Starting a business can be challenging at times, especially if there are a lot of processes we have to complete before we can operate a business in the UAE. We have put together key advice and tools to help entrepreneurs in managing their start-up projects and business ideas with ease.
Step one: Ideas
Decide the strength and weakness of your business idea and the direction you would like your business to go, including a growth plan. Keep in mind that you might not always find an investor to finance your business; there is a high possibility you may have to finance a project from your savings or family contributions. Then you would need to work on naming your business or project to build a brand identity and set your goals. You may need to contact a PR or brand agency who can help with your brand strategy.
Step two: Licenses and legality
Once you have decided the business activity that you would like to pursue, it is important to get a trade license in order to conduct your business operations within the UAE. There are a number of different licensing options depending on your business functions. Under the Dubai Economic Department, there are two main licenses, a Professional License that is structured for the services sector and a Limited Liability (LLC) trading license for physical labor and tangible product trading. There are also options to set up in a free zone but with limitations. myOffice provide an end to end Business Setup and PRO service for new startups giving detailed no obligation advice and quick set up solutions.
Step three: Location location location!
Locating your startup office in a business driven district is as important as ensuring that your future clients have easy access to your office. Starting a business is a high risk and it is critical to manage finances and commitments from the start. It is highly advisable to start your business ventures with a fully functional Business Centre where you can start your operations with minimal overheads and control your rental terms.
Your office space with a business center should be all inclusive – eliminating the headaches of setting up – and managing electricity, telephone and Internet bills. You should also be given a phone answering service and reception staff who are there to support you. Another great benefit of being part of a business center is that you can get to know your neighboring businesses. This gives you a great opportunity to find potential leads and build business relationships. By opting for a serviced office facility, you will be able to focus on stabilizing your business expenses in the first year of your startup. myOffice have a great business network and facilities in several locations around Dubai and Jeddah, giving tenants flexibility and choice of where they would like to conduct business.
Step four: Marketing
Once your business setup is complete, you may find it challenging to build new clients or even make more money from your business functions. By using strategic advertising and marketing tools, you can standout from your competition. With everything online, it is best for startups to market their business using SEO campaigns and integrating social media platforms. This will prove to be effective and affordable in the initial stages. Also, use any opportunity possible to meet with other businesses. The strongest form of business is word of mouth and credibility based on projects you have delivered for other clients. myOffice have a number of events that take place throughout the year, contact firstname.lastname@example.org to register for its future events.
Step five: Human help
Over time, your business will grow and you will require highly qualified and devoted team members who will deliver your business vision and functions. Choosing the right candidates to join your team is crucial as you are investing your time and money in them. Since predicting the candidate performance from an interview is challenging, many startups prefer testing the candidate’s performance through a probation period rather than directly hiring them. The trick is to ask behavioral questions during the interview to reach for the desired skills and experience you are looking for.
Here’s what Chantelle Dudson, center manager at myOffice’s Downtown Dubai branch, has to say:
“We have noticed amazing business growth from our clients over the last few years, where small ideas have become multi-million dollar ventures. Many companies have grown rapidly and upgraded or renewed their business facilities with us. We have seen an entity start with three employees and rapidly grow to 50 within two years with the support of myOffice’s corporate services which is a great achievement for our organization. We believe in sharing our expertise with new entrepreneurs and helping SMEs fulfill their business dreams.”