indenting business

How to Start Indenting Business

Business

Concept of Indenting Business:

The basic concept of indenting business is in the role to connect buyers and sellers worldwide. The proposed indenting company is to be involved in a broad range of activities and should have very strong business presence, connections and dealings among countries of Asia-Pacific/ South-East Asia, in serving both the domestic and international sectors with a strong vision for the future, professionally managed business entity.

Goals and Objectives:

The main goal and objective of indenting business company should be strong relationship with both buyer and seller, good commitment, on-time activities, real time communication, 24/7 close monitoring system on the business and making long term business relationship with confidence to achieve well reputation in the subjected sector.

As per short-term vision, the main goal should be more sell with less profit. In a long run and as per long-term vision, the business ethics should be to make a well reputed business relationship with buyers and sellers to continue and increase business leads.

Better service is the key to success in indenting business. The subjected company is to be committed to provide better services to buyers more than they expect as the market is very competitive. The competitors’ activities and abilities should be monitored and observed time to time to determine and increase own ability and skill.

The real world is changing every day and every time. So the company personnel should take close eye on changing and to find new business opportunities to be adopted with the modern era.

Supply Sourcing:

Supply source is one of the most important factors to run indenting business. So, at first should take special care to find the right and reputed sources with their good quality products and services and competitive price that will make the buyers happy. Generally targeted suppliers are from:

  • India
  • Uzbekistan
  • Pakistan
  • Malaysia
  • UK
  • USA
  • Australia
  • Singapore
  • Taiwan
  • Hong Kong
  • China
  • Canada

Buyer Sourcing:

Profit will be made after selling products and or services to buyer. Main target is to make healthy buyer list to generate business leads. No matter the buyer is small or big giant company, all of them should be noted with importance. As much sourcing can be generating, profit will be generate potentially.

Market Research:

Researching targeted market is one of the most important key to success. Before starting indenting business, should review the market situation, the demand of people, environment of the business track, climate of the business situation as well as needs to follow the statistics and business volume of the subjected track. As per deep review and market research, it can be saying that Bangladesh is a good place to do indenting business as it’s a fast developing country in the world.

Marketing Plan:

To generate sales lead, marketing plan should be strong enough to bid projects. Before going for marketing, needs to collect all information, specification and value of the products as well as supplier contract should be completed at the back end to offer best quotation to buyer. Both online and offline marketing should be cared to generate sales leads. Physical offline marketing is the normal practice to generate sales leads, and in this modern age, online marketing like internet and email marketing should be cared to increase huge sales leads as well.

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Operation Plan:

Organized operation is essential to run successful business. A designated team will operate the business and will take care of every part of the business for smooth operation.

Management Team:

Management Team will be responsible to manage and operate the entire business including finance, human resource, operation, marketing and sales. Management team will be the key personnel to take or change any decision to run successful business.

Financial Plan:

Financial Plan should be taken care by the Management Team and smooth investment flow (if needed) to continue and make alive the business.

Items, Products and Services to indent:

Items and products list for initial indenting purpose and this will be amended and expanded on demand:•

  • Chemicals:
  • Caustic Soda, Soda Ash, Sodium Sulphate, Hydrogen Peroxide, Acetic Acid , Magnesium sulphate, zinc sulphate TSP, DAP etc.
  • Petro-chemical: PVC RESIN, PET Resin, PP, HDPE, LLDPE, LDPE, PPHP, GPPS, ABS, EVA etc.
  • Natural Fiber: Raw cotton (Indian, CIS, West African, Sudan, American PIMA etc.)
  • Man Made Fiber: Polyester Staple Fiber (PSF), Viscose Staple Fiber (VSF) and Recycled Polyester Staple Fiber ( PSF).
  • Yarn: Acrylic Yarn, Polyester Yarn, Cotton Yarn etc.
  • Fertilizer: TSP, DAP, MAG, Sulphate, Zinc Sulphate etc.
  • Food Grains: Wheat, Chick Peas, Cumin Seeds, Red lentil, Garlic, Ginger etc.
  • ICT: Computer Software and Hardware

Tools, Legal Papers and Resources to run:

General Requirement:

  • Office Space (Owned or Rented)
  • Furniture and Fixture

Tools and Equipments:

  • Computer
  • Faster Internet Connection
  • Telephone
  • Website with own email server
  • Printer
  • Scanner
  • Stationeries
  • Cell phone with connection
  • Telephone Set
  • Fax Machine

Legal Issues:

  • Permission from Joint Stock and Companies
  • Trading License
  • TIN (Tax Identification Number) (for company and board of directors)
  • ERC (Export Registration Certificate)
  • IRC (Import Registration Certificate)
  • IRC (Indenting Registration Certificate)
  • VAT Certificate
  • Bank Account
  • BIAA Membership (Bangladesh Indenting Agents’ Association)
  • Bangladesh Bank Permission
  • DCCI Registration (Dhaka Chamber of Commerce & Industry)
  • Annexure-2 Form (AD Bank)

Essential Resources:

  • Business Plan and Overview
  • Market Research Report
  • Agency Agreement with Supplier

Initial Cost:

Initial cost for the subjected project depends on the business size, operational area, activity area and other parameters.  Estimate your cost as per the items given below chart.

Sl. No. Item Unit Cost Total Cost
1 Office Space (Rented) (Advance)
2 Office Space Rent (for five months)
3 Furniture
4 Fixture
5 Computer
6 Internet Modem
7 Telephone Line
8 Telephone Set
9 Fax Line
10 Fax Machine
11 Printer Machine
12 Scanner
13 Stationeries
14 Cell phone with connection
15 Website (Demain, Hosting, Design)
16 Joint Stock and Companies Registration
17 Trade License
18 TIN (Company)
19 TIN (Personnel)
20 ERC
21 IRC
22 IRC
23 VAT
24 Bank Account
25 BIAA Membership
26 Bangladesh Permission
27 DCCI Registration
28 Salary (Two Operation Personnel for 5 months)
29 Telephone Bill (for 5 months)
30 Mobile Bill (for 5 months)
 31  Others
Total Cost:

Profits & Benefits of Indenting:

Quality and Commitment are the first issue to run successful business and profit is its normal sequence. Profit will be expected at least six (6) months later from starting the business. Management should be calculating this five months’ cost at the time of investment. Profit can be generated on or before this time duration, but profit expectation should not be count on this time period.

Also Read:

How to grow business – Product & Price Strategy

Conclusion:

Review and research is required before starting the indenting business and after a final positive research report the business can be run.

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