Thanks to the technological advancements, that has transformed the world into the proverbial global village. These leaps in technology have also fashioned new ways of doing business. Gone are the days when the only way of doing business was finding a suitable location for your company and then displaying your merchandise in an aesthetically-pleasing manner to attract the consumers.

Nowadays, starting a business in Dubai has become exceedingly straightforward. All you have to do is have a laptop, and a good internet connection and you are good to go.

However, budding entrepreneurs should tread with extreme caution before starting an online business in Dubai. Without proper research regarding running a profitable business setup in Dubai could land you in hot water.

That being said, having an online presence for an enterprise, be it big or small, is imperative now, as by establishing a robust online presence, you can highlight your company’s brand’s image effectively. There are many different tools, software, and platforms at your disposal that can help you in your endeavors.

If you are still not sure, how to start going about forming an online business then never fear, because we are here to provide you with all the information that you will need for starting your online business:

1. Have a proper Business Plan

To begin any kind of business, you need to have a precise, well- planned, and detailed business plan. This business plan is essential for the success of your company.

All the information regarding the company formation, your company’s mission, its vision, and the objective should all be in the business plan. The business plan acts as a general guide and provides a direction for the company.

Moreover, this business plan will also outline all your short-term goals and long-term goals.

2. Select a Market Segment and Design a Product Accordingly

The market is divided into various customer segments. Each of these segments possesses different distinct characteristics, and thus, your product should be pitched to them according to their particular tastes. Extensive research of the customer segment must be done to understand the needs and requirements of the consumer. An online survey or review can prove to be beneficial in that endeavor.

3. Making Use of Social Media

In today’s modern and technologically-inclined world, it is necessary to have a strong social media presence. The best advantage of engaging social media is that you can have direct customer feedback that will help you in improving your product accordingly. Another benefit of having a social media profile is that they are powerful marketing tools as they provide a platform for you to promote your business without any additional cost. With proper planning and strategy, one can harness the power and utilize the various social media tools to turn our business setup into a household name in Dubai.

4. Financing Your Online Business

All businesses require a little infusion of funds from time to time. Selecting a reliable source to fund your business is very important for the unbeaten run of your business. But here is some good news for you, an online store typically does not require vast sums of money at the time of its setup and during its other initial stages. Thus for many companies in Dubai that are just starting out, crowdfunding is one of the best sources of funds.

Read alsoBenefits of Setting Up an Online Business in Dubai

5. Understand the Analytics and Use them to Your Advantage

Keeping an eye on the analytics of your business’ parent website and associated blogs can prove to be extremely useful in expanding your business and increasing its profitability. Using the analytics data for the improvement of the online business is all the rage in the UAE. Interpreting the data generated by the website can provide us with crucial information regarding our clients. The feedback provided by them can assist us in shaping our next move that will shape the future of the business.

6. Do not Underestimate your Competitors

It is imperative that you first do comprehensive market research to find out all there is to know about your competitors– especially the immediate one keep a close eye on them at all times–and get a general understanding of the present condition of the market, its trends etc., Keeping track of the competitors will let you guess their next move correctly. Thus, you will be able to plan your next step accordingly. Moreover, you can determine what move you need to make to be ahead of them and beat them, all in one blow. You do not need to imitate your competitor’s game plan in any way. Instead, you just need to understand their frame of mind and thought process so that you can anticipate their next move.

7. Choose a Suitable Hosting Service

Using a suitable hosting service will allow your website to be easily accessible by everyone in the world via the World Wide Web (www). There are multiple types of hosting services available for a business to choose from. It is upto the administration of the online business i.e., you, to do the research and find out which hosting service will be the best fit for the company and help in crafting a reliable name for said company.

8. Keep On Top of of the New Technological Advancements

The technological landscape of the UAE and the rest of the world is continually evolving. These changes are occurring at such a fast pace that keeping up with them has become a chore of its own. But, it is really important to keep up with these advancements because the technology that currently is ruling the world will become obsolete in the next five to ten years as a newer, faster and better version of said technology is developed. Therefore, one should always know about the progressions in technology that are happening all around us, so that we should be able to make future plans according to these changes.

