Every entrepreneur wants to see their company survive or even dominate the market, especially during a recession. The issue is that the setup process for a business in the UAE does not provide any information on how to sustain long-term growth in a business’s market niche. Most businesspeople will settle at one point, then hit a plateau because they are afraid that growth will disrupt their daily operations.
In this article, you will learn everything about the maintenance of a business in the UAE. Let us observe:
- How to maintain business growth in the UAE?
- Things to consider when starting a business in the UAE
- How can Connect group help you?
1. How to maintain business growth in the UAE?
Sustaining or even expanding your business in the UAE can be intimidating, especially if it has the potential to grow larger. Take note of the following suggestions to help you sustain your business’s growth:
1.1. Keep an eye out for efficiency
For operations to be very efficient, an efficiency-driven and cost-sensitive workplace mindset must be subdued. Leaders, team managers, and employees must communicate, operate, and connect using cost-effective procedures.
Although you may believe there is a significant difference between the roles of your operations team and yours, the simplest way to subdue a cost-conscious mindset is to provide the tools that help your business become much more efficient.
Having strong communication channels is a surefire way to ensure that people are heard and that the business grows. Hence, if you want your UAE business to succeed, pay attention to even the smallest success of your employees.
1.2. Experiment and test
Even if you have made plans for your company’s future, it is impossible to predict competitive markets. Rather, invest in conducting tests and experiments in the most practical ways. Review feedback and make adjustments to compete.
Allow tests and experiments to bring you closer to what your industry and market niche value, rather than what the competition is excited about.
1.3. Be the industry pioneer
As you begin to meet your business objectives, motivate and encourage your employees in various departments. Instead of impressing them with flexible working hours or the best ambiance, do not be shy about paying employees a fair wage. In fact, it is preferable if you play a role in their professional development.
1.4. Predict the future
Businesses in the UAE that focus on future growth are more successful than those that are happy and satisfied with their ROI. Aside from following consumer trends, keep yourself and your staff up to date on recent developments. Invest in technology as well, and develop a brand-new marketing strategy.
Investigate and implement a variety of strategies to improve your online presence. When you start to see some progress, remember to stay focused on your goals. Consider future business scenarios as well. Predicting your company’s future ensures its stability while operating in the UAE.
1.5. Participate in networking events
Spend time developing your national networks. After all, it is not what you know that matters. Instead, it is all about who you know. Networking allows you to develop professional and business relationships while also encouraging other people and businesses to refer customers to you.
Word of mouth can be extremely profitable, especially when more credible businesses and individuals recommend your company.
1.6. Organize regular events
Hosting your own event is a great way to learn about the market and your customers. It also aids in the development of stronger relationships with them. Invite your most loyal customers. Remember to encourage them to bring their friends!
1.7. Measure what works, then fine-tune it
To determine whether your marketing strategies are successful, you should constantly monitor where your clients are coming from. As previously stated, do not be afraid during experiments. When you notice that something is not working, refine your approach. Then, devote more time to activities that yield the best results.
1.8. Give something back to the community
Increasing brand awareness in the local community is also beneficial for attracting new business. We recommend that you consider participating in or sponsoring a community event to raise the profile and reputation of your company.
1.9. Make use of social media networking sites
Social media is an extremely effective tool for promoting a business in the UAE to potential customers. Social media platforms can also provide useful information. You can learn exactly what your customers are saying about your company by using ‘social listening.’
You will also learn about their behavior, market trends, and keywords that appeal to your company’s target market.
2. Things to consider when starting a business in the UAE
To begin with, establishing a business in the UAE is an exciting prospect. Without a doubt, the opportunities available to entrepreneurs/startups/corporates in the UAE are vast and lucrative. The UAE has excellent business conditions and access to international markets, fostering economic growth.
It is a global commercial hub and the world’s fifteenth largest commercial center. There is no limit to how far you can go if you successfully establish and expand a business. However, dreaming big about an idea is not enough; it also requires a good plan of action and careful consideration.
We have compiled a list of factors to consider and think about before embarking on the journey of setting up your business in the UAE.
2.1. Ideal plan: Define expectations clearly
Every great idea begins with a plan and the willingness to take a risk. Giving up a stable life and embarking on a journey of struggle, on the other hand, is not for the faint of heart. It is necessary for you to understand what is in store for you, what you are looking for, and what your expectations are regarding your business idea.
Before you begin anything, develop a strategy for the plan and development that you want to drive in your company. You should also make plans in case you decide to sell your business. Confusion and a lack of proper direction are the primary reasons why many startups fail.
2.2. Business model, framework, and architecture
The UAE is home to a plethora of businesses and startups from a variety of industries. This may give you the impression that every business idea will run smoothly, but it usually requires a lot of work in the background. This background research helps you understand the business environment and how to proceed with your venture.
This includes developing the business’s model, framework, and architecture. The business model includes:
- The business’s market attractiveness.
- The value proposition
- Distribution of Revenue
- Sales Achievement.
