22 Jan 2018: Time for a new challenge
2018 is your chance to shine. If you’ve got an idea for a product or service you’d like to offer to the masses, then how about setting up a business in the UAE? Maybe you’ve left your last job and have decided to go it alone. There’s no better time than in the first month of the new year. Below are a few steps to pave the way to a new challenge.
This is a great way to gain insight into your business, including potential pitfalls and ideas for improvement – essentially an opportunity to refine your potential product or service. When you’ve perfected (or at least improved) your pitch, start networking with small business owners and professionals in your industry about what to expect running this new enterprise.
Get a sense of your team
Will you be going it alone or will there be people working for/with you? It’s important to keep your costs low but depending on the type of business, consider bringing in partners with complementary strengths. Oh, and remember that good friends don’t necessarily make good business partners. A business relationship is very different to a friendship.
Get your paperwork together
And by ‘together’ we mean in order. Paperwork is probably the most monotonous and outright boring part of founding and running a business. But it is a necessity and if handled well early on, can help you avoid numerous administrative, financial and legal headaches. So, for example, make sure legal professionals draw up documents such as T&Cs and contracts, whilst a company formation business helps with the set up and an accountant sets up an invoicing system. This will all ensure a smooth process from having a conceptual business to a functional business.
Get a simplified version out there
Your product or service might have a whole load of bells and whistles. But start off by offering consumers a simplified version and gauge their response. This is an excellent way of testing the market and seeing how you can improve the product or service. Identify your target audience, reach them and sell to them. This initial feedback will be invaluable. So, be ready for constructive criticism. It’s unlikely to be perfect at the beginning. But that doesn’t mean it can’t be improved.
There you have it. A few simple steps towards making 2018 the year to start your new business. You don’t have to pump a whole load of money into developing your product, getting all the fanciest marketing collateral designed and printed and purchasing the biggest business license. Just remember that it’ll be better to take baby steps, which will mean taking it slowly.