to select the purpose for which the new workplace will be created. Starbucks sells beverages, such as coffee, tea, or other fabulous, non-alcoholic cocktails. First of all, it is necessary to target the audience that will be a customer in the establishment. Above all, the weather conditions must be taken into account, since hot drinks will not be widespread in hot countries. The state of Bangladesh is located in the southern part of Asia, where the climate is dry and hot (Coe et al., 2020). This means that the menu offered should contain a small number of hot drinks and vice versa, as many as possible cool beverages. As an option, one can also create some author’s recipes, which are based on the cuisine of this country, with the addition of local color (Çalıyurt &Yüksel, 2017). This will influence the start of sales and will give a unique character to the new establishment, where customers will be interested in going.

Next step that needs to be considered the location of the establishment and the recruitment of employees. With the first point, everything is clear because such cafeterias need to be placed in places where there is a considerable accumulation of people. This, for example, maybe the capital of the state, where the concentration of people is the largest and most active. As for the employees, the situation may be complicated by the fact that no one has ever worked with Starbucks and does not know its principles. Therefore, in this case, it is necessary to apply a training technique during work. It allows to use practical knowledge immediately without distracting from the work process, which will substantially reduce the time needed to prepare for a new project.

Commercial Success

Once these problems are solved, it is necessary to consider the financial point of building a new business. The first thing to do is to make an initial calculation of all the expenses and profits that may be incurred during the stay in this country. This requires a quality analyst and the time it is essential to take to analyze and provide all of the data carefully. Depending on the figures obtained, one can build theories and look for opportunities to create a new institution. In this case, it is necessary to get in touch with the metropolitan government and ask for information on the availability of space to create an establishment. Once all these steps have been taken, one can proceed to the creation of the business and the construction of the enterprise.

Conclusion

Thus, it can be concluded that it is possible to create a Starbucks establishment in Bangladesh. By making the menu required for this country and adding a few special items, it is possible to win the market among consumers of cool drinks. In addition, it will bring its own profit due to the fact that the market is not mastered by competitors. After careful analysis, one can conclude whether or not it is necessary to do business in Bangladesh. It is difficult to say what success awaits the company in 5 years, but with the right investment the possibility of recouping the business is quite high. Everything is based on the advertising campaign as well as a reference to the competition, which will definitely appear after a certain amount of time.

References

Coe, N. M., Kelly, P. F., & Henry Wai-Chung Yeung. (2020). Economic geography : a contemporary introduction. Wiley-Blackwell.

Kıymet Çalıyurt, & Ülkü Yüksel. (2017). Sustainability and Management. Routledge.

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Setting Business in Bangladesh

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