By following these fundamental but crucial tips, you will be able to start an online business in Dubai. In the current business environment, setting up and starting an online business in Dubai will prove to be extremely fruitful for budding entrepreneurs such as yourself.

You can establish your company in any of the free zones in Dubai. If you are looking for help or advice regarding setting an online business, then you must contact the business setup consultants, such as, the KWS Middle East, who are well-versed in the art of business incorporation. Furthermore, we also provide other services related to business setup.

For more details or queries, Contact us. We will be delighted to be of assistance.

Dubai is the land of opportunities that is why people have succeeded when they have made an effort to introduce a new idea. The city which house people and businesses from all around the world has provided startups with the ideal environment, where everyone has a different set of needs and wants. These sets are what startups have been able to identify and provide products according to. The flexibility of startups to match customer moods and market trends has proved to be critical.

Health Care

With the growing population comes the need for growing facilities like health care. In the UAE, practitioners have been able to provide people with health care facilities. It is not only clinics and hospitals but also trainers and experts who guide people on exercise and nutrition in order to help them maintain their health. The business setup in Dubai has been very successful in Dubai, thanks to the amount of people coming from Europe where such services are availed by many.

Tourism services

Tourism is one of the best examples of how to use business opportunities in UAE. Whether it is food that you like, exploring cultures or fun-filled water sports, tourism startups have made it easier for people to enjoy all that there is to see in Dubai. These startups know the city inside out and that is why foreigners travelling to Dubai prefer to engage these startups in to get around the city exploring new things. So what if it costs them money? The services provided are worth it and the service providers bear fruit by making use of business opportunities in UAE.

Digital marketing and web development

These are services that people need all around the world to keep up with the pace of the developing world of business setup in Dubai and e-commerce. These days people do not prefer to go to shops, rather they browse for things on the internet and order the product that they want, paying through cash upon delivery or through online payment methods.

It is for this reason that people have taken the initiative to operate e-commerce business setup in UAE. The laws of the UAE provide for e-commerce businesses to operate.

People have also started digital marketing services that are able to let businesses convey their message to a wider audience at lower costs. This has been effective because people are always connected to social media and are able to see the marketing efforts put in by companies to promote their products.

Real estate agents

Everyone in the UAE needs a place to live, or a place for his or her office or shop. Towers and houses have been constructed by many construction companies, but when are buildings enough to meet the demands of people? This means that real estate agents can exploit the situation by knowing exactly what the customer might ask for and provide solutions accordingly. People do not go about finding houses or shops for rent or for buying on their own. They prefer engaging agents because these agents can also deal with the documentation and different formalities.

Business consultancy services

Dubai was planned and developed as a city where people from around the world would come to invest and grow their business setup in UAE. The city has allowed them to expand their reach to other parts of Asia because of UAE’s proximity to other countries in the region. But these companies would not have been able take advantage of the environment, nor would they have become so profitable, had it not been for business consultancy services.

These services offered by consultancies like KWS ME help foreign investors go through business registration and all other similar processes very smoothly. These startups get documents attested and all documentation completed, guiding the investors from the start to the finish line so the investors can start business operations. Their experts also provide services like product and trademark registration for business support.

These consultancies do charge their fees, but why wouldn’t an investor pay for services that saves him time, money and effort?

Name a service and we have got it. Call us today or send us an email.

A city that began its developmental journey as a local township has now become an international hub for business and investment. Yes we are talking about Dubai. Often called as “city of the future”, Dubai has achieved this status with a determined mindset, a clear vision by entrepreneurial leadership to achieve international excellence and a constant drive towards innovation.

Key Indicator

According to Dubai Innovation Index 2018 that is measured by Dubai Chamber of Commerce in collaboration with Price water house Coopers; Dubai ranks 14th among 30 global cities in innovating performance, outperforming top business destinations such as Shanghai and Berlin.

