“You only have to do a few things right in your life so long as you don’t do too many things wrong.”
– Warren Buffett
The idea of right and wrong is a construct, of course, and it might feel overly simplistic to suggest that making the right choices will smooth the path forward. But the famous investor is merely noting with this business quote that avoiding a wrong decision is as important as making the right one. Avoiding bad decisions is aided, of course, with careful planning.
In simple word better planning is the key of successful business in UAE.
To start any business or any work its good to do some research about the market you are targeting, a basic point but it makes a big difference in your future investment habits.
- Understand the nature of business
- Understanding of customer need
- Better understating of your product market and product value
- Identifying opportunities within market
- Competitor and their strength
UAE market is complex, but with lots of opportunity , as you can have different nationalities to serve , as many investors are attracted to UAE as they realize the future it holds and the potential of the country. UAE is one of the biggest business hubs in the world, with its most populous city Dubai acting as a premier global city and a preferred destination for entrepreneurs, investors and tourists alike. All this has been possible as a result of the market-friendly economic policies of the UAE government
So to move in to UAE market, it is advisable to do extensive research as the biggest challenge you will find while running a business in the UAE are those points that you can analyse prior to starting a business.
Here are some guidelines to follow before entering in UAE market
- Calculating the initial cost and risk factor
- Recognising the duties, regulations and other restraints (if any) to your operations
- Evaluate what help and funding may be available to expand your business in the United Arab Emirates
- Market opportunities, risks and environment. Business plan for the United Arab Emirates market
- Who are my competitors? Researching the potential In the United Arab Emirates market
- Having a good understanding of current and future political and economic climates
- Research the United Arab Emirates market. Identifying the best potential customers, locations, sales leads and channels
After conducting a market research, structure a business plan for your company.
The key components for building a killer strategic plan for your business.
- Assess Industry, Competitor & Customer Trends
- Complete a SWOT Analysis on Your Business
- Define Your Corporate Business Goals
- Drill Down to Department Level Objectives
- Determine Staffing, Budget and Financing Needs
- Define Your Mission and Vision
A typical market entry strategy can take a few months to implement. It’s well worth the effort because it will ensure you have the best distribution channels in place, launch the right product and align your goals with those of your stakeholders.
This blog is written by Ms. Sweta Patel, Business Advisor at Flyingcolour Business Setup, VAT and Accounting Services, Dubai. If you have any question regarding setting up any business in Dubai or anywhere across the UAE then please contact us at +971 4 4542366 or email us at info[at]flyingcolour[dot]com.