How to succeed as a new local business owner
Are you a new business owner in Dubai, trying to get a feel for the market?
Over 94% of companies in the UAE are SMEs, comprising 60% of the region’s GDP, and in less than a decade the SME contribution to Dubai’s economy is already at 47% (Dubai Statistics Centre, 2018). These figures show that Dubai and the UAE are primed to support even more new business ventures, boosting economic growth and creating further opportunities for fresh entrants to the market. So, what do you need to consider?
Leverage an abundance of support
In Dubai, there are several programs and services available to new business owners and those thinking about starting one, helping brainstorm ideas, plan, and draw on the experience of industry experts.
Starting a business requires a thoughtful and robust financial plan – one that will successfully support your business. Look for a reliablefinancial institution with the professional expertise that takes your entrepreneurial goals seriously. Tejar Dubai, Dubai SME, and the Khalifa Fund all provide funding without interest for Emiratis if they meet certain criteria such as providing a feasibility study of the new project.
Tejar Dubai is a competitive entrepreneurial skills development program open to Emiratis between the ages of 18 and 35. Successful entrants participate in a 3-6-month qualification program, where they receive training in their area of business interest, along with managerial coaching, and individual mentorship with an industry expert. For more information visit the Tejar Dubai website.
Dubai SME, part of the Department of Economic Development, is a resource for nascent small and medium enterprise businesses. This online platform exists to foster and support innovation across a variety of sectors in Dubai, and assists with all areas of business planning from finances to operations. Learn morehere.
The Khalifa Fund is a UAE based company that provides customised financial solutions for new business enterprises. Its aim is to develop an investment infrastructure across the Northern Emirates supporting new, small and medium enterprises. Consider some of Khalifa Fund’s investment solutions by visiting theirwebsite.
For a new business to flourish and become successful, it needs to comply with local regulations. Sometimes these can be a challenge to navigate, especially when your focus is on getting your business up and running. But it’s important to remember that complying with regulations ensures your business’s financial security and the health and safety of your employees – and helps you avoid unnecessary extra costs.
Yes, there’s a lot to consider when starting your business. MZ are able to help start-ups in a number of ways including conducting feasibility studies and applying for financial support. Just remember that if you’re a new entrepreneur, it’s always a good idea to conduct some localized research that will help you make important decisions.