Running a business is never supposed to be a walk in the park. It is built upon years of planning, researching, learning from experiences, and determining the best course of action for the unforeseen and unexpected events.
Dubai, in particular, houses millions of businesses that are all looking to enter the local and international trade, joining in the already dynamic competition within the Emirate. However, many investors still choose to be in Dubai, largely due to the following reasons:
● Convenient logistics and transportation. As the main trading hub in the Middle East, Dubai has created an intricate and well-connected transport and logistic structure, with over 120 shipping lines and 85 airlines serving the Emirate.
● Stable currency and forex. Foreign investors need not to worry as the UAE Dirham (AED) seldom fluctuates.
● Supportive government. The local government has promulgated policies that benefit a lot of startups and SMEs. Immigration laws and visa allocation have eased to accommodate investors and employers to select Dubai as their business headquarter.
● Compelling free zone packages. With over 30 free zones with cost-effective licenses, tax exemptions, and simple procedures for business setup in Dubai, startups are highly encouraged to check out the packages the jurisdiction has to offer.
● Improved quality of life. The openness and world-class services available in Dubai has convinced millions of investors and tourists alike to visit and migrate in the Emirate and experience a much improved lifestyle and benefits.
In Dubai, your company has the chance to reach its huge global potential. It may do so by following our tips below:
1. Plan things out. Creating an in-depth business plan for your startup is the first and foremost task. A planned-out strategy is a strong foundation for a new business, especially if venturing on a large business hub such as Dubai. Knowing the risks and threats to your company gives you a clearer picture on how things should be running. Setting short and long term goals keeps you and your people focused on the game ahead. Nothing beats a leader who is ready and capable.
2. Research. There are a lot of things that you should know about when it comes to running a business. There are laws and policies in Dubai that you should know about, market research to determine the goals and target of your product or service, and logistics concerns that may or may not break you in the market. Knowing your environment through an in-depth research gives you a chance to explore your chances and make options for your company instead of resorting to second best.
3. Build your network. Dubai’s economic development resulted into a larger audience, gathering thousands of marketers, investors, professionals, and consumers in the Emirate, making it the best place to build your social and business network. A brand will only be known if it is continuously talked about by its target audience; and it is your top priority to make this happen. Learning how to communicate and advertise your business plan is a skill you are required to know as your network plays a vital part in recognizing the potential of your product or service.
4. Invest on your people, invest on your business. Investing doesn’t necessarily mean that you would need to spend a lot of money for your business – it is knowing when and how you should spend it in order to give your company a little “push”. Sometimes, this is not about spending money, but time, effort, and emotions instead. By empowering your business and your people in any means necessary, you are building a wall of trust and loyalty that will greatly impact the future of your brand.
5. Go digital. As more and more transactions are happening online, exploring the Internet is your biggest opportunity in reaching out to your biggest possible market. Making your brand available digitally expands your engagement to the public besides increasing the sustainability of your content as everything on the Internet stays on the Internet. Keep in mind though that competition is still strong within it, so it is important to learn how to effectively cruise the web and create an unforgettable branding for your product/service.
6. Get an expert’s advice. In building an empire in the Middle East’s center for economic development, you will need all the help that you can get. Experience, motivation, and an eye for detail is what you should look for in an expert. He/she must be driven in helping you meet success. Consult someone you can trust and build a relationship with him/her as this will surely benefit your company in the future.
A successful startup is built upon multiple variables that are working together. Your drive and dedication matter a lot in order for your company to soar even in the early years of its incorporation.
What can we do to help? IBG Consulting believes in the strength of its clients. Our team of experts are dedicated to provide you the best possible solutions for your company, may it be through overcoming government processes to giving you the best advice in building a brand here in Dubai and the rest of the UAE.
We offer company formation in the UAE and corporate services such as accounting and bookkeeping, digital marketing, PRO services, and visa processing to assist investors from all around the world.
Together, we can work on the inevitable success of your company. Contact us today!