Successful planning for business setup
We come across many people in our day to day life who wish to start own business or planning to setup business or something to do their own to become financially independent. Most people around the globe dream to have their own business. Few are started business after few years of career, other after mid career and few after get relaxed from the major responsibilities and avoid to continue with 9 to 5 job. I really feel happy whenever i get chance to meet ambitious people who come to UAE – The entrepreneurial hub with the entrepreneurial dreams in their eyes and unique business opportunities exists or expanding business and entering the UAE market . When i started conversation to know more about their business plan and goals, then answers are varies. Few have complete details about each and every steps about their business and other hand few are like “I’m working out on this!” or “I’m not sure how i can do that!” or “I still need to think more in details about that!” and sometimes surprisingly “I have not still considered that but want to setup ASAP!”.
What I believe that we need to get into the practice of thinking, analyzing and writing down the business plan which are most integral components in making a business successful. It is also important to implement and learn during the startup and growth journey. This practice will help us in streamlining the operations, acquiring new clients and promote growth in terms of business in the market.
Meeting and converting with many entrepreneur who are planning to setup or already setup and successfully run their business, i am highlighting the 6 key points which learn from my experience and will helps business to become successful.
6 tips to plan for a successful business
It’s very important to do a complete research on your project, target audience, type of business formation, legal structure, office requirement, marketing strategies and setup cost. It’s also mandatory to know the competitors in the market and do a research on them as well. One should consider spending more time in doing the perfect business plan. Research, evaluate and strategist while preparing the business plan at the initial stage itself so that the executions can be done in the right way for a successful business.
2. Evaluate your business idea
Forming a company is one of the dream come true for any entrepreneur. Hence it’s always advisable to list down all the possibilities, we are able to foresee to prioritize the action plan. Make sure to go into details of your business plans that have been made so that it can be performed in the right way and right direction.
3. Hire experience consultant
Due to limitation of resources for startup, they might not consider to hire the consultant but there are plenty of chances to go wrong if not planed well. A professional advisory is a true life line for business and gives the opportunity to discuss the plans we have set and take the advantage of experience to avoid costly mistake.
4. Establish finance resources
As we all know money is the one of the primary and vital resource. Its mandatory to maintain the cash flow in the company and try to have enough sources of capital for the business growth. It’s also worth to maintain the estimates of incomes and expenses that are going to be incurred in the company along with foresee the future expenses. A well planned entrepreneur will ensure to forecast the future based on the cash inflow and outflow.
5. Long run business planing
One needs to understand that business success in a long run. Frequency of business analytics will provide set of actions need to be taken or may required to repeat. Strategies that give good results all the time in order to get success, considered to be repeated. Most importantly to rewrite those aspects which involve in planning for the successful incorporation and also retention of business in the long run.
It’s also important to make a detailed report of how the business is progressing and learn from the reasons of failure or success. Learning is one of the best practice that will make us understand whether we have achieved what business planned for. Learning from the previous mistakes or errors put business on safer path.
6. Adopt technology
This era known for technology which change the business operation for all the business models. Its is not possible to survive without adaptation of technology. From setting up the business, hiring staff, marketing, operations, accounting, taxes, logistics, customer services, customer retention and all other department are highly depends on the technology. Timely adaptation of technology will make difference in all aspect of the business and contribute significant in business growth.
To conclude, starting a business is not that difficult as making it successful and retaining for a long term, which is an achievement. A person who has planned business with taken every single steps in to consideration, will definitely lead a successful business.
This blog post written by Ms. Florine, Business Advisor at Flyingcolour Business Setup, Accounting and Tax Services in Dubai and across UAE. She combines her in-depth consulting expertise with years of experience towards providing the best advisory and customer satisfaction to clients. Please send inquiry to info[at]flyingcolour[dot]com or call +971 4 4542366.