How Do I Define Financial Security for Dubai?
Before quitting your full-time job and striking out on your own, you’ll need to determine what your financial security needs are. Do you have a hearty savings account? Are you in debt?
We would suggest evaluating your current income and deciding if this new venture will require leaving your full-time job. And if so, will you be able to make a better income?
Let’s say you have a high-paying corporate job. You should be asking yourself questions like will this new business require me to quit my well-paying job? Or will it provide me a better income than this job?”
Having a solid financial foundation for your new business is essential, and you’ll need to have either your funds or investors to make sure you can sustain it. Determining how much of your funds you’re willing to spend is also important before you move forward.
Make sure you set aside 15% of your capital for emergencies and setbacks. If that means taking a little extra time to save, then so be it. It’s more than worth it for long-term success, and you’ll be thankful you took the time if you end up needing it.
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Do I Have a Business Plan in Dubai?
The start of your business plan can be as simple as a paragraph you write down so you don’t forget your brilliant idea, but a finished and complete business plan should be a well-thought-out document that illustrates the purpose of your business, as well as how your business will operate.
A well-thought-out business plan will help you not make drastic mistakes and miscalculations.
Creating your business plan won’t be a quick task. You’ll need to evaluate how much time you’re willing to commit to the task.
You will spend countless hours creating a business plan and making it all happen. And if you aren’t willing to put in the time, you will end up wasting a lot of money and effort on something that most likely won’t come to fruition.
Is There a Market for My Business in Dubai?
Is your idea completely new or are you seeking to improve on an existing idea?
To determine whether you should move forward and start this new business, you should spend some time looking at Google Trends and seeing if your idea will address a need.
If your concept is reflected in upward [Google] trend lines over the last 1-3 months, you may have caught onto something early which may continue to rise in popularity and demand.
However, an exception to this would be any new idea. Do not be discouraged if Google Trends does not support your concept, especially if your concept satisfies a new want or need.
Another possibility is to test demand for your business creatively.
One simple way is to create an MVP—minimum viable product—or basic prototype. Make a simple landing page website that explains the pain point and how your business solves that pain. By testing demand in that way, you can push off the huge time and monetary commitment of starting a business (with infrastructure and supply) to make sure you have an audience who will pay for your offering, and determine if it’s a viable business or not.
What Is My Exit Strategy in Dubai?
Before embarking on a new business, you need to know what you plan to do if your business is successful or if it ultimately isn’t.
While you may never be fully ready to take the leap of faith required to start your own business, you can minimize the risks by having contingency plans.
Many people assume that if their business fails, they will be doomed to poverty when in reality it will often be quite straightforward for them to get a job at the same level as their current one.
In addition to planning for failure, you should plan for success. What is the goal you’re trying to achieve?
Do I want to sell the company, grow it nationally, pass it down to my kids, and at what point would I consider it a failure and throw in the towel?
These answers will depend on your circumstances and business arrangements.
That is a huge question to answer, especially if a business partner is involved.
If you can answer these four questions confidently, it may be time for you to take the plunge and start the business you’ve always wanted to.
Get help starting your business.
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