Knowledge-Based Economy

The significant improvement in Dubai’s skill and talent score is due to the government’s long term innovation strategy that supports knowledge-based economy. Government has also launched various initiatives such as National Innovation Strategy in 2014, Dubai Partners for Innovation in 2015 and Dubai Global Innovation Center to foster innovation on all segments in society.

Dubai Chamber further plans to invest Dh100 million in innovative projects and initiatives in order to improve UAE economic competitiveness.

According to Shaikh Ahmed bin Saeed Al Maktoum- President of Civil Aviation Authority,

“Dubai is determined to be among the most innovative cities and emerge as a global innovation hub”.

Al Maktoum believes the only way to build a great history in UAE is through innovation as it is one of the key decisive factors for Emirates development and is a crucial measure of economic performance.

Let’s look at the areas where innovative strategies have already been applied and how you can benefit from them as an entrepreneur.

Technology

Health Care

Innovation Hubs

How Dubai Became Global Hub for Innovation?

It is due to government support, state of the art infrastructure and strategic global position of Dubai that has established this city as global business hub. With a progressive forward approach, Dubai government contributes towards a reliable and operational infrastructure. It actively supports liberal business outlook, robust governance and international outlook. The overall mission is to amplify power of innovation that benefits not just government and businesses but citizens as well.

Take On the Opportunity

Dubai is a hotspot for new business startups. If you want to capture the markets of Asia, Africa and Europe; take on the opportunity provided by this city. Numerous free zones, tax exemptions and quick low cost start-ups present an ideal climate for new investor.

For new business setup in Dubaicontact us to get our business formation services and support.

Dubai has carved its place amongst the top financial cities of the world and has fast become the most coveted location for entrepreneurs for the set up of their new businesses. Local and foreign investors alike prefer Dubai over other cities because of its position in the Middle Eastern peninsula, which lets the traders interact with the neighboring countries and turn their venture worldwide seamlessly.

One of the most traditional ways in which entrepreneurs attempt to set up a business Dubai is to start a new company simply. Customarily limited liability company is the type of entity that is favored. Forming a limited liability company (LLC) is a comparatively straightforward process that comprises registering the newly-formed company with the Dubai Commercial Register. If you are preparing to set up an LLC in Dubai, here are some things you need to take care of before going to the Dubai Commercial Register.

The formalities that you must fulfill are listed below:

1. Register the Firm with the Department of Economic Development (DED)

You will have to pick a company trade name and get it approved by the Department of Economic Development’s Licensing Department. The primary endorsement for registration of your business will additionally be required from the DED after the company’s trade name has been approved and subsequently registered with the concerned authority.

2. Compose and Notarize the Company’s Legal Documents

The next thing would be to draft the essential legal documents of the company, such as the Memorandum and Articles of Association ( MOA, and AOA). You are then required to get these documents notarized. You can select any reliable and trustworthy Notary public for this purpose. They can be found in the Dubai courts.

3. Submit all of the demanded documents to the DED

Submit the business trade license application and initial approval, together with the notarized copy of the company’s legal documents to the DED. At this stage, the application is submitted for admission to the Dubai Commercial Register.

4. Registration in the Dubai Commercial Register

Once the DED grants the requisite approval, the business will then be registered into the Dubai Commercial Register. The attainment of the business license will then accompany, which will be again issued by the Department of Economic Development.

Other details to bear in mind before applying for registration of your new enterprise is that, depending on the type of business activity that will be carried out, you may need special approval from the related government department. Moreover, the LLC additionally must at least have two shareholders, and at most have fifty shareholders.

When setting up an LLC in the Dubai Mainland, foreign entrepreneurs can only hold up to 49% shares of the company. A local partner or sponsor of UAE nationality must have at least 51% of the company shares. So you need to find a local sponsor before you apply for registration of the company in the Mainland.

If you need guidance while setting up an LLC in Dubai, we at KWS Middle East can guide you in all the business setup procedural obligations, which also includes arranging a local sponsor for you in case of setting up a company in the Mainland. Our experienced business setup consultants have served many small, medium-sized enterprises prosper in Dubai plus have helped several international corporations.

