The Rise of Online Business in Bangladesh
by Isteak Ahmed
Online businesses don’t succeed by accident or without effort. Out of the thousands of would-be entrepreneurs who start an online business in Bangladesh every year, only a small percentage will succeed. A recent survey estimates that a stunning 30% of new businesses fail during the first two years of being open, 50% during the first five years and 66% during the first 10.
However, you can avoid being part of that unsettling statistic. Since you can, in Bangladesh, online business is having an undying impact on the nation’s economy as well as its people’s life. Here, I have put together the top 10 facts for behind the rise of online business in Bangladesh.
A Concrete Plan
Everything begins with a plan. In principle, online business is no different from a real-world brick and mortar business. People who fail in online business are very often those who think making money online “sounds like a good idea” instead of seeing it as a real business. They jump in without any idea of what they want to do or how to run their business.
Planning should involve:
- what type of business you’re going to start online
- what it will cost
- how you will market it
- what tools and skills you need to start
- how will you maintain it technically
- how you will finance your online business efforts
- how much time you have to spend on it
- how and where you will network and make business connections
Without taking stock of factors like these before you even begin, you’ll be lucky to achieve any kind of success.
Taking action is what separates most online business successes from the failures.
- That “Earn a Million Online” seminar you went to, presented by the top online business minds? It’s worth nothing if you don’t act on what you learn.
- That ebook full of secret online business strategies? They are of no worth until you actually use them.
- That brilliant product idea swimming around in your head? Stop dreaming about it and create it.
While there are other factors as well, you must realize that you can’t win the game if you’re not in the game. Never let the fear of failure stop you. If you never try, you’ve already failed.
For instance, if you have a local store, do not forget to make an online version of it. If you do, you will be one of those 26% of the small business owners who have tried to create their own online Ecommerce store.
Testing & Tracking
We cannot deny the fact that the success of online business highly depends on testing and tracking sales. When you have an Ecommerce website, you will have analytics installed within it. So, you can track the audience, who is coming, who is going to which product page, who is leaving in which times and many more.
Testing and tracking are crucial in tweaking your marketing campaigns for maximum profit, especially when you are paying for traffic. But, you need to have a fully functioning website at first. Make sure the design aesthetic is perfect and you have hosted your web page the most trusted hosting provider.
Perfection is Necessary, But Not Mandatory
It doesn’t need to be perfect, it just needs to work. Plenty of online business in Bangladesh did start with a hiccup. But, they are now working fine. Don’t get bogged down in trying to have everything just right before launching.
An ugly website that’s actually live on the internet can make money and can be tweaked to perform better. A beautiful one sitting unpublished on your hard drive will not only make no money, but won’t even provide you with any real-world data for improving it.
Multiple Traffic Streams
There are myriad of ways to generate traffic online. The more of them you can use, the bigger your potential income and the safer your online livelihood will be.
For example, if you decided to do affiliate marketing and your only source of traffic is Google, you are on shaky ground. If Google decides to penalize your sites for whatever reason, or an algorithm change sinks your rankings, most of your income can disappear overnight.
To maintain a solid traffic stream, make sure your website does not take much loading time. If your site is created in any CMS, assure that it is hosted with the right partner. If your website is built with custom coding, make sure you have full control of it internally and externally.
Inbound and Outbound Marketing
Marketing the brand with full gear is another reason behind the ongoing success and rise of online business in Bangladesh. Successive online business owners have adverted their brands in social networking platforms like Facebook, LinkedIn, Google, Pinterest, Twitter, Reddit, and many more places. It clicked like magic because 55% of audience purchase products online after discovering them on social media.
Slapping the Myths
Those who have gained success in online business, they did make a lot of mistakes. It is true. But, one thing they did right is not believing in any myths. So, if you wish to be a part of the successive online business in Bangladesh, kick off the following myths from your mind.
- Make money while you sleep
- Be your own boss and work when you want to
- Make millions of Takas working just 2 hours a day
Acquire a business mindset. One that expects hard work, failures, long hours and a stiff learning curve before it expects rewards. Just that simple shift will already put you way ahead of most new online business owners.
Good luck with your online business. Ignore the hype, do your planning, work hard and never give in to the fear of failure. Go ahead with your dream and make the right choices.
When it’s a matter of putting letters and words in a row with the pure supremacy, then Isteak Ahmed is has given it a bash with sublime intuition on copywriting, Technical Writing, SEO, eBook, blog writing and digital strategies with years of heartfelt experience in Digital Media Marketing Arena.
April 30, 2019
April 10, 2019