Starting a small business is no small decision. But despite the countless sacrifices and challenges small business owners face, an overwhelming 84 percent of small business owners would do it all over again. There are so many tips for starting a new business out there that choosing which ones to follow can get confusing. Here are few must-dos’ before launching your business:
Having a Right Attitude
Successful business leaders have cited positive thinking and optimism as a strategy for succeeding in business. Having a right personality is essential when launching a business, the promoter needs to have patience and a positive mindset.
An entrepreneur should be passionate about the business they plan to start since this is a long-term commitment they are getting into. It is therefore important they enjoy it. A business leader should also have a combination of risk-taking ability and decision making at the right time. Being agile and taking timely decisions is critical for entrepreneurs.
Carry out a Market Research
Market Research builds a sturdy foundation for a business to be built upon, preparing the company for any threats or weaknesses that may arise as the business grows. From getting to know your target audience to exploring potential competitors, market research gives businesses a competitive edge, allowing them to thrive in new environments. Promoters should do their homework before implementing the business ideas.
Are you confident enough to launch the product? To overcome such barriers market research can help identify your potential buyers. Evaluate the concept if you have a new idea. Do a thorough need assessment, identify the gaps in the market. Having a thorough understanding of your idea will help you determine not only who to sell, but how to sell to them.
Develop a Business Plan
Launch a business when you are prepared. A business plan makes you better prepared. It is a standard guide, a fool proof plan, a detailed study on your entire business.
Having a written plan with your projected results and personal goals is the best way to stay on track. A business plan will put your ideas in concrete terms and help you identify places to change the business model where necessary. A business plan will help you assess the cost required to start a business, identify operational costs. A well drafted business plan will help you with cash flow analysis. It should be as realistic as possible and the actuals, variables should not be more than 5% to 10%. That will determine the accuracy of the plan.
Choosing a Right Jurisdiction
Business jurisdictions in UAE are segregated by Emirates. By choosing the right jurisdiction it can increase the competence as well as the productivity of a business. Similarly, Dubai offers mainland business setups, free zone company formations, and offshore business establishments. Opting for the right jurisdiction depends on the business activity and the nature of the business you would like to conduct. Before starting a business, you need to ensure that your business is legally compliant with the rules of the land. Ensure all legal requirements are met. It decreases your risk of fines, penalties, work stoppages, lawsuits or a shutdown of your business. Hire a compliance expert to make sure you understand all your legal obligations and comply with them.
Firm up your dependable sourcing partners
Product sourcing from dependable partners with whom you are most likely to work, is important. Do due diligence, evaluation and verification. Have exclusive agreements in place. Negotiate the best price. To manage this function in your business, you may need to hire a professional with the right skill set.
Develop a Marketing Plan and strategy
Every business needs a marketing plan. Marketing is what drives sales; without sales, you don’t make the money required to stay in business long-term. As important as marketing plans are, many business leaders don’t devote enough time and resources to them.
A marketing strategy looks at all the areas of your selling activities and helps each one support the next, making sure all your departments are aware of what each is doing.
Marketing strategy starts with marketplace research, taking into consideration your optimal target customer, what your competition is doing and what trends might be on the horizon. Using this information, you determine the benefit customers and clients want, what they’re willing to pay and how you can differentiate your product or service from the competition. This helps determine optimal prices, establish effective distribution of products and services, assist with marketing communications and so on.
Evaluating and Monitoring
For all sorts of businesses, from e-commerce to the service industry, business monitoring and reporting can save time and money as well as improve your processes in the long run.
Reporting and monitoring usually should be carried out on a monthly basis which can provide useful information for founders. Reports can play a role as financial indicators, insights around spending, growth and profits will be included, which can be used to help create future projections, marketing plans and budgets.
