Starting a business is no longer as difficult as it used to be. Technology and innovation have disrupted many industries, lowering the cost of entering markets that have previously been reserved for big players. The Executive Centre Dubai is one of such innovative businesses, helping startup founders run their businesses from luxurious office spaces, without worrying about the huge costs associated with leasing and maintaining a traditional office.
However, there are some steps that are still as important today as they were in the past. Some of the steps to take before starting business include:
Market Research: “Build it and they will come” is a statement that has killed many businesses even before they had the chance to settle into the market. What if you create a product or service that people aren’t interested in? What if the market is already saturated? Who really needs your product and what are they actually looking for? Or what if the market is too limited to be profitable? Being proactive and diving all in is great, but, it is always safer to have answers to some basic questions that will drive your product and marketing strategies. Market research will provide answers to most of the basic questions that will shape your business for success. If you want to be really proactive, then, the lean method of product launch will help you deploy your product or service while observing the market and making necessary adjustments as you go.
Have Sufficient Capital: Skills such as decision-making, resilience, and networking are all important to succeed as an entrepreneur. But, no matter what anyone tells, capital is still essential. To run a successful business, you will need capital to purchase basic technology and equipment, as well as hire capable hands to help you bring your idea to life. You will also need money to rent office space and that can be a very expensive overhead cost. However, you can opt for a coworking space and enjoy all the luxury of a standard office, including furniture and administrative assistance at no additional cost.
Additionally, you get to pay monthly, instead being bound to a 5 year contract, common with traditional office leasing. The Executive Centre Dubai shared offices has been home to many startup founders and entrepreneurs. Providing luxurious services at fees that are convenient for startups. Before you dive in, make sure you ascertain the likely cost of starting and sustaining your business and consider how and when you will start making a profit.
Assemble a Good Team: The responsibilities involved in running a business can be overwhelming; especially if you try to be everything and anything. Focus on assigning tasks to top hires that have the skills required to bring your vision into existence. While those whose skills are required on a daily basis can be hired as permanent staff, you can outsource other aspects of the business to freelancers. Some of the tasks that you can outsource to freelancers may include accounting, contract drafting, copywriting and marketing. Conversely, the product development and administrative team could be in-house. Startup founders who work from coworking offices such as The Executive Centre Dubai find it easy hiring amazing freelancers because coworking provides an opportunity for networking and the free exchange of ideas and skills.
Choose a Good Business Name: You already know, right? But don’t just choose any name that comes to your mind. Name matters a lot in business. There are a few things to bear in mind when naming your business. First of all, think of your business as a website. This will help you to choose a name that is catchy, easy to pronounce and even easier to type on a smartphone. Remember your business name will likely be your website domain name and that is what people will be searching for. With these factors in mind, make a list and narrow it down to the best ones, then check for domain name availability and go ahead to secure the name online even before registering your business. In addition, do your research to ensure that there are no business names similar to that which you have chosen. This will help you to stand out in the market and saves you the stress associated with trademark battles.
Register Your Business and Secure the Required Licenses and Permits: Research the prevailing business and local laws guiding your industry in the region you plan to carry out your business. You can also involve an attorney to help you do the necessary paperwork including deciding on the structure that will save you money.
There are many other checklists and factors to consider before starting a business. However, assuming you have the leadership skills required to assemble and manage a talented team as well as the resilience to work on a budding business, these 5 steps will help ensure that you are well placed to succeed.
Need a coworking or shared office space to lower your administrative costs? Be sure to explore your options at The Executive Centre Dubai startup-friendly offices.