You start well and cover many miles on the first, second, third, and fourth day.
The trek is tough but so are you.
However, doubt starts creeping into your mind thick and fast on the fifth morning.
Are you going in the right direction? How far is your goal from where you are? And where the hell exactly are you?
You feel lost and stranded. You are not even sure if the next step will take you toward your goal or away from it.
OK, so this scenario is a little scary.
Consider another scenario: You go to the same trek but with a guide. From the day one he shows you in which direction to go and tells how many miles you must cover. Every day you wake with knowledge about what you must do that day to get nearer to your goal.
This feels so much better, right?
The difference lies in the guidance.
In the first scenario, you had no idea about where you were heading to. Whereas in the second scenario, you were gently guided toward your destination.
When you think about starting a business in Dubai, the experience is the same. If you don’t have a guide (aka a detailed business checklist), you might feel lost and abandon the project.
However, don’t worry.
This post provides you with a comprehensive 3-step business checklist, which gives you step-by-step instruction on how to get your business up and running in Dubai and UAE.
So, let’s get started…
1. Finding a great business idea
Your business idea can turn a profit, but does it fit you? Is it suitable for the target market? And how about its feasibility in Dubai and UAE?
These are a few questions you need to ask yourself to ensure your business is viable and something that you can do in the long-run.
2. Conduct market research and test the business idea first
OK, so you’ve a great business idea which will turn a profit and is something at which you can excel.
But have you really checked that it’s something that will work.
For instance, let’s say you want to provide cloud computing solutions to businesses in Dubai and UAE. First of all, you will need to conduct market research and test the idea.
Ask yourself these questions to gather necessary information
- What “problem” your business aims to solve?
- How you will summarize the “solution” you’re providing?
- How badly others need the solution you’re providing?
- What will be your business’ relevancy in future? What steps you’ll need to take to ensure its feasibility in future?
- How do you define the target market?
- Who’s your ideal customer?
- How big is your market?
- How much will it cost you to win a customer?
- Will your business be limited to only certain geographical locations? If yes, which are these locations?
- How is your “solution” better than what’s being offered by competition?
- Are you well aware of your industry as well as about future trends?
- Have you created a financial plan?
- How much investment you’ll need to start?
- When will you start making a profit?
- How do you plan to test your business idea?
- Have you identified potential customers?
- Have you prepared an interview brief to convince these customers to pay for your solution?
3. Prepare a business plan
Are you planning to seek funds from institutions such as banks? If yes, have you prepared a business plan for this purpose?
You don’t require a 30-page long business plan to setup a business. However, at the same time, you surely can’t walk up to your investors with a one-page plan and expect them to support you.
You’ll need a sufficiently comprehensive business plan which has:
- an executive summary
- a company overview
- the names of the products/services you’re offering
- details regarding your target market
- a marketing plan
- information regarding important metrics and milestones
- the names of people who’ll be a part of management
- a comprehensive financial plan
If so, let us help you. Creating powerful business plan for Dubai and UAE startups is our specialty.
For more info about how to create accurate, powerful business plans for Dubai and UAE startups, get in touch with us and we will be more than happy to help you out!