Here’s a fact: most of the large and well-known businesses that you’re looking up to, at one time, were also struggling startups. These rich business tycoons were also in your position at the beginning of their company formation in Dubai.
So, what were the strategies they come up with to be able to succeed?
The first step is always the crucial one in setting up a business. Owning a startup, especially in a fast-paced developing city like Dubai, proposes several challenges: financial capacity and enough knowledge in launching a business is one thing; getting through the fierce competition, the unpredictable bounce in economy, as well as the constant changes in the marketplace trends.
As all businesses are unique and hence the strategies should differ for each, there is always a common ground that set the foundation of all companies. Company formation in Dubai takes a lot of preparation and risks as you start out a new business venture, but at the same time there are also many available options to succeed in creating a viable business.
For a start, creating a business plan would be a tremendous help on setting up your business in Dubai.
A business plan serves as a guide—a roadmap that frameworks your business goals and details the different ways to achieve those goals. By completing a business plan, you will be launching your business with much preparation and determine the feasibility of your business by identifying its strengths, weaknesses, opportunities, and threats.
A comprehensive business plan is comprised of the following basic components:
This section summarizes your business, wherein you’ll indicate the different elements that are present in your business. With this, you should be able to give your business a scope of work and an overview.
Just like how products have a description so that the consumers can get a glimpse of what they are like, a company also needs to have an identity where their clients will best know them for. It is good to come up with a striking company description as this often is well-exposed to the marketplace.
Setting up a business in Dubai means getting yourself into a tough competition. In coming up with business plans, we typically separate the market and the competition. However, if you will evaluate both at the same time, you will understand that these two are componants to what makes the market share, so it is advisable to study and present them together.
Determining the different goals for your business while identifying the strategies to achieve them. This section may include marketing plans especially on the duration of your set-up.
It is also important to recognize past, current, and future products/services and how will they align with your company’s goals.
Using your strategies and goals as your framework, this section allows you to provide further details on the marketing strategies of your products or services and to set your reasonable target sales based on your research on the marketplace trends.
What makes up a company? Its people. It is also important to acknowledge the different personnel who will run the business and to identify their jobs and responsibilities.
Providing a thorough explanation on how the business operations will run and would serve as a guide to your employees, especially to the upcoming ones. This section will serve as a walk-through to both of your current and future potentials, and to also ensure that they are on the right track with the business operations.
Financing especially requires careful and thorough planning. Planning your finances based on the other sections of your business plan (i.e. products or services, marketing and sales, etc.) will allow you to distribute the budget accurately.
This section closes the plan and distinguishes any supporting materials that may cause interruption to the business flow.
Creating a business plan is only the first step to setting up your business in Dubai. If you need a guide on making one and further help in the business registration process, the best company formation consultants in Dubai will help you. AYS Consultancy has been dealing with many successful business over the years.
Contact us and we will turn your plan into action.