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Dubai is one of the fastest growing economies in the world and now has become the perfect place for people looking to launch their own startups. Dubai offers people an exciting opportunity to grow their business and expand their horizons coupled with maximum potential to earn well.
Dubai offers access to the 1.5 billion consumer markets in West Asia, Africa, Eastern Europe and Middle East countries. If you are interested in setting up your own business in Dubai but don’t know the best place to start? Don’t worry, there are many business locations such as The Walk on Jumeirah Beach Residence and Business Bay in Dubai that you can choose for your business setup in Dubai.
A small business begins with a creative idea, but you need to transform that idea into a reality. It needs a lot of hard work, determination and energy. But many people can start to feel overwhelmed when it comes to business setup in Dubai.
Like any big project, if you break it down into smaller chunks, you can easily able to take all the necessary actions to get started.
In this blog, you’ll find out how to start a business in Dubai and some easy ways to grow your business quickly.
Create a Business Plan
If truth be told, keep things simple and cost as low as possible is the key to a successful small business, especially in the initial phase. There are many business owners who try to come up with the world’s biggest and most successful business strategy. It is highly recommended that small business owners should start out with by testing their innovative ideas before investing their time and money.
Before you get started, create a simple yet effective business plan that should serve as a brief overview of your small business you are about to launch in Dubai.
Vision: Clearly define the objectives and bottom line of your venture.
Mission: Your business mission should define the clear reason your business exists.
Objectives: Figure out what are you going to accomplish, what are your business goals that will help you achieve your mission and vision.
Outline Business Strategies: Clearly describe how you are going to achieve all the objectives you set for your business.
Create an Action Plan: List down the list of tasks required to achieve your business objectives.
This will might take a little longer, but it will definitely be an organized and shorter form compared to a comprehensive business plan which could take more time to write.
Controlling Your Business Costs
Since it is highly recommended to keep your early costs down and under control, you still need to clearly define the budget to get started and how much you’ll require to spend. If you are funding your venture by your own, be practical about numbers you estimate your budget to be.
Find out your burn rate (how much money you are spending and how long). This will help you figure out how long you’ll be able to run a business before your business start making profits.
You must set up your business in Dubai with profitability in mind. But you must need to reserve a budget so you can easily sustain your business existence if things go leaner than expected.
Your Legal Identity
Filing paperwork in order to launch your business costs money. Depending on your state, you need municipality licensing, business entity fees and much more. It is advised to do a thorough research in advance to figure out what the filing fee is for your country before starting your venture.
In the initial testing phase for your business setup in Dubai, it can be a worthwhile option to start as a sole proprietor, because it needs less paperwork and expenses. This can save you a lot of time, money and efforts while you figure out the viability of your startup. It is recommended to file your business entity once you have proven in the initial testing phase of business that you have got a reliable, workable model.
No matter what type of business entity you decide on, it is advised to keep the reserves separate from your personal saving accounts. This is one of the biggest mistakes most business owners that makes it difficult to pay tax and meet other expenses.
Create a Business Website
Despite the type of your business, you need a website for your business. Go for a popular domain site and look for the website domain address of your own preference. If you are starting an online business, you can create your website by using a storefront such as Shopify or WordPress and some DIY website builders such as Weebly at competitive price.
Test Your Sales and Profits
Now you are in the phase you can easily start testing some sales. Try to promote your brand by using inexpensive and innovative ways. If you are running a product-based business, check the viability of your product at local market, community events, exhibitions, and conferences to test what the audience really think about your brand if they’ll make a purchase. Try to increase your website traffic through social media marketing, Facebook Ads campaign, Google AdWords and more.
Follow the above-cited steps before throwing your time, energy and money and you’ll be able to successfully start a business in Dubai. Good Luck!