Starting your own business can seem like a daunting step. You are no longer relying on a superior to tell you what to do – you are literally your own boss, and you call the shots. With facts like that, it’s easy to see why it can be penned as a scary move. But it needn’t be that way.
At My Business Consulting DMCC, we are here to support you and your fledgling business off the ground, to launch safely into the market. Having the determination, confidence, and commitment to drive your own business to success is a great accolade, and is not something to be lost amongst fear.
So let us share our top tips ready for your business to prepare you to reach the heady heights of success, fast.
1. Research, research, research
We can’t emphasise this point enough – even repeating it three times isn’t sufficient! Any entrepreneur can verify this. No successful business model was built on a whim, so yours shouldn’t be, either. The devil is in the detail, so they say, and you need to know your new sector inside out.
If it is an area that’s initially unfamiliar to you, get to know it. A big part of success lies in confidence, and having absolute courage in your convictions. You don’t want to enter into any business meeting without knowing everything you possibly can to capacity – it will show you up to be unprepared and not committed.
But, if this does happen early on, make a note of the areas where you fell down. Then swot up – the truth about new business is that you will always be learning, so there is never a time where you should put down the books. Maintain your level of studiousness throughout your career – because a little more information will never fail you.
If you are thinking about creating a business ready for launch in the UAE, get in touch with My Business Consulting DMCC to get expert advice on everything from guidance on the right corporate structure, Free Trade Zones to obtaining UAE Residence Visas and maintain correct accounting books.
2. Hone In On Your Idea
We’ve listed this point after research for good reason – without the previous step, you simply cannot build a business. Research opens your eyes to the world around you, and enables you to find holes in markets, or problems that need to be solved. That’s where your business plan comes in.
Make sure you make your plan as explicit as possible. Not only will it help you to explain it to potential business partners, it will read in a concise way which will prove your ability. Construct your elevator pitch – it’s a good discipline to narrow down your concept to a few sentences. And if it’s not working out – fix it! What is your problem, and how are you going to solve it. Keep it simple, and to the point.
3. Trial It!
As with most things, you never truly know if something is right until you’ve tried it – and the same goes for business. Focus groups are the perfect environment to trial an idea, or a concept. Something that seems perfect to you and your team may be coloured with rose-tinted glasses. So, prepare to find out the (sometimes) hard truth, and listen to an outsider’s opinion.
This type of face-to-face research is invaluable. So much marketing comes from word of mouth, and if your customers aren’t satisfied, they’ll speak up. Reduce the risk of bad press by ironing out the flaws pre-launch, and be as prepared as possible.
4. Get The Right Team Onboard
We’re not just talking about your team of internal staff. Although they are an integral part of your business, we’re talking about your external support team. Some startups fall down by taking on too much at once – and even if you have the idea for a business, it doesn’t necessarily mean that you are equipped to straighten out all the nitty-gritty behind the scenes.
Accounting and Bookkeeping, preparation of documentation compliant with UAE VAT Regulations – it’s a lot to take on, especially when you’re finding your feet in the market. Outsourcing these tasks to services like My Business Consulting DMCC can give you peace of mind, knowing that background tasks are taken care of, leaving you with the vital task of running the business.
We are here to support you, whether you are a brand-new business or well-established in your field – we’ve always got your best interests at heart.
