The list of issues may be a long one while one is keen to get his/her new business established. A stunning approach would be to plan things accordingly in a smart passion so as to shove away all the certain and uncertain pitfalls. The core idea behind a business setup is to ensure that it flourishes at swift pace and in secure passion therefore on must inject lasting solutions for lasting results.
Introducing a business idea that is weaker in nature just because it is not backed with strong understanding of the target markets may not worth a try simply because one would be investing capital in an aggressive passion. For example, a business plan that is focused on the idea of company formation in Dubai would require extra vigilant approach and tighter grip if one is keen to make it a win-win situation for him/her, following is the list of Do’s and Don’ts that shall be borne in mind while initiating such plans. They are going to help you in getting hands on the right answer for you question on how to start a business in Dubai:
DO
Consider reward versus risk, because business ownership is equilibrium between the risk of failure and the reward of success. You will need to identify the rewards and think about the risks that may be involved in achieve the success.
Prepare the best business plan, don’t rush take your time. This is a crucial phase, skipping this would mean one is wasting time on a nothing effort. Whatever time you will be spending in planning your business will be paying your back in the long run.
Launching and managing business in complex markets like Dubai may be a time consuming task and at times may turn out to be a very stressful one. You must understand this fact and should be prepared for this.
Remember that the newly launch setup will initially be highly demanding and you may need to invest aggressively. If you are among those that faces troubles will making both ends meet, the idea of launching a business may make the situation worse. You must not forget that a newly launch company’s owner is the person that stands last in the queue to be paid and at times is not even paid.
Pay your taxes in a timely manner.
Understand the rules and regulations.
Clearly define your target audience ad target markets.
Ensure that it is your own capital that will be spent by you while launching the business, i.e. you should not be borrowing it from financial institutions.
Think once again and see if your business plan and idea is feasible or not.
Consider and rely on professionals only, for example, expert book-keepers, accountants, consultants and add those costs to your plan while working on budgets.
You must be aware of the types of documentations and record that you will need to keep, so as to cope with the local and international legal frameworks.
Set in place your bookkeeping system before you launch your company. Work closely with your accountant so that he/she can get things right from the very beginning.
DON'T
Go fast and assume that you will earn good ROIs in no time.
Take things easy and underestimate the launching and operating cost of your intended business.
Over project sales, it will take time before things start to happen.
Forget to ensure that there is back up capital for upcoming expenses, during the first few weeks or months it will be you who will be coping with the expenses.
Set short times for things to turn into your favor, this may cause panic when time would be required for results to come your way.
Forget about marketing in the right industries that are relevant to your trade.
Assume that the demands for products and services that will be offered by you are high. A better idea would be to do some RnD (research and development) so that you are backed with realistic picture and scenarios.
Use your personal resources in one go without a proper track record of expenses.
Underestimate the worth of perks and benefits that will be offered by you to your staff members. They really can make the difference real.
Rely on appreciating and positive comments about your efforts and new setup from your colleagues, family members and friends. This will make you relaxed; comments from such close relatives are rarely honest or genuine in nature. They are shared just because the people in your circles, especially your closed ones would not like to see you demoralized. You should rely on neutral and genuine research instead.
Rely on someone else to write and work on your business plan for you. It is your idea, your business and you should know how to mind it. No, one else can understand your idea better than you do, so you must put in your efforts and try to get hands on your desired results.
If you follow all the do’s and don’ts shared above, you will not be asking questions from others, you will have clear idea of how to start a business in Dubai, you will be guiding others. Once you have understand the pros and cons of the idea that you have for your new business formation, you may do some market survey and look for professionals that may assist you with their expert business consultancy services.