The United Arab Emirates (UAE) has long-served as a magnet for entrepreneurs from throughout the region looking to start or scale business. The startup's scene here is ripe with opportunities and booming with Small and Medium-Sized Businesses' emergence. From food delivery to music-streaming and service marketplaces, the region has it all.
The economy is expected to grow, Dubai Expo 2021 is fast approaching, and exciting opportunities are being created for entrepreneurs of different ages, backgrounds, and genders. The multitude of startup-friendly initiatives includes incentives for female business owners and young entrepreneurs, extended five-year visas for older professionals, 100% foreign ownership of companies, and 10-year visas for some business owners and property owners.
Here are a few tips for startups in the UAE to grow steadily.
Tip 1: Have the Right People On-Board
One of the main reasons why startups fail to grow is because they have the wrong team. Over the years, when you grow your business, bad things will undoubtedly happen. Therefore, it's essential to have the right team. To do so, you need to assess your current team members, versus your business needs to grow your startup. Be honest to yourself, and recognize and attract the appropriate team members to grow your business. In this regard, don't hire people like "yourself," but preferably hire people that share your values, and people that are smarter, much smarter than you.
Tip 2: Figure out Strategies to Retain Customers
Growing your business needs you to have the right strategy and execution that drives sustainable development in revenue and gross margins. If you don't have that, your startup will face constant price pressures, as the market commoditizes your products and services. Identifying and implementing the right strategy is where you should be spending the bulk of your time. It's all about modifications: making a few decisions, testing them, continuing with what is working & discontinue doing what doesn't. To find the right strategy, you need to identify who, what and where your key customers are and what specific value they would be buying from you. These insights will let you sell more into your existing customer base. Your goals should be selling more of your product (more volume), upgrades to your product (up-selling), services/other products related to your core product (cross-selling), etc. It's necessary to understand your customer needs beyond your initial product-market-fit.
Tip 3: Find Ways to Connect to your Clients
To successfully grow your business, you also need to identify your right sales channels to give you entrance to your core customer segments. In other words, "piggyback" on others, and sell into their customer base. In Dubai, for example, you need to find the right companies, government entities and other market access entities that may have access to your customer segments.
With the UAE economy predicted to grow significantly and with a wealth of initiatives to attract business people and help startups grow, 2021 looks set to be ideal for launching a business here in the Emirates.
We at Commitbiz are business setup consultants in Dubai who can help you start a UAE business. Right from business incorporation to office space, we cover it all. Get in touch with us today - we'd be happy to help you.
How much capital is raised by the UAE based start-up?
$1.2 billion across 155 transactions.
What are the top three start-up ideas in the UAE?
E-commerce Construction Retail
Which business zone will be the best for opening a start-up company in the UAE?
Which are the top trading partners in the UAE?
How much the UAE government has donated to protect the SMEs?