Your business setup in Dubai is your most valuable asset. You get to set up your business at the interaction of one of the most critical trading routes leading from the west and Asia.
However, such economic advantages come with their own set of downsides. There are some elements that could significantly ruin your business setup. You could also lose the opportunities to land large foreign capitals.
Understanding these elements and learning to overcome them may prove pivotal to protecting your most valuable asset.
Ways to Ruin Your Business Setup
A Poor Business Plan
Let’s start with the basics; a poor business plan could cost you a lot of money. A proper strategy encompasses the concept of business creation, provision, revenue generation, and risk management. Lacking in any one of these aspects can make your business plan susceptible to problems. For instance, your organization will not develop or flourish without a vision or reasonable goals.
An Improper Venue
Another significant element to pay attention to is the location of your business setup in Dubai. Most entrepreneurs do not consider branding, marketing, or distribution when choosing a business location. As a result, they suffer from poor business performance.
Things to consider when choosing a business location:
- Ease of Transportation
- Costs and Charges
- Growth Possibilities
- Set up Formalities
Financing is the most important aspect of setting up a business. However, excessive funding may also create more problems for your business. Many startups fall into this trap of setting increased valuations. This is not the smartest option, considering the unachievable targets that come with this decision. Therefore, you should make sure to set aside a reasonable capital that will help you achieve your targets better.
Hiring the wrong employees for your business can be a costly mistake. Most businesses look to hire unskilled staff members with the aim of cost savings. But, this mistake will prove to be a major financial drain. It is one noticeable factor that many startups fail to address in the preliminary stages. It is essential for them to focus on skilled and qualified personnel to lead their company to success.
Creating value for your business setup in Dubai is crucial to sustaining in the market. Customers will value companies that prioritize quality over quantity. Mass-producing mediocre products or services will ruin your company in the long run. Hence, try to ensure quality at all times.
Lack of Multiculture
Dubai houses different cultures from all over the world. As an entrepreneur, you have to interact with people from different cultures. Therefore, ensuring a multicultural workspace inside your company will help you a lot. This simple step will have a significant impact on your business’s performance and growth.
People in UAE prefer to talk in person. They like to hear proposals or resolve problems face to face. This tip will come in handy for entrepreneurs trying to establish themselves. Therefore, you should avoid phone calls or emails as much as possible until it is an absolute necessity.
Build Local Relationships
It is better to build relationships with local companies in UAE. Your business setup in Dubai could flourish by earning their trust. Dubai is known for its relationship-oriented culture. And building cultural relationships with the head of the organization, as well as, the employees will benefit you in multiple ways.
Optimal communication and business relationships will help you build successful negotiations. Many companies fail because of improper negotiations. You should develop your connections and take advantage of them during negotiations.
One aspect that will make your company presentable to prospective clients and investors is your website. Having a poor website could ruin your entire operation by creating a bad impression. Companies should invest in their official website and ensure an enticing and fully functional website.
The most important aspect that could make or break your business setup in Dubai is customer service. You should ensure proper attention in the service you deliver to your clients. It could benefit your business significantly by creating long-term loyalty, promoting referrals, effective branding, and repeating offers. Hence, you must focus on providing excellent service to your customers.