Business Tips for Startups in the UAE
Aspiring entrepreneurs have shown an affinity for the UAE due to its business-friendly environment. Despite the enterprise-friendly atmosphere in the UAE, not all startups can survive and thrive without following a handful of essential rules. In this article, Kavan Choksi provides some tips on how new businesses can find success.
• Conduct a feasibility study. Many businesses have fallen into the trap of venturing into uncharted territories, armed only with their products or services and the passion for delivering these to the market. Before introducing something new to consumers, it is essential to perform a feasibility study first wherein the technical and financial viability of a business offering is analyzed in detail.
• Be aware of the cash flow. Understanding the business's cash flow is crucial because it allows the owners or financial managers to make educated assessments of the present state and outlook of the company.
• Study the free zone benefits. One reason the UAE is a popular spot among entrepreneurs is the amenities that startups are provided with through free zones. According to Kavan Choksi, some of the benefits that come from free zones include 100-percent foreign ownership, fully equipped offices, exclusions on various taxes and duties, and reduced trade barriers.
• Take advantage of social media. Studies show that nearly 99 percent of the population in the UAE is active on social media. For startups, it is prudent to research how they can use social media in their marketing strategies, as it can provide a cost-effective method of reaching out to potential customers and getting their messages out to a broader audience.
• Give back to the community. Helping those in need is already satisfying in itself. As a bonus, numerous consumers in the UAE are willing to buy from a business that participates in the community or practices corporate social responsibility. Once your company's finances have stabilized, Kavan Choksi advises thoroughly studying how to best give back to the community.
Do you agree with these tips? If you have more things to share with readers, leave a comment in the comments section. To read more articles like this, be sure to check out this Kavan Choksi Twitter page.
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Image source: arabianbusiness.com |
• Be aware of the cash flow. Understanding the business's cash flow is crucial because it allows the owners or financial managers to make educated assessments of the present state and outlook of the company.
• Study the free zone benefits. One reason the UAE is a popular spot among entrepreneurs is the amenities that startups are provided with through free zones. According to Kavan Choksi, some of the benefits that come from free zones include 100-percent foreign ownership, fully equipped offices, exclusions on various taxes and duties, and reduced trade barriers.
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Image source: moneycontrol.com |
• Give back to the community. Helping those in need is already satisfying in itself. As a bonus, numerous consumers in the UAE are willing to buy from a business that participates in the community or practices corporate social responsibility. Once your company's finances have stabilized, Kavan Choksi advises thoroughly studying how to best give back to the community.
Do you agree with these tips? If you have more things to share with readers, leave a comment in the comments section. To read more articles like this, be sure to check out this Kavan Choksi Twitter page.
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