Starting a new business is a very exciting and hopeful moment for everyone. UAE is one of the most popular countries with a lot of benefits to set up your company. If you are looking to start a new business in Dubai then below are a few things to consider first.
1. What type of business?
When planning to start your own company the first and foremost you need to consider what business you’ll set up. It is always advisable to start a business where you have expertise. It may be that you have experience and knowledge in a particular sector, or a hobby or passion you want to turn into a business. If you have a substantial knowledge base of the products or services you’re selling then you can solve customer issues in the future and this can ultimately help your business to grow. So it is always great idea to start a business where you have expertise and knowledge.
2. Know your customers
When starting a new business then the most important factor is to understand your customers that who are your target customers? Where are they located and what are their demographics? Understanding your customer base will help you to customize your products and services to them and create targeted marketing campaigns. For example, if your target audience work in a particular sector you may want to advertise in a trade magazine that targets the same industry and similarly if your customers are based in a particular geographic area, then it will be great idea to advertise in local media.
3. Know your competitors
Once you have knowledge about your customers then another factor to take into consideration is your competition. A thorough competitor’s analysis will help you to beat your competition. Look what they are offering and how much discount they are giving and think if you can afford to undercut them with good price and high quality and great after sales services. Think how you can make your business standout from the rest. What unique qualities your business can have in terms of pricing, quality, quantity and customer care etc.
4. The costs involved
Cost is one of the major factors when setting up your business. To get a good start it is crucial to accurately forecasting the costs involved. To get started you will need to plan a budget, setting a little aside for unforeseen circumstances and you will need to stick to your framework as much as is possible. There is no fixed cost of setting up a business in Dubai as it depends upon the type of business such as freezone or mainland, what will be the activities and many more. So always think to set aside a budget to get started.
5. Practicalities of business set-up
Once you have chosen the type and nature of your business the next big thing is to set up your business officially. There are a lot of paper work involved when setting up your business. There are many important tasks which need to accomplish for successful company formation such as registering a business, applying for UAE visa, opening a bank account etc. To handle all these activities hiring a reliable and trusted business setup consultant can be helpful. Expand Corporate Services is a trusted management advisory firm based in Dubai offering all consultancy services under one roof from office setup, PRO services, attestation and translation, Corporate bank account opening, Tax and accounting, Custom code registration, VIP Medical Test for UAE Visa services and much more.