Blockchain technology is one of the most anticipated advancements that have the potential to reshape and reform the finance world. It has the inherent ability to transform the traditional way of doing business in several areas completely. By using Blockchain technology in day to day business activities, the government of Dubai wants to elevate the ease of doing business factor considerably. The Blockchain tech has many applications; it can be used as a digital spreadsheet, which is shared between all the members of a decentralized network. Besides that, it can be used to confirm payments received through Bitcoin. The applications of this technology are endless.

The technology’s ever-expanding influence has curved Blockchain investing in a comparatively uncomplicated task.

Here are the five best ways to dive in and invest in blockchain technology in Dubai today.

1. Become a Digital Asset Investor

The most popular approach to invest in blockchain technology is by turning into a digital asset investor. As a digital asset investor, your job would entail you investing in assets that dwell on a blockchain. If you are already familiar with cryptocurrencies like Bitcoin Ethereum, and Ripple. Then investing in these types of cryptocurrencies is comparatively simple. You can set up an account on any of the cryptocurrency exchanges of your choice, like Coinbase or Gemini. After you have made the account, you can start your business by buying your desired crypto.

2. Invest in Blockchain Businesses

Investing in blockchain technology does not mean you are restricted to buying tokens. You can also make traditional investments in companies that specialize in blockchain products and services. Unfortunately, your options for public blockchain investments are at the moment, rather scant but are growing every day as more and more people turn to blockchain technology in Dubai. Most blockchain-focused firms operating in the UAE are not large enough to warrant a public listing in the company registry yet but will be soon. More practical means to invest in blockchain companies involve angel investing and crowdfunding.

Read moreDubai Leading in Innovation as Usual and How You Can follow Suit?

3. Invest in Organization Implementing Blockchain

If you are comparatively risk-averse, investing in the organizations that do not specialize in Blockchain yet still execute the technology could be an excellent option for you. They can give you the opportunity of dabbling in the Blockchain tech without exposing yourself to too much risk of failure. Because these organizations are not wholly dependent on the success of blockchain technology, thus providing much safer investment options for someone just trying things out. You would be pleasantly surprised to know that there are already many publicly-traded businesses that have included blockchain technology to their business ecosystem. Many of them are working right here in Dubai. Consider opening your business setup in Dubai in this domain.

4. Invest Time in Learning and Understanding Blockchain Development

The thing about blockchain technology is it’s a paradigm shift. It has the immense potential to revolutionize the way we transfer information, much like how the internet changed everything. First came the internet-connected computers and then smartphones put computers on our person. Those are exciting and heady concepts that were considered impossible before but now are a reality. And Blockchain adds the potential of transference of something of value and utility between two computers on two persons efficiently, safely, and securely.

Do the required research, invest the time in learning the technology, and then invest your hard-earned money in it.

5. Invest in Coins and Tokens

Even though cryptocurrency is not technically Blockchain, it is still the most prominent and widely-used way of investing in the application of this technology. It is also, however, the riskiest of risky options available. With tokens and coins, you are also betting that you are not just fastening your car to a runaway train. That the company in whom you are investing in has its ethics in check and that there is no pump-and-dump or a part of a Ponzi scheme either deliberately or accidentally. And that you are not going to get tricked, hacked, blackmailed, or subpoenaed.

As with all monetary investments, one of the excellent ways to invest in blockchain technology is to disperse your holdings. However, you should not restrict your diversification to blockchain investments; invest across several industries as well.

Doing so ensures that an unpredictable market development does not run you dry and bankrupt. Because blockchain technology is still emerging, developing, and a volatile industry, you need to guard yourself against any unfavorable risks as much as you can.

Need a Hand?

We at KWS MIDDLE EAST are a business setup consultancy that will help you in starting a business in Dubai and the rest of its Emirates. Our set of services includes business incorporation, legal advisory, accounting and bookkeeping, PRO services, corporate secretarial services, IP, business license procurement, and much more. If you want to start a business or require any of these services for your established business, then contact us. We would be happy to help you.

