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What went wrongA young event management entrepreneur in Gazipur, in a Prothom Alo report

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. 1.An event management business depends entirely on weddings taking place, so there is no fallback income when gatherings are banned
  2. 2.Renting an office at the very start loads a new business with a fixed cost that traps the founder's savings and borrowings

Published with the person's permission, without revealing who they are.

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