Escaping the corporate world and becoming an entrepreneur is often viewed as risky business; but it needn’t be. However, before you trade your cabin for the trenches of entrepreneurship, it’s important that you know what you’re getting into.
To give you the best chance of surviving the teething period, we’ve compiled X things to remember on how to start an online business or how to start your own business.
Study the business sector you plan to operate within. Draw up a viable business plan, which includes a detailed study of the market conditions and your competition. Also, keep in mind that if you wish to own 100% of your business without a local partner, your only choice would involve starting a business in a Free Zone.
WHICH FREE ZONE IS RIGHT FOR YOU?
What gap does your service or product address and look to fulfil in the market?
Who is your target market? How will you reach them? If you don’t have the answers to these questions, go back to the drawing board and do some more research before you invest your time and money in starting a business.
Do you know the licensing, registration and legal requirements involved in starting a business of any kind and in particular starting an online business? Just as in the western world, businesses can be run as limited liability operations, private companies or other types of concern in the UAE. We at BSC, help you with this and inform you of the host of other legal obligations to consider.
Before you make the switch to starting a business, take a long and hard look at your finances to see whether you can afford to invest in your business while making little or no money. Do you have the capital required to keep the business afloat should it take time for it to reach profitability?
Before jumping headfirst into entrepreneurship with an online business, ask yourself what are your true motivations for doing so. Is it to create something of value that’s driving you or the “idea” of life as an entrepreneur? Then, tell yourself that failure and rejections are inevitable and that it’s just a matter of getting past the rejections.
Thinking of how to start your own business is an exciting journey. And as with any journey, prior planning can help you avoid many pitfalls.