Setting up a business in Dubai while you are still employed full time is an excellent idea. It will afford you securities and many luxuries which you can’t enjoy when you immediately quit your job and transition into a business owner. You will have a steady income which you can fund for your new venture.
How to start a business in Dubai while employed
If you want to have a positive experience on launching a business in Dubai while you are still working, here are some tips to keep in mind:
Audit yourself
Take inventory of your abilities, skills, and personal weaknesses. It’s absolutely critical for you to take time in discovering your strengths and focus on the business that will allow you in leveraging your strengths. What is the skill sets which are required for your new business? It is likely that you already possess some of the required skills in making your business happen. If you don’t, you’re faced with a rather difficult decision. You have to spend time and resources in learning a skill. If you don’t have this luxury, then outsource to another business or an individual who can help.
Validate the new business idea
The number one reason why majority of businesses fail is due to lack of market demand for their products. This is why you have to validate your idea for business. Get honest feedback. This should not only be from friends and family members. Ask your potential customers prior to spending money and creating the business. It is human nature to believe we are right and our ideas are amazing. But our product ideas and business ideas are not often fully thought of or even researched thoroughly.
Get a piece of paper and list your competitive advantage
Your competitive advantage is what allows you in generating margins or sales and/or acquire and retain customers in comparison to your major competitors. It is what is making your business actually your business. It can be from your cost structure, distribution network, product offering, customer support, etc.
Have a more realistic and measurable goal
If you don’t set realistic deadlines and attainable goals for yourself and for your business, you will spend lots of resources just spinning your wheels. It is very hard for you to get somewhere if you don’t exactly know where it is you’re going. It works best when you set a daily, weekly, and/or monthly set of goals. This helps in sticking to your short- and long-term goals. From the start, the daily goals will be small wins. They can even be the to-do list kind of items. You will then gradually begin hitting a milestone after another as you inch closer to the launch of the business.
Create a game plan
With business setup in Dubai, it is one thing to identify your goals. You also have to map out how you are going to reach one point to another. After you find that your business idea is lucrative, you have to be proactive in creating a game plan. Remember that no one will plan your milestones on your behalf. The ability of the business to solve problems and navigate around obstacles are what will determine its success.
Outsource the process of acquiring licenses
As you’re still working, you won’t have time to also learn how to properly set up a business in Dubai. The business setup process involves myriads of steps which have to be done precisely. This includes the submission of the legal requirements, opening a business bank account, and acquiring the appropriate licenses and government approvals.
Apart from the process of business setup in Dubai, try to look for other opportunities which you can outsource. Obviously, you would not want someone else making the roadmap and goals for you. Maybe you need help in setting up a website and testing out the service idea online. When you don’t have the technical skills in developing an online business platform, you can easily spend months to years just learning how to code. Remember: focus on what exactly you do best, and outsource the rest.
Seek feedback actively
Your goal is building a service or product which is valuable to your target market. It doesn’t do any good to the market or even to your pockets to create products and services that nobody actually needs or wants. It is important that you continue to seek outside unbiased feedback. This is so you can make sure you are building something that is actually marketable.
We recommended you do this from the first day of planning your business. Also, never stop! In order to find an early feedback group, target people you know who can give you honest opinions. Criticism should be welcomed. Reach out to your customers personally. If you can find other entrepreneurs, reach out to them. Keep in touch as well with your mentors. Contact experts like FAR Consulting Middle East to know more about business setup in Dubai!
