Starting a business is hard, especially so if you don’t have too much capital to get things going. Read on to learn about the biggest hurdles that entrepreneurs face and how you can make it low-cost or zero-cost for yourself!
UAE, including Mainland Dubai and the Free Zones, has been a welcoming arena for people to set up their businesses. Many Expatriates have set up and run their own business in the UAE. There are different types of business setups; from tailoring to electronics, from industrial and pharmaceutical to dealerships in branded luxury goods or accessories. The range of businesses is vast, depending on who you ask and what industry you are interested in.
Most of these businesses require some heavy upfront capital investment. Sometimes people do not have the capital required and are forced to do a bit of saving, until they manage to save up enough money.
Low Investment Business Setup in UAE
But what if you don’t want or you can’t set up a business with heavy investment? In that case, it would be better to look for businesses that are either low investment or no investment at all. These types of businesses may require some hard work and dedication but they will also help you land a steady income without any upfront capital. And since they don’t need much investment, they also come without any big financial risks.
HERE’S WHAT YOU NEED TO KNOW ABOUT STARTING A BUSINESS WITH LOW INVESTMENT IN THE UAE:
1. You’ll need an idea and target consumers where you’re launching your business. This ensures that you are able to reach your target audience and you receive a profit from your business.
2. Find out about the resources used to run a business in UAE. You’ll need to find a place for your business, if it’s not located there already. It’s important to double check the location of the business and make sure there are no unlicensed contractors working on its construction.
3. Do some research about the type of product you want to sell and how much you expect it will cost. You’ll need to get an idea about how long it will take you before you start selling your product. Some products may need an overhaul, update or change before they can be sold, but most don’t require lots of time or investment on personal or professional level.
4. When you are ready to start your business, find the right point of entry. If you want to sell online, you’ll need a Dubai based email address in order to list your products. Online marketing requires a lot of time and energy and therefore, investment could be too much for some people, who may not be able to afford it.
5. This is also the most important part when it comes to low investment businesses. Make sure that you have enough free time and resources to manage or run your business successfully!
6. You’ll need an office for your business so that you can conduct your daily activities such as meetings with customers and suppliers and other administrative tasks. To cut costs here, you can consider renting a desk at an office space in Dubai or Abu Dhabi.
7. You’ll also have to establish yourself and build a name for your business. Many entrepreneurs prefer to pay for paid advertising on social media. This helps them get recognized and receive more customers. You can also receive business ideas through the phone and through online forums, if you’re looking for them.
8. You’ll need other employees so that you can manage your business properly, especially when there are changes or adjustments needed in your product or services portfolio. Again, look into how much it would cost you to employ help that could take care of these jobs or tasks for you.
The UAE Free Zones are an excellent alternative for keeping startup costs low. They provide world-class facilities and amenities, as well as an IT Service license, as part of an economical company setup package that includes visa quotas for hiring personnel.
You can go back home if you have any problem with your business. The government will help you out in any way that is possible. They’re not deducting taxes from your salary and they’re giving allowances on various items as well. So all in all, it’s a great place to start your business!
Starting a business in the UAE may sound like a daunting task, especially for those who are just starting out in their new country. There are a lot of obstacles that may need overcoming before you can find success in your new venture, but there are actually advantages to this low investment approach too, such as lower risk and more exit options.