If you’re planning to start a new business in Dubai or the UAE, you have to need a good business concept. Proper planning is crucial when it comes to starting a business. In fact, it is the most vital thing to do especially when one is planning on starting a business in a foreign country.
Dubai is seen as the business hub of the Middle East. Every day there are new businesses being established. If one were to invest in Dubai and start something of their own then they need to create a proper business plan in Dubai.
Business plans should contain every single detail regarding the business one is planning to start. It should have everything starting from the name of the company, type of business, the target market, finance and many other things. Listed below are some of the things that should always be present in the business plan in Dubai.
Here are some common things to consider when planning for business in Dubai:
This can be otherwise known as the cover page. It should contain all the basic details such as the name of the company, the date, the main person in charge of financing, the contact details and any form of attachments. In short, this will be the introductory part.
It is of absolute importance to provide a company overview. If it is an already established company then the background should be mentioned. Details such as which year company was founded in, who were the owners back then, how well they did initially.
It should also include current details about the company such as how they are positioned in the world market, and what are the customer’s perceptions of the company. Other details such as vision and mission of the company should also be stated.
Type or sample of business
The kind of business one is planning to start in Dubai should be made clear to. There are a number of business types that exist in Dubai, which include sole trader, partnership business, limited liability, public limited, joint venture and so on. Not all of them are allowed to be formed by a foreigner in Dubai.
So, it should clarify as to what type of business one is planning to start. Furthermore, it should also mention in what industry the company operates in such as technology, export-import, manufacturing, financial sector and many more.
Regulations and Permits
Every country has their own set of rules and regulations when it comes to forming a business. The same applies for Dubai. This part of the business plan in Dubai should talk about the regulations that one has to follow while forming a company.
The registrations process and the many requirements should also be discussed in detail. There are many types of businesses which require some form of business licenses or permits to work legally. If the said company requires such a permit then it should also be discussed how the individual plans on obtaining those permits.
Strategic Alliance Plan
Not all countries allow 100% foreign ownership. In such cases, there should be a local partner or a sponsor. Alliances need to be made in some cases. If this situation arises, then the local partner and all their details should be included.
Products and Services
Now we come to the part which will make or break the business; what kind of products or services is the company providing? There are several questions that need to be answered here such as why this particular product or service, what is different about your goods, and how will the market receive it and many more.
Lots of analysis should be done in this section. For starters, market research should be mentioned.
- What was the market research on?
- What were the results?
- How much of the results favor you and your company?
- Is the market open to new business ideas and new products?
Once the research part is taken care of, we move on to the market analysis itself.
- How big is the market for those particular goods or services?
- Is it profitable?
- Is there room for improvement?
- How much should the pricing be?
Dubai is a huge market with a countless number of consumers. They all have money to spend so this market research and analysis should be done extensively. Vendors are another important part that should be mentioned. It should be made clear if the business has specific vendors from whom supplies will be coming from for reselling, manufacturing or for other purposes.
Arguably the most important part of a business plan in Dubai is the finance sector. This part should indicate how much capital is being used to start the business in the first place.
The flow of money should also be clearly mentioned as how the capital is being used to set up things, and how much is being paid to the staff, directors, suppliers, marketers and so on.
There should also be a detailed explanation as to how the company plans on generating income and how much of the profit margins will be reinvested in the company. You need to know LLC formation in Dubai. This shall be made extremely clear for all the potential investors to invest in the company.
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