Running a business on a low budget is one of the major challenges that entrepreneurs face. The ideal scenario for an entrepreneur is for him to start a business and have sufficient amounts of money for aggressive expansion and growth. However, a limited budget should not stop you from running your business successfully. All that you need here is a strategic business plan and you would see the cash flowing in.
Discard your thoughts of a fancy office for a while
When business owners are on a limited budget, they need to let go of their thoughts of having an amazing office with all the works once they’ve acquired their Dubai trade license. You really do not need a huge setup right away. Wait till the money starts coming in and then you can go for all the fancy workings that you want at work. If your business is more on the outdoor side, try renting out a small portion at a flea market and save money on rent. Hit the mall once you start rolling in the bills! On the legal side, you can save quite a bit of money by setting up your business as a proprietorship. Do not run your business as a corporation, considering that it takes up quite a lot of money in terms of taxes.
No lavish spending allowed!
If the budget set for your business is rather tight, than you must make sure that it is not spent on luxuries. Operation and management of your business needs to be very restricted. You need to avoid long-distance phone calls that are not really needed, wasting resources and supplies and basically just dolling out the money without giving anything a thought. Money is precious particularly when it is limited. Spend it only on things that just cannot be ignored.
Are the services or products that you offer in demand?
Think over your products and services when you setup business in UAE. Are they really in demand or is there something that you can offer to your customers that would draw them to you? When on a limited budget, there is no place for trial and error. Do not venture into products and services that would be a mere experiment. Offer services that are totally in demand and market it in such a way (of course within financial restraints!) that they grab the attention of your target audience, Do not take risks, you cannot afford it for now!