6 Steps to Start a Successful Small Business in Abu Dhabi, United Arab Emirates
Follow these steps to help your business flourish!
Starting a business involves immense research, planning and making executive decisions. Here are 6 Steps to Start a Successful Small Business in Abu Dhabi, United Arab Emirates.
1. Create a Business Plan
Creating a Business Plan is one of the most important steps that you should undertake before starting your own business. To do this, you must first do thorough research of the market where your business would be categorized, its competitors and potential customers. This research can be an advantage in deriving your business plan.
Your business plan should be a foundation or a roadmap to the structure of your business and must include every minor to major detail that you can think of in relation to your business. This business plan can help approach potential business investors as well as have people interested in working for your company.
2. Decide On A Name For Your Business
This is the name that you’ll forever identify with. Hence, it should be something easy to remember and connect with. Your name should have a high relatability factor and must make sense with the services or products that your business would sell.
As an Auditing and Accounting Firm in Abu Dhabi, Dubai, we’ve had many run-throughs with businesses big and large, and what makes them stand out the most is their name. Make sure the name you choose for your business is unique and not already prevalent in the market.
3. Decide Where You Want To Set Up
Yes, the end goal for your business can be to cater to customers around the world, but as a small and upcoming business, you need to choose an easy to manage geographical area. This can help you cater to a unique set of audience and then over time extend on the map.
As an Auditing and Accounting Firm in Abu Dhabi, Dubai, we can undoubtedly say that UAE is a great place to get started due to its easy compliance with laws and regulations and government programs for businesses.
4. Create Your Business License
It is our duty as an Auditing and Accounting Firm in Abu Dhabi, Dubai, to inform you about the importance of creating a business license and running your brand the legal way, no matter how small scale it is.
Obtaining a small business license is a crucial, yet easy process. You can directly apply with the Department of Economic Development or the Municipality in the Emirate where you will be operating. And if you’re in a Free Zone, you can directly apply with the relevant authorities.
Some basic details that you may need when applying for a business license are:
- Application Form, filled out thoroughly.
- Passport Copy of the Applicant /Business Owners.
- 2 Color Passport Size Photos of each applicant.
5. Choose a Business Structure
The structure you choose for your business is essential to help identify the position of your business in the marketplace. A Business Structure will give your workforce more clarity, work towards managing expectations, enable better decision-making and provide consistency and productivity.
A well-planned business structure can add substantial value to your business’ position in the marketplace and in turn help you achieve your goals.
6. Opening A Business Bank Account
Creating a bank account for your business practices can be beneficial for your organization. In fact UAE’s anti-money laundering legislation recommends all businesses small and large to not skip this essential step.
If you’re looking for a Company License for your Business, our Auditing and Accounting Firm in Abu Dhabi, Dubai, click here and we will help you get started.