Dubai has gained fame through its world-class infrastructure, diversity, and economic-friendly policies and regulations. In 2021, Dubai reported a sum of 55,194 newly issued business licenses in the first ten months of the year despite the adverse effects of the COVID-19 pandemic globally, a 69% increase compared to 2020. This shows that thousands of investors still continue to choose company formation in Dubai for the benefits, straightforward processes, and guaranteed success.
As the year comes to an end, many are looking for new ideas on what type of businesses they can invest in. With the emerging innovations in various sectors, business trends continue to vary. However, one of the things you must consider is if these startups fit your target capital.
If you’re looking for low-cost business ideas to consider, check out our list below:
1. Digital Media:
Media creators and producers thrived as several parts of the world experienced lockdown. They provided us not only with relevant information but also entertainment and communication. As more brands shift to social media to access the free market, content creation and digital advertising have become the most profitable businesses.
- ● Content Creation: “Influencers”, as they are called, are a well-known group of people with a high reach of organic audiences that can be utilised to market a specific product or service. There is no known formula to become a successful content creator; however, with the proper management of published content and build-up of connections, a content creator has a high-profit potential with very little investment involved.
- ● Social Media Consultancy: Like content creators, social media consultants create content to entice their target audience. However, they focus on enhancing the brand image, including customer engagement and communication.
- ● Image and Video Production Services: Many opt to produce high-quality photos and videos with social media. With this, there is a high demand for post-production services. In this type of business, your current equipment and skills are your only investments.
2. Professional and Consultancy Services:
For skilled workers and professionals, opening a consultancy firm is one of the most efficient ways to fully utilise their knowledge and skills. Aside from experience and education as their primary capital, these businesses usually do not require office space or a large workforce to keep them running, making them an easy choice for a business setup in Dubai.
- ● Training and Tutoring Services: One of the significant shifts during the pandemic was online education services. These businesses promote a safer option for parents and a chance to reach the most competitive training and tutoring services worldwide.
- ● Virtual Assistance: Freelancing offers flexible work options and cost-effective startup capital with guaranteed profit. The more your VA firm expands its niche, the more you get to earn.
- ● Professional Consultants: Lawyers, Architects, Engineers, Tech workers, and other professionals offering expert advice are always in demand. You can work on several clients at once and not worry much about other management requirements such as a physical office, income tax, to name a few.
Nothing can go wrong with opening a commercial business, as long as you know your product well and your target audience. This business activity may require specific approvals and documents to get a business licence in Dubai; however, once you have defined your brand, these things will come easy and manageable.
- ● Small Food Business: With the rise of online delivery apps, restaurant owners shifted to a cloud kitchen model for its minimal operating cost. Other food businesses such as food kiosks and food trucks can be opened with minimum profit, provided that you have the right skill and place to sell it. In Dubai, tourists come and go, and providing such a basic necessity like food would surely guarantee you a large client base.
- ● E-Commerce: Retail activities were the first to make their permanent mark in the online world. According to the reports released by the United Nations Conference on Trade and Development, globally, e-commerce companies grew to USD26.7 trillion.
- ● Dropshipping: Like e-commerce, dropshipping is a fresh business model where business owners ship goods from manufacturers to buyers. The catch is that as a drop shipper, you would not need to stock these goods or release a high capital – as long as you can seal great deals with manufacturers.
There are many more businesses you can venture into in Dubai. Starting a business may seem risky and scary at first, but success will come your way with the right amount of trust, assistance, and skill.
HOW CAN IBG CONSULTING HELP?
As the premier business setup consultant in Dubai, IBG Consulting offers holistic assistance for budding entrepreneurs and large enterprises from around the globe. We offer business setup services in Dubai and all around UAE, as well as other management and consultancy services, guaranteeing your path to success.