It can be difficult to take the initiative of starting a business. Many times people get confused in what steps they should follow to start a business. RAS Corporate Advisors helps and guides people in setting up their business in Dubai. Business Setup in Dubai can be a tricky matter and there are mistakes people often commit in doing so. Let us go through the planning mistakes people make in setting up business in Dubai.
Here is a list of mistakes that the emerging entrepreneurs in Dubai should avoid:
Not making a business plan-
One of the naïve yet common mistakes made by many aspiring entrepreneurs is not making a business plan and diving head first into the process. It is very crucial to have a proper step by step plan so that one does not miss out the key factors. Even if one has a great business idea it does not give the expected outcome if not planned thoroughly. Company setup in Dubai requires through planning which acts as a roadmap to the destination of success.
Not doing research-
Entrepreneurs often forget to go through this point which results in their business downfall. It is very important to research about the business market one is planning to enter. A thorough market research is a must as it keeps us updated about the market trends and helps us decide the pricing strategy. It is a matter of significance for a company to be aware of the in trend product and services to reach correct decisions for their business.
Not considering your strengths and weaknesses-
People are different and hence their strengths and weaknesses lie at different points. One person may be great in strategy making while another may be great in marketing. Hence while one is doing company formation in Dubai it is important to know where the strength and weakness of the company lies.
Another important thing that should be kept in mind while planning a business is- who are your competitors. Sometimes competition can be good while at other times it can prevent you from reaching your desired goal (profit). Even though new companies may not face competitors at the very beginning, it is never wrong to have a plan. Knowing about one’s competitors’ USP’s and services helps one to be more specific about their product and service requirement. Thus, helps them to emerge as a better company in the market.
Lack of focus-
RAS, business setup consultants in Dubai emphasizes how once your company actually starts it is a big NO to lose focus. As the company needs to keep regular updates on their sales and profits. They need to make plans in order to make it grow bigger. In such a dire situation it would be equal to losing a limb if one loses focus. It is advised to start with short- term goals and then build them into long- term goals so that the focus is not lost from the growth of the company.
This is a crucial point which most companies fail to keep track on. Finances is an issue not only one is starting a business but one also needs finances to keep the business running. It is always advisable to start with a sufficient amount that will sustain at least for months as it can take time to generate income from the business.
Many companies, even if they do all the steps right they forget about this point. It is hard to arrange finances for new companies, however a little amount needs to be invested in marketing as this makes the consumers aware about the company’s presence in the market.
This was a list of 7 mistakes that companies usually make in doing business setup, Dubai. It is very important to keep these points in mind for long-term success. Be decisive, do proper research, speak with people in business, consult specialists, track finance goals- then it is all set.