Three weddings booked, then everything stopped, with the capital locked in a rented office
He set up an event management business after graduating and rented a furnished office near his home. Three weddings were booked when COVID-19 stopped everything, and his savings and borrowings are now tied up in a business with no work.
After graduating from a private university, this young man from Board Bazar in Gazipur set up an event management business and rented a furnished office near his home. He promoted it on Facebook and elsewhere, became reasonably well known and had three wedding jobs in hand when COVID-19 stopped every gathering. In his words: "I never imagined taking a blow like this at the very start of my career." His savings and the money he had borrowed are now tied up in a business with no work while the office rent runs on. The collapse spread through the whole chain: Gazipur's kazis, who registered 20 to 25 marriages a month before the pandemic, were down to seven or eight, across 103 kazis in the district. A decorator of about 30 years in Tongi was three months behind on his shop rent, and many smaller operators gave up and went back to their villages.
Lessons
- 1.An event management business depends entirely on weddings taking place, so there is no fallback income when gatherings are banned
- 2.Renting an office at the very start loads a new business with a fixed cost that traps the founder's savings and borrowings
We published this with the person's permission, without revealing who they are.
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