Call us today; We will be happy to assist you!

You can also contact us through an email at info@kwsme.com

Whether it is an offshore company, Mainland Company or a free zone company, UAE provides comfort for businessmen and investors owning all types of companies. The government has provided ease in running business by working on all types of business setup in Dubai structures and providing policies for every type of business activity. The government’s idea is to provide a place where any type of business can run and survive. An alternate explanation to this concept is that the government has a vision of having all required resources in sufficient quantities so that there is competitive advantage for every business setup in UAE.

How UAE government makes offshore companies easy to setup?

The UAE government takes care of all matters related to business setup in UAE and every matter related to foreign investors as these investors and business setups have contributed to the growth of the UAE. The government has been working continuously to make the setup offshore companies in UAE cheap and easy for investors to benefit from them. Part of the efforts by the government has been to make it easy and cheap to setup offshore companies in UAE.

  1. The government has provided offshore company owners with tax exemptions, privacy of their matters, security of finances and legal advantages and other facilities in order to make business owners feel safe and allow them to run their businesses smoothly.
  2. It takes only 3-4 days for an offshore company to be setup.
  3. Investors can cut down on costs as it is not important for the offshore companies to lease or rent office space.
  4. Banks provide services to offshore companies and have policies for them.

Owning and setting up an offshore company is totally legal and the government has regulated the setup of such companies. These companies are used to own assets in other countries for which you do not have citizenship’s or permanent residence. The government has legislated to make these companies legal.

How can you setup your own offshore company?

If you are looking to setup your business setup in Dubai, you have to first determine what kind of product or service you are going to provide. You will then need to see your budget and the requirements that your business has. Accordingly, you will have to decide the type of company that you want to form. This decision depends on whether a free zone company or a mainland company will be able to provide you with the benefits that you require.

KWS ME is a full fledge business registration consultancy that provides services like company formation Dubai of different types. The firm also provides services like visa processing, pro services and services related to accounts and advisory. The experience of the firm’s experts in dealing with different scenarios related to different clients helps us provide you with tailor-made solutions and create ease for you when it comes to company formation Dubai.

The requirements

Let’s look at some of the documents required for investors who are interested in setting up an offshore company are listed below.

  1. Company formation Dubai
  2. Copies of stakeholders’ and directors’ valid passports
  3. Proof of residency of the stakeholders and the directors
  4. Agent’s registration
  5. Articles of Association
  6. Memorandum of Incorporation
  7. Original resolution shareholder’s
  8. Certificate of incorporation or Trade licence copies

For individual stakeholders, these are the requirements:

  1. Application form for the setup of the offshore company
  2. Every shareholder’s personal profile (Resume/CV is acceptable)
  3. Proof of residence address. For example, utility bills that are not more than 3 months old.

Valid passport copy with no less than 6 months of validity

You do not have to wait for the right time to invest. We will help you successfully launch your offshore company. Give us a call or send us an email for details.

For new investors, as well as companies already working in Jebel Ali Free Zone (JAFZA), the government of Dubai has elected to reduce the costs associated with Business license registration and other administrative tasks.

At JAFZA, their pervasive Customer Support Initiative was conceived to slice all business-related expenses like business registration, licensing, and other related administrative functions by a whopping fifty to seventy percent.

According to the new statement issued by the DP world, hundreds of new businesses and over 7,500 firms working out of JAFZA pulled in by its superior infrastructure, and ingenious solutions for trade will all benefit from this decrease in costs. In addition to that, several other online services will also be proposed for free to assist the companies working there and will help the free trade zone step into the world of the digitalization that it is striving to attain.

The CEO of DP World, and the CEO of JAFZA, Mohammed Al Muallem, stated: “This initiative is highly significant, especially in these challenging times. It is a timely move amidst this global pandemic that will inspire our customers to pursue their business goals and will uplift their spirits so that they can tackle anything with greater confidence and determination.”

