Ideas for starting a business in Dubai, especially are usually clouded in scepticism during the best of times. Amid unprecedented circumstances brought on by the COVID-19 pandemic, you might deem it is best to file away any such plans for a startup of your own the time being.
In reality, it could be the most excellent time ever to start a business. With the increasing demand for new methods to work and sell in light of the current health concerns and desire for innovative ways to obtain in-demand products, your business idea could be just what the doctor ordered. Here’s how to determine if now is the right time to establish a business setup in Dubai.
Inquire whether your business idea is in demand
Over the last two months, it has swiftly become clear what sort of gaps exist between what is needed right now during the Coronavirus epidemic and what’s available. Quick searches reveal where there are supply chain concerns and a lack of domestic manufacturing for high-priority products and for services to expedite those goods.
Now is the perfect time to create the kind of innovation and change that could better help in solving such issues. This pandemic might not be (god forbid) the only time we face a crisis of this dimension and magnitude. The million-dollar question is whether your business idea fulfills the right role or not in these dire times. If it does, then hurry and find ways to stimulate its launch. If it does not, then it may be more beneficial to wait until the business environment is more conducive to your proposal.
If your business idea is in high-demand, contact the businesses or even individuals that want what you plan to provide once you are open for business. Reach out to government and private investors to fund your business setup in Dubai and identify a winning business strategy that will bring your offering to the market more swiftly.
Decide whether you can tweak the business idea slightly to match the new demands
If your business idea either big or small is not quite ready for launch just yet, consider whether it satisfies the new demand with some minor adjustments or a pivot. If you are prepared to redirect your business vision, it might be well worth putting in the unavoidable but nevertheless necessary extra research rather than waiting for the next sound economic cycle to return.
Business owners and budding entrepreneurs will need to investigate ways to modify and remodel their pre-designed business plan and evaluate the capital required, resources, skills and everything else that is necessary to get their business setup in Dubai off the ground. Evaluate the competition -both immediate and non-immediate- besides that; they should also evaluate the funding available on hand to make the pivot possible. You might even be able to revert to your original idea later on once the economic circumstances are much better. For now, though, consider the sort of response you receive from your potential investors and your target audience to ascertain the viability of your pivoted business idea.
If that evaluation demonstrates viability, then you can advance with the launch of your business setup. Otherwise, you will want to put your plans on hold until further notice.
Related: How is Low-cost Business Setup in Dubai a Boon to SMEs?
Seek donations and funding to help start the new business in Dubai
One of the most significant determining factors will be your capability to obtain funding for your business venture. The hurdle here for all newbie entrepreneurs is the lack of funding now available, thanks to the continuing global crisis that is slowly but surely pushing the world into an economic recession. Investing, in general, is at an extreme low, but there are specific business sectors and business types, particularly in Dubai that may be worthy of investment, even now. These include both early-stage companies and later-stage enterprises.
Furthermore, the government of the UAE is doing everything in its power to start up the slowed-down wheel of the economy by giving several stimulus packages. The sole reason for these packages and grants is to encourage new investors to pump their money into the country’s economy.
In an effort to promote company formation in Dubai, the administrators of the DMCC – the number one free zone of Dubai- has lowered its business setup cost by a whopping 50 per cent!
Hunt for talent to help get the business idea off the ground
Another deciding factor is whether you can find the talent prepared to join your company and take a chance on it through such unpredictable times. Depending on the financial status of available talent, they may or may not be ready to work on an equity base. Ask potential talent regarding what are their expectations, and are they prepared to make sacrifices for the company.
Alternatively, you might be able to hire freelancers who are currently distributing their talent and time amongst many companies. For now, this strategy can get you the needed skills to launch. Later on, if the situation changes and your startup grows, you might be able to persuade them to ditch their other freelance roles and join you full-time.
Start your talent hunt on online job board websites and through tech recruitment bureaus to calculate interest and availability. Be ready to provide a detailed job description of the role and opportunity you are hunting talent for.
Pressing the pause button is an agreeable choice.
If you determine that this is not the best time for your business idea, then do not feel bad about pushing the pause button. These unpredictable times will surely pass, and you will indeed have another opportunity to start a business. Take this time to reflect, and use it to get more research done, plan and improve your business idea to increase its odds for success down the road when you are ready to launch.
Need A Hand?
Are you considering starting a business in Dubai? If so, then we at KWS Middle East will be more than happy to help you out. Our business setup consultants are well-versed and well-acquainted in the process of company formation and therefore, can guarantee a trouble-free and hassle-free business incorporation experience.
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