How to source products for your business
If you want to buy things for your business in Bangladesh or how to source products for your business, you may be wondering how to get started and do it right.
Don’t worry at all. This article will walk you through everything you need to know to get your product made and sourced in Bangladesh.
Sources to find products for your business in Bangladesh
First, let’s look at how to find producers or sellers of your goods.
How to Find the Right Suppliers to Get Your Product Made and Sourced in Bangladesh
It can be done in more than one way. Here are some ways you can use their help.
How to find products in Retail stores and a market
For sellers looking for suppliers who can get their goods made and sourced in Bangladesh, there are a few websites like Daraz and Bikroy that can help. But in the end It’s just a marketplace where you can find many suppliers of the same product, sort them by your needs, and then get in touch with them, but you can not necessary get them in bulk supply.
If you need any kind of parts to be sourced and made in Bangladesh at the best price, “উদ্দোক্তাদের প্রথম ঠিকানা” has great sources that will make your job easier than ever. Find out why Uddoktader Prothom Thikana is the best place to source, what kinds of products they can offer, information about their suppliers, and, most importantly, their low prices. And we will talk about in this article today কেন “উদ্দোক্তাদের প্রথম ঠিকানা” বইটি আপনার কাছে থাকা উচিত !
Any trade shows
The trade show is a great place to meet a lot of different suppliers who are showing off their goods right in front of you. You may talk to them in person. You can also talk to each supplier about the specifics of their minimum or maximum order quantities.
At trade shows, you can also touch and feel the goods yourself and find products just like you would in retail stores.
The Export Promotion Bureau (EPB) of the Government of Bangladesh and the Ministry of Commerce set up the FBCCI and BIDA to make it easier to find products to buy and have them made in Bangladesh. There are also export promotion councils for other types of goods. You can talk to them about your questions. Their database is very big and has most of the suppliers for all kinds of products.
It’s better to know ahead of time that the council might take a while to respond. Before you go there, be ready to wait for a long time.
Outsourcing of Purchasing
উদ্দোক্তা হওয়ার শুরুতেই মানুষ ভুল জায়গা থেকে পণ্য সোর্সিং করে,এতে অন্যদের থেকে পিছিয়ে পড়তে হয় এবং প্রচুর অর্থ-সময় নস্ট হয়ে যায়।এই সমস্যার দারুণ সমাধান হতে পারে “উদ্যোক্তাদের প্রথম ঠিকানা” বইটি।
Some people say it’s a pain to get your products made and sourced in Bangladesh. It includes things like looking for the right suppliers, visiting factories to see how skilled the suppliers are, getting quotes from suppliers and then negotiating with them, signing a contract with the chosen supplier, and checking the quality of all the items that were ordered, among other things.
Think about how long and boring the whole process of sourcing can be. You might have a hard time getting through all of these steps if this is new to you.
Now the question is, “Would you rather spend your time marketing and selling products to your customers than going through the trouble of finding the products yourself?”
Let us give you another idea: “What else can you do to skip this painful sourcing process?”
Inspection of the Supplier Audit
- The quality of the goods that come from the supplier should be very good.
- When looking for a supplier, you need to check out the supplier’s factory and see what kinds of risks are there. It’s also important to check the quality assurance.
- Also, you need to check the quality of your goods before shipping them when they are delivered.
- All of these quality audit checks, though, take a lot of time and a lot of people.
- sources and makes things in Bangladesh effectively
Through networking with other people
Because your product will be made and sourced in Bangladesh, try to get along well with your supplier. Order from the same supplier over and over.
This will help you and your supplier trust each other, which will pay off in the long run by getting you better prices, better payment terms, longer credit terms, and other benefits.
Hierarchy is very important.
In Bangladesh, there is a clear order of things. A lot of the important business decisions are made by people at the top of the company.
So, if you want to talk about the deal before you make it, talk to the most senior person who can make all the important decisions.
Ask questions to learn more about the worst things that could happen.
If you want your product to be sourced and made in Bangladesh, you can’t say for sure that everything will go as planned. In this case, you need to get direct information from your supplier(s) about what will happen in case of an emergency.
Once you find the correct suppliers then the next stage starts!
Before the deal, you should ask your supplier these questions:
The following are some of the most important questions you should ask your supplier to get a better understanding of how the deal works.
What are the payment terms and how do I make the payment?
You can talk to your supplier about the terms of payment and the INCOTERMS. Bangladeshi suppliers usually want to be paid in advance and deliver goods “Ex-factory.” This means that you need to have someone in Bangladesh take care of everything for you.
What will happen if the goods don’t get there on time?
Your supplier can’t promise that your product will be ready exactly when you need it. So, your supplier should tell you ahead of time about the worst-case scenarios.
Are there any chances that the product’s price might change in the future?
You should know what events can cause the price of the item to change. How are we going to let you know?
How does your supplier handle quality problems that are found when the goods get to your country?
Your supplier should make this very clear. And it would be best if you kept this in mind when choosing the supplier.
Find out how to start a Private Limited company in Bangladesh by reading this.
There is a chance that something bad could happen if you have never bought something from Bangladesh before.