Being a business owner is a big accomplishment for some. Being able to run your own establishment is definitely a dream come true. But before you proceed, you need to go through a thorough and tedious process to make your business dream into a reality.
If you are a budding entrepreneur hoping to start business in Dubai, here are some questions you need to answer before you proceed.
What will be your business?
The first thing in order is to know what your business is all about. You probably have a big idea in mind by this time. The next thing you need to do is to expand it. At this stage, some things might be a little unclear, so set aside time to think about it. Formulate a business plan that would define your business, your objectives, unique selling point, and target market, and your business capital. Be as detailed as possible as it will be the basis and foundation of the company you are building. At this phase, you also need to think of the limitations and hurdles that you might encounter.
What is your financial standing?
Once the business plan is done, you need to see what your financial standing is. Ask yourself, “Am I financially capable of starting a business?” If yes, then proceed with a plan. If you are not yet financially-ready, look for ways to get funding. You can ask your friends and relatives if they are willing to invest on your business. If not, you might to do some convincing and persuade open-minded investors to take a risk on you. There are also bank that provide loans for starting business owners.
How do you plan to start?
If you have the funding and a solid plan, the next step would be is how to start. This might be a little technical so you might need to consult a firm that specializes in company formation in UAE. These companies are quite knowledgeable when it comes to technicalities of the business, especially the formation and registration. They are also familiar with processes and rules which a business should undergo.
Who can help me get started?
Aside from company formation firms, there are a lot of business services you can subscribe to start your business. You just need to list down what exactly you need so you can look for firms that offer professional services. Some of the services you might be needing are: property consultants or location experts, recruitment firms, and suppliers that can help you with your trade.