He further stated: “It is particularly devised to build value and opportunities for the businesses to channel their resources to support their business activities in this time of crisis. We believe this visionary initiative will facilitate companies to do business more smartly and generate more business, thus, leading to the creation of more new jobs.”

DP World, UAE Region has said that a massive percentage of Dubai’s GDP approximately 33.4 percent is due to its contribution. Moreover, the authorities firmly believe that this initiative will entirely make it a lot more manageable to do business in JAFZA free zone, reinforcing Dubai’s reputation as one of the global centers for commerce and trade.

We at KWS Middle East are a premier business setup consultant in Dubai that makes setting up a business more straightforward than it was ever possible. Our business setup consultants are well-versed in the art of business incorporation. They will offer you tailor-made solutions to your unique problems so that you can give your business a prosperous start that it deserves.

Make your Dubai dream into a reality with KWS Middle East!

For any queries, drop an email at: info@kwsme.com

Contact Us and book our commitment-free consultation call with our team today!

Introduction

Business is an amalgamation not only of the different operational processes but also of environmental processes which create an atmosphere where businesses thrive. In these processes, an important component is money that the business earns and uses for expenses incurred. It is the remaining amount that is termed as profit and can be used for meeting personal expenses. The more profitable the business looks, the higher the chances of are of it being given an existence by an investor, keeping all else constant.

This is theory used by the government of the UAE to subtly invite investors who have conquered other areas and now look to expand their business empires to areas they had not approached. It is for this reason that the UAE government has provided many incentives in many different forms.

  1. The first incentive provided by the government is the infrastructure development that has made business easier naturally. From offices to transport, every facility is world class.
  2. The second incentive is easy processing of documents and requests for business setup Dubai.
    Licensing and legislation for new types of businesses has been done so that the environment of the UAE is friendly for those who bring in new ideas. This is the third incentive for people looking to own a business setup Dubai.
  3. The forth and perhaps the most important incentive is a financial one. The UAE authorities have introduced a very tempting tax exemption law that has made the strongest impact in attracting investors to the UAE.

As mentioned above, the higher the profits, the more like investors are to put their money in the business. Profits definitely rise when taxes are low or non-existent.

Benefits of tax exemption

Let’s look at some of the benefits of tax exemptions for businesses in Dubai:

  1. Firstly, cost of business reduces drastically as taxes normally make a huge chunk of the total costs incurred. The decrease in costs allows for businesses to use the money to expand further and improve efficiency that further decreases costs.
  2. Low or non-existence of tax allows the companies to indulge in a price competitive market which not only allows perfection competition but allows for businesses to explore avenues through research and development to capture higher share of the market by innovation.
  3. Tax exemption also means that the UAE government has seen a rise in the business activity in the UAE as investors felt secure while investing in businesses in the UAE.
  4. Repatriation of higher profits to the home country is one of best benefits that the tax exemption policy has provided to the entrepreneurs.

How to use the opportunity to operate tax free?

Investors often do not have details of the business processes in other countries. It is for this reason that they engage professional business consultants Dubai like KWS Middle East. These business consultants Dubai are experienced in company formation and business registration Dubai. But this is not where they stop in fact they can take responsibility of handling secondary tasks like product and trademark registration after business registration Dubai is complete. The experts at the firm provide complete and updated information on taxation system and details on all business processes that make it easier for foreign investors to setup and run their businesses without obstacles that they initially think they would have to face.

Call to action:

 Looking for support with your new investment in the UAE? Call us now and we will provide you with all the services you require for a successful business venture in the UAE.

You have decided to turn into the master of destiny or become your own boss. Creating your own successful business from the ground up is the most satisfying way to earn a living. However, it is, at the same time, the most challenging task one can undertake in their lifetime. Becoming an entrepreneur is not an easy task, especially a successful one.

A successful entrepreneur has a particular set of skills and habits that they develop over time and are shared by business owners and self-made entrepreneurs everywhere.

