Find a workable idea
Starting a business in Dubai is easy and, in many cases, can be done without visiting the UAE. If you’re looking to scratch your entrepreneurial itch, here are several ideas for growing sectors in Dubai:
- Catering
The UAE has more food and drink outlets per capita than anywhere else in the world. But don’t let that put you off.
The UAE, and Dubai in particular, has an insatiable appetite for eating out. About a third of residents eat out on average at least two to three times a week. A further 17% eat out or order takeaway food every day.
This is one of the low investment ideas on this list. You don’t need a huge initial investment to satisfy the appetite of Dubai’s army of diners – you can open a food truck, a market stall or a cafeteria.
- Events
Dubai is a global events hub. In total, the emirate’s events industry is estimated to be worth over AED 165 million ($45 million). There are many opportunities for business ideas in the events sector, from large corporate exhibitions and trade shows to private events such as weddings and parties.
- Building
Although construction can be an industry that requires a little more start-up capital, the potential return can be huge.
- Health and wellness
Dubai’s population is incredibly health conscious. So much so, that the emirate is a huge contributor to a health and wellness market in the UAE worth almost $3 billion, the largest in the Middle East. There are many opportunities here for healthcare and non-healthcare professionals. The health and wellness market has many sub-sectors. You could be a personal trainer, masseuse or holistic therapist, or organise wellness programmes or trade vitamins and supplements.
- Transports
People in a thriving city need to get from point A to point B – and many want to get there in style. That’s what makes this particular business idea so far-reaching. You can operate anything from a cycle taxi service, to limousine hire and chauffeur services.
Make sure you do your research first to find out both the area and the needs of its people. The demand for company cars will be much higher in some parts of the emirate than in others, for example.
Draft a comprehensive business plan
You can’t think about starting a business in Dubai without a well-written business plan. In some scenarios, having a business plan is a requirement, without which you won’t be able to start your business at all.
Your business plan will serve as a roadmap and should contain your vision, goals, targets, strategies and should indicate your opportunities.
Focus on networking
Networking plays an important role in the success of today’s businesses.
As an entrepreneur, you are the ambassador of your brand. Socialise, work together with other entrepreneurs, attend business meetings and develop your network. These are your chances to create buzz around your business, increasing brand awareness and engagement.
Recruit qualified talent
The people you hire always play a big part in your success. When starting a business in Dubai, one of the biggest challenges an entrepreneur faces is hiring the right employee(s). An important factor in the recruitment process is to remember to hire people whose values match your own and who have the skills you need to set up your business in Dubai.
These employees will help you achieve short and long term business goals that will help you lead your business to success.
Reduce your running costs
Making your business more environmentally friendly will not only help the planet, but it will also save you money. Do you and your staff turn off all equipment and lights at the end of the working day? Do you make full use of your resources? Is every business trip necessary?
Small daily changes lead to bigger overall savings.
Try to negotiate new terms and conditions with your suppliers. If you are a regular customer, suppliers may be willing to offer you longer payment terms or a price reduction to keep you as a regular customer.
Review your sponsorship options on a regular basis
Companies on the (Mainland) of Dubai who need a local sponsor often pay too much for their sponsorship. Companies that arranged their sponsorship more than 18 months ago should consider whether there are savings to be made and whether it is possible to move to a safe and more secure corporate sponsor arrangement. The Amedia team offers a free sponsorship study to identify potential saving opportunities.