28 Jun 5 Essentials for Setting Up Your Business in 2017
Establishing your own business in UAE is an exciting and challenging chapter of your career. There’s no way around it -launching a new business takes a lot of time, energy and courage. If you skip any steps, you could set yourself up for failure.
Here are five important steps to follow that will set up your business in UAE for longevity and success.
1.) Offer something new to your industry
Starting your own business is about more than just knowing an industry. As an entrepreneur, you need to constantly search for gaps in the market that your business can fill. Offer services that are insightful, convenient and original, so that consumers recognise your brand as an innovative organisation that is at the forefront of new trends in the market.
2.) Go digital
We live in a world where nearly everything is instantly available. This is exactly what the modern consumer now expects. Many companies in UAE put themselves at a significant disadvantage due to their lack of presence online. So make sure that your service or product is easily accessible on the web. Building a website, having strong SEO and social media campaigns, and an e-commerce portal are all essential to connect consumers with your business.
3.) Make use of collaborative communication apps
Choosing the right team to embark on a startup journey is important. Knowing how to efficiently communicate with them is crucial. Email is still the go-to way for many businesses internal and external communications. Time can be saved, by using instant messaging applications like Slack, which can reduce employees’ email time down to as little as one hour a day. Using other collaborative tools, such as dynamic CRM, allows for efficient internal communications and a smooth sales process through a single platform.
4.) Stay ahead of digital marketing trends
2017 will be another year where digital marketing plays a key role for organisations worldwide. A key takeaway is a personalisation. Personal recognition, more valuable content, creating buyer personas and spur of the moment social posting are just some of the hot trends predicted.
5.) Create a business map
A business map is different from a business plan. A business plan is essential to establishing your business as you’ll need it to pitch your idea to stakeholders. A business map, however, is a document that will guide you throughout the lifetime of your business. Make sure it includes a clear description of your vision and mission, a list of your expectations (from your partners, the market, your customers, etc.), the risks and rewards involved in your business, a brief financial overview, and a description of how your business will operate day-to-day. Businesses are in a constant state change. Your business map is an evolving document that is updated and revised regularly as your business grows. What was applicable at day 1 may no longer be relevant in year 3.
Organisation and embracing digital methods of running a business are key to success. By staying up-to-date with the latest market trends and anticipating your customer’s needs, you’re setting up your business in Dubai for the long-term success.