How to Start Business in Competitive Market
What are the options for an entrepreneur to incorporate a business in UAE and what ways one may choose to avoid the risk and optimize the profitable investment, marketing and branding while entering into a new Market?
Now I am going to use “TWO” Adjectives before going into details, just mark these two words and make them part of your DNA then it doesn’t matter how difficult the market is or how big the competition is in the market , desired success can be achieved but need to be DETERMINED & FOCUSED.
The option one is to take calculative risk by analyzing the market trend. The business will grow, if investor invests in directions where he can get some oxygen for his business accordingly see the growth results and let the business breathe. Investment can be made in sales increasing tools.
When we talk about starting a business, First question which comes in mind is about the investments and risks. Later on, one diversifies thinking by finding ways to minimize the risks associated with the new startup.
First and foremost option is to decrease risk with investments to the scale of fulfilling the minimum requirements of the application for the cost effective company license and increase investment on sales improvement tools like marketing and all. For sure it goes well, increase the amount of investments in marketing and get more sales which are a sweetJ and simple law. While it is also really very important to understand where your targeted audience are seated and whether your license allows you to do Marketing in that area?
While starting a business most of the people thinks that marketing in not really important or it can be done once business is in a better situation, where as marketing is the fuel for any business and while targeting your market you should be aware, which areas you need to market and what kind of license allows you to do so.
Yes you might be so good in what you do, you are the best, but in order to get market share you need audience to know that they should give you a try and you are the best, why you are the best and how you are the best.
So eventually we realize that, to take calculated risk it is very important to understand how much are the investments to float and what might be the areas one need to invest in? At the same time, what are No Go Areas where by investment can be saved if you have avoided the entrance and better invest in areas where the investment will turn into revenues? (to be continue… Next release expected in 3 days)
This article is written by Mr. Mohib ur Rehman (Head – Sales Division)
