When is the right time to start your business
Thinking about the right time to launch your startup is an important question. There are lots of factors to consider; from ongoing consumer trends, the current economic climate, to the availability of your own resources – financial and personal. Read on for tips and advice to help you decide what is the best time to start a business in Dubai.
Currently, there is a major focus across Dubai and the wider UAE on economic growth through the development of business. There has been a major shift away from the oil industry in the region, and significant efforts are being made to transform Dubai into a tourism hub, and a centre of entrepreneurial, technological, and digital innovation. Starting your business when there’s targeted economic growth helps you take advantage of financial and economic policies.
The Department of Economic Development is behind the opening of tax-free business zones across the UAE that welcome entrepreneurs from all around the world. This has in turn led to growth in the construction, real estate sector and other industries, as companies require space and connectivity to conduct business. The consistent, supported growth of such infrastructure bolsters confidence and lets investors and businessmen know that now’s the right time to set up a business in Dubai.
Planning and starting a new business is a full-time job, so it’s important to ensure that you have time that you can dedicate to the process. If you’re already working, the time that goes into planning, launching and running a business – deciding on location, a marketing strategy, hiring staff, and much more! – will all be happening around your 9-5 work routine. It’s also important to consider your family commitments, as these will be affected, as you need time to dedicate to your new venture. The solution lies in planning well in advance and managing your time effectively as you transition into a business owner and entrepreneur.
Timing the start of a new business is a matter of risk assessment. Do you have enough startup capital in order to purchase equipment or put a down payment on a lease? Do you have the necessary funds to invest in a business long term, and what kind of return on investment are you hoping for, so that your business is profitable and can continue to invest in it? If you’re thinking about launching a company, it’s a good idea to consult a financial advisor with expertise in the startup sector, or a business set-up agency to review your business plans and help with the right budget.
There are lots of motivators for starting a new business. You might have a great idea for a niche product or service, or you may have reached a stage in your life where you’re ready to be your own boss. Whatever the reason, it’s necessary to capitalise on your personal motivation and stay energised, and make the right business decisions that lead to a quality product or service that’s profitable.
Thinking of starting your own business? Contact Decisive Zone today at [email protected] to learn more about Dubai’s startup sector.