Business setup in the UAE is a massive undertaking, but certainly one that’s rewarding. Part of setting up a business in the UAE is having to do things your way and in ways which make sense the most to you. However, having little guidance will help as well. Follow these tips in starting your own business in Dubai or anywhere in the UAE:
Understand the existing market and your target customers
It is possible to create an incredible business idea and deploy the concept in the wrong areas. This is the reason why it is very important that you understand the locality where you plan on operating within the UAE. Consider as well your target customers. Ideas which could work very well in large and densely populated areas may not get foot traffic or your target number of customers in areas with fewer residents.
Assessing the existing market for your goods and services, conducting assessments on how the business will perform hypothetically and seeking out the presence of the potential competition will move your idea in the right direction.
You can also benchmark your competitors or similar businesses for guidance and ideas, although indirectly. Try visiting their stores. Look at their marketing materials and websites to help fill the missing pieces in the puzzle. Be creative in your intelligence-gathering initiatives.
Read also: How Brands Benefit from Trademarks in UAE
Recognize your personal strengths and weaknesses
Every business owner possesses certain abilities, experience, knowledge, and skills which give him/her an edge. But, no business owner is adept to the point that they’re an expert in all processes which are related to establishing a new company.
While you will be wearing lots of different hats throughout the course of business setup and running company operations, don’t place so much burden on yourself. This is especially true if the burden is extended for too long. Additionally, don’t expect that you can dive into highly complicated tasks without acquiring proper knowledge or training. Get a strong sense of your personal skills and weaknesses in order for you to know where exactly you should focus your attention.
Don’t be scared in learning how to handle brand-new workloads and responsibilities. It is essentially the requirement for having a small business. You should also make an attempt at working with employees, family members, business partners, and independent contractors. They can help you address the major needs of your new business and ensure the important concerns are all handled successfully.
Stick with the simplest business plan
Among the first things that you need to do being a business owner is developing a business plan. It is vital that you create this necessary document in steering future work. It will also help you hold yourself accountable. As important as it is, don’t go too in-depth, most especially during the early phases of the concept development.
A short plan, approximately 500 to 600 words, will already give you direction. It does so without requiring you in answering questions which won’t have the solutions that will be presented to you during the course of running the business. Focus instead on your offerings, customers, target market, basic costs and prices, and the work which is needed in turning the concept into your new reality.
As work progresses with your idea moving closer to the actual operations, expand the business plan. This is when best you include more accurate costing estimates, longer-reaching projections, actual costs, mission statement, and company summary.
We have heard so many people advising would-be entrepreneurs in the UAE to not move forward with their business ideas until they’ve investigated each detail. They think small business owners should not launch a business until they are sure that their ideas are going to work, bring in profit, and succeed in the future.
The problem with this approach is that it results in procrastination. Nobody ever really knows all the pieces to the puzzle, even after a business has been established. Yes, there is a need for researching the market, setting a plan in place, as well as doing things such as trademark registration. But, when you try making everything as perfect as can be even before you launch, you’ll never get around to starting your business idea at all.
Read also: Identifying the Right Trademark Class in UAE
Always ask for help
Even when your business is heading towards the right direction, there are unexpected issues that arise and changes for improvement and growth which quickly pop up. Address these opportunities and problems as it is critical for prosperity and long-term stability. Even on the onset, consult with specialists on business setup in Dubai to ensure that the process of company registration is carried out properly.
You should also consider seeking alternative business financing options such as small business loans or loans from friends and family. They’ll help you boost your business from the ground up.
Do you need assistance on setting up a business in Dubai and acquiring the appropriate licenses? If so, contact us here in FAR Consulting Middle East today!