What is the key to unlocking the code to becoming successful entrepreneurs is? What do these entrepreneurs do to remain motivated, focused, and passionate to be called successful?

Here are five qualities that are inherent in all successful entrepreneurs:

Set Quantifiable Goals:

There is no easier way of measuring success. Still, by setting quantifiable goals –achievable milestones– for your business, you might find yourself on the fast track to a flourishing business setup. A successful entrepreneur will set highly realistic and attainable goals. What setting of these goals does is that it hones in your focus and helps in maintaining it on the things that matter in boosting the success of your venture.This is easier said than done, but once you make a habit of it, you will observe the fruits of your labor.

Develop a Good Work Ethic and Manage your Time Well:

You should bear in mind that unlike a 9-to-5 job being an entrepreneur is a 24/7 gig. Be ready to have your workdays be longer than the typical nine hours that you were accustomed to if your week starts on a Monday than by Wednesday you will already have exceeded 40 hours, and your work would just have started. Hence, you must know how to manage your time really well.

A key trait of a successful entrepreneur is that they know how to strike an equilibrium between time used on business and with family. When they are at work, a good business owner knows how to divide their time well among internal and external affairs of the company, including strategy meetings, business planning, problem-solving, and decision-making tasks.

Furthermore, a successful business owner is ready to work hard to achieve all of the business goals. They have the ability to work very, very, very hard, and have an impeccable work ethic.

An entrepreneur must make time for themself and break away from their daily routine, to avoid burnout. During these self-prescribed vacations, you can do the things that bring you joy. For instance, if reading a good makes you happy, you should totally do it, or indulging in your favorite recreational activities to rejuvenate your soul is highly recommended. Apart from that, getting adequate sleep and nutrition will keep the mind, body, and soul healthy and will keep you going straight on your road to long-term success.

Read MoreThe Ultimate Guide on How to Start Your Own Business in Dubai

Handle Finances Smartly:

A hallmark of a successful entrepreneur is that they are always prepared. They have enough presence of mind and foresight to plan for both the best-case scenarios as well as for worst-case scenarios. In case of any financial situation, they will have contingency plans in place that will shield their business from any adverse effects.

Their foresight will have them sufficiently prepared to face any situations, either good or bad. The contingency plan will ensure that the distribution of the financial resources is done efficiently by setting aside a portion of the capital for future use by the company. Amenities like infrastructure, employee’s salary, etc. all be handled through this.

Moreover, setting robust safety nets and a well-thought-out financial plan can ensure the longevity of your business even in the most turbulent of times.

When in Doubt Seek Advice:

Successful entrepreneurs are shameless creatures. They do not shy away from seeking advice, especially when they are in doubt. Often they will consult with professionals and are happy to discuss their problems with internal management or even professional consultants.

No matter the size of the problem, a true entrepreneur never gives up and faces their challenges head-on. And even if they do fail, they do not let that failure bring them down rather; they will learn from it and file that experience for future reference.

Only those entrepreneurs that can weather the storms can stand tall among their peers and can proudly call themselves successful.

Build an Influential and Strong Network:

It is said that a person is known by the company he keeps— a cliche as old as time; nevertheless, it is true even to this day. Successful entrepreneurs will surround themselves with like-minded people. Often, their circle of friends consists of over-achievers and masters of their domains. By surrounding yourself with highly-accomplished and motivated people, you keep you pumped up and thirsty for achieving more. Besides that, an influential network will help you get new business faster as they will let you know about the happenings of the business world in advance.

Starting a business and then running it is not an easy stint, not by a long shot, but it is still achievable. It is a tiring exercise filled with many challenges and hindrances. Yet, if you are adaptable and versatile, have the resilience to work super hard, are resourceful, and are tenacious to a fault. Odds of success are most definitely in your favor!

Adaptability, persistence, willingness to make sacrifices to achieve a successful outcome are keys to becoming a successful entrepreneur.

At KWS Middle East we provide professional care to our patrons so that they can focus on building their business while we take care of the mundane and tedious.

Contact us today to book your commitment-free consultation call with our team.