For your business to be a sucess story, you have to plan ahead and take practical steps in the right direction. Here are some handy pointers to consider before setting up your own venture.
Ensure you have sufficient savings
If you are thinking of taking a leap of faith and quitting your job to pursue your passion full-time, think again. While determination is key to fueling your business, so is having enough funding. Launching a business comes with a host of expenses, and it’s important to have a financial well to draw from when these bills knock at your door. One way to boost your startup savings is to adjust your lifestyle expenses. Every dirham counts – and most of us spend a shocking amount on what we think are everyday necessities. Keeping your startup savings in mind, minimize miscellaneous costs. This way, you’ll save more in a shorter period of time, and can quit your job sooner. It is estimated that it takes three years of savings to cover basic overheads while your new business picks up mileage. When it comes to making profits, you need to be patient.
Decide on the right sponsorship for your company
When launching a new business, you will encounter an array of licensing options. The most reliable one to work with is the DED (Department of Economic Development) license. This allows you to conduct business in Dubai mainland. Before you choose to sign up for this license, it is imperative to find a trustworthy local sponsor to work alongside. myOffice, a savvy business center based all over Dubai, can lend a helping hand with this. In addition to this, there are several free zone licenses to opt for. This entitles you to a residence visa as well. Depending on the package you’re subscribed to, you will be allotted a certain number of visas that you can assign to your employees.
Have a business development plan in place
Business development is important for companies of all sizes, but essential for new ones. When a new brand, product, or service enters the market – business development (and strategic marketing) is what gets its name out there. It is one of the key factors that helps small companies evolve into medium-sized ones and onwards from there. Business development is not a box to check before launching your venture, it’s an ongoing process that regularly feeds your company’s growth. When preparing a business development plan, you need to be pragmatic about the hurdles your company may encounter along the way. This could be a drop in demand or running out of funding. Putting together a development plan is a valuable exercise in foresight, and will help you prepare for the ups and downs of launching and running a sustainable business full-time.
Use a business center to avoid admin hassle
The tools available to the modern entrepreneur are improving over time. Researching venues, putting down the rent and deposit for an office, furnishing it, and sorting out the electricity and internet bills aren’t hassles you’re obliged to deal with anymore. You can dodge these admin tasks and use the services of a business center instead. myOffice is a business solutions center with branches all over Dubai. Its services include renting out independent and co-working office spaces, managing its clients’ phone calls and mail, providing meeting and lounge rooms, and helping clients with their company formation procedure. Offering flexible payment plans, myOffice is suitable for a variety of budgets and lets clients run their business in a stylish environment.
If you’re an SME looking to take your first step, explore myOffice’s range of services here.