What to Look for Before Forming a Service-Based Business in FujairahKWS Admin
Starting a service-oriented business in Fujairah is one of the best business ideas that an entrepreneur can implement successfully. With state-of-the-art infrastructure, easily accessible seaports, and airports, your service-based venture is guaranteed to flourish.
A commercial enterprise that provides work performed by an expert or a team of experts is essentially what a service-oriented business. The typical service business offers intangible products such as accounting, banking, consulting, landscaping, education, insurance, entertainment, and transportation services.
That means that as a service business owner, you will be primarily selling your skills as the chief product and earn a profit. But bear in mind this type of business puts a strong emphasis on the customer relationship and makes the customer’s user experience of the utmost importance.
Another good thing about this business idea is that it does not require any type of particular framework or arrangement; therefore, it will not need any excess funds, making it a very affordable venture.
Now, let’s come to the business at hand. Before you even consider setting up a business in Fujairah, you will have to consider certain things and make certain decisions. These decisions will help your enterprise to establish itself better and ensure a problem-free future.
The setup steps are given below:
Conduct an Extensive Market Research
To make sure your business is a success be sure to conduct a thorough market research to understand get a basic understanding of the current scenario of the market.
This market research will allow you – the management and the marketers of the company– to identify their target market and then they can devise a marketing strategy accordingly.
Also this market research will also aid you in understanding your immediate competitors and you can then decide your future course of action.
Plan a Strategy
Once you are done with your market research, you will now be in a position to accurately predict the future trends of business that will be in vogue. Moreover, you will be able to prepare a sale and marketing strategy that will outline the short-term and long-term goals of the company. This strategy should be strictly implemented so that the future of the company is as prosperous as it was predicted at the time of its inception.
Open up a Corporate Bank Account
Once you are done with planning a business strategy and a business plan, the next integral step that needs to be taken is opening a corporate bank account.
Having a bank account will serve the dual purpose of allowing you do transactions easily and at the same time it will be helpful in carving a separate identity of the enterprise from the owner of the company.
As soon as a corporate bank account is opened, the business assumes a separate identity.
Fulfil the Legal Requirements Including Obtaining Licenses
The last step that you need to fulfill for establishing a service-based business in Fujairah or for any business for that matter is that you need to acquire certain permissions,permits,approval and licenses from the designated authorities.
To get them you might have to submit documents like Memorandum of Association and Articles of Association, Passport Copies of the owners, stakeholder, employees and other such documents.
Keep Yourself Updated and Informed of the Latest Trends
Keep yourself ahead of the pack, as it is the only thing that will ensure a profitable run for your business and how can you accomplish that? Simply, constantly monitor the business landscape as it is very fickle in nature. Always, keep yourself updated and informed of the latest trends and adapt to these changes.
If you don’t do this then your business practice might turn obsolete and an obsolete business will not be able to generate revenue and eventually will die down in the long run.
Effectively Promote Yourself
This cut-throat world of business is getting saturated with competition as more and more people are joining the ranks of the entrepreneurs. In this situation what’s one to do except relentlessly promote oneself. By self-promotion you are ensuring that more and more people will know about your brand and what it stands for.
When you a number of people start recognizing your brand and start to associate a certain quality with that is almost half the battle won. Now, all you have to do is mobilize this huge customer base into becoming your loyal customers.
In today’s age of social media where everyone and their aunt have access to the internet procuring promotional space is not a problem. You can literally plaster the walls with your advertisements and still have space to spare.
Thus, promote your little heart out and get your name out there.
Conduct Regular Periodic Reviews
Finally, to make sure your service-based business in Fujairah stays profitable for a long period, the management of the business –i.e., you– should conduct periodic reviews of the strategy of the company,the short-term and the long-term goals of the company that were set at the start of the company formation are met or not, are the objectives of the company fulfilled or not?
These review sessions will allow you to measure your business’s performance and will help you in determining whether the company will be able to withstand the test of times and if yes then what should be done to make it even better.
Furthermore, these reviews will be helpful for the management in evaluating where to allocate the resources so that the return on investment of the company is increased.
As it is said earlier you should perform the steps given above before you set up a business in the UAE because these steps will not only help you in starting your business in Fujairah effortlessly but it will also ensure that the company does not face many hiccups in the future as well as it is constantly aware of its business environment.
Setting up a company in Fujairah is probably one of the best decisions that can be taken by a business owner or entrepreneur.
If you are considering Fujairah for company incorporation then its highly recommended that you hire business set up consultants such as KWS MIDDLE EAST who with an experience of over a decade will help you in providing solution to all your business problems and will allay all your fears.
We provide all business incorporation services across all the emirates of the UAE.
Contact Us Today! To book a commitment- free consultation call with our excellent team.