- Advantage in the marketplace.
- Important resources
- Structure of costs.
- Pitfalls and risks
- Customer Satisfaction.
The term “business framework” refers to the management structure used to achieve specific goals. It outlines the policies, procedures, and management changes that will be used and required by the organization to achieve innovation and growth.
Business Architecture refers to the documents, diagrams, and paths that an enterprise needs to structure its business. It articulates a company’s functional structure in terms of services and information.
2.3. Recognize the differences between your home market and the UAE market
It is critical to have a thorough understanding of the market you intend to enter, including its business structure, behavior, and norms. This is to emphasize the fact that each market is influenced by its people, culture, and practices and can differ from one another.
When comparing the Indian market to the UAE market, the taxation, legislation, market structure, jurisdiction, and environment are vastly different. This means you are open to new changes, challenges, and benefits when dealing with a different market. You should be able to distinguish between the similarities and differences between your home market and the market in the UAE.
This will allow you to carry out the procedures for establishing a business in the UAE smoothly and targeting the right audience; as well as the correct strategies for profit maximization.
2.4. Make certain that your customer base is included in your business marketing plan
Starting a business in the UAE is not enough. You must reach the right audience and customers for your product or service to ensure that it goes a long way. This necessitates the implementation of an accurate business marketing plan that includes the customer base.
This means you should conduct thorough research on the customer base you intend to target before a company setup in the UAE. This will necessitate having your advertising budget, public relations plan, and other marketing activities covered through the appropriate channels.
2.5. Select the most appropriate jurisdiction for your business
Depending on the type of business, you must select a business zone for your UAE business setup. If you want to enter the local market, you will need a Mainland company. If you want to do business outside of the UAE, such as an IT firm, the free zone is a better option.
2.6. Determine the legal structure that is appropriate for your business activity
Each business zone in the UAE has a unique legal structure. Before starting a business in the UAE, you should consider the legal structures that apply to each type of business. They are as follows:
- Commercial businesses:
- Sole Proprietorship
- Partnerships in general.
- Limited Liability Corporation.
- Branches of Foreign Companies
- Public Joint Stock Corporation
- Private Limited Company.
- Civil firms:
- Service firms.
- Partnership for Speculative Venture.
- Mudaraba Corporations
- Entities in a Free Zone:
- Establishments in Free Zones (Single shareholder).
- Company in a Free Zone (Multiple shareholders).
- Foreign company’s branch.
Choose wisely. Finding an Emirati sponsor you can trust and rely on is a difficult task. However, it is important to consider whether every UAE business will require a sponsor. Whether you need sponsorship or not depends on the nature of your business. A local sponsor is required for a Mainland Business Establishment in the UAE.
However, the free zones do not require this. A sponsor will cover 51% of your company’s ownership. Individual sponsors, corporate sponsors, and local service agents are the three types of sponsors available on the Mainland, depending on your business type.
If you want complete control over your business, you should choose a business type that can be established in free zones.
2.8. Company naming and paperwork
After you have completed all of your research and homework on the type of business you want to establish, within the jurisdiction, and determining the other requirements, the next step is to name your company. There are some guidelines to follow when naming the company.
Some of these guidelines are that your company’s name should not include the name of a God—for example, Om, Allah, etc.—that it should not offend any religious or social sentiments; and that it should not begin with “global,” “international,” or “Middle-east,” among others.
The next step is to name the company and have it recognized with the necessary documentation and paperwork. Although it is not a difficult task, all documentation should be completed in the correct order to ensure that it is completed without difficulty.
2.9. Obtaining office space
There are numerous business consultancy websites that provide office space for business setup in the UAE. However, with the UAE’s growing number of businesses, finding the ideal workspace may be difficult. You must consider various factors such as port connectivity, demography, customer access, skilled labor availability, and so on.
The availability of office space is a concern, and various firms offer complete packages to assist you in establishing a business in the UAE and handling all of the tedious work for you. It is entirely up to you whether you want to do it yourself or seek professional assistance.
However, we recommend that you choose the latter so that you can focus on your business while the experts handle the rest. In addition, we at Connect Group offer outstanding real estate services.
3. How can Connect group help you?
Collaboration with a business consultancy that establishes a company in the UAE, such as Connect Group, is always a good idea. This ensures that you are guided at each step of your entrepreneurial journey. It will aid you in the planning, documentation, and overall framework of your business, as well as liquidity and other requirements.
Every consultancy provides a set of services for business setup, and you should be aware of what services are included in their packages.
Feel free to reach out to learn more about HRMS in the UAE. You can call us at +971 43 316 688 to ask us anything or even visit our FAQ. You can also reach us through the email: firstname.lastname@example.org. In this way, we will answer to any doubts you may have.
Are you tired of unsuccessful job applications? Visit thetalentpoint.com for the best advice on how to land the job of your dreams. You can also register and start sending your CV to diverse companies. Alternatively, you can send your resume to email@example.com.