Launching a business in Dubai? Great idea. It is one of the best places to do business. Dubai is home to thousands of high-profile investors, as well as a stable and diverse economy – being one of the most competitive in the Middle East!
Currently, Dubai is gearing up for the long-awaited Expo 2020, a global convention promoting cross-border trade, innovation, and sustainable technologies.
How so? Dubai’s government is currently improving the city’s business conditions through the introduction of:
- Business-friendly laws
- Reduced government fees
- Eased bank financing
- Promotion of foreign investment capital inflows
- If you’re starting your business, you will need to firstly pitch your idea to investors!
Dubai’s investors are willing to get behind ideas which are the new solutions to popular issues or offer intriguing benefits to a specific segment of consumers. Pitching your idea is the most crucial step when starting from scratch.
The challenge is proving the feasibility of your proposition by mitigating the risks and potential weaknesses of your business plan. It is also essential that when you present your idea to partners and investors – the potential of your proposition is being visually and objectively communicated. Feel free to use visual aids like images, videos, simulations, or augmented reality
Show the Business’s Potential To Grow
Investors trust sustainable ideas with the potential to grow in the long-term. You should convey that your market is healthy and that it will continue growing. Strong claims should always be backed up with market research and statistics.
Explain Your Long-term Ambitions
Your business must be able to evolve into a more profitable venture. An entrepreneur needs to have the ambition to create new products and services, enter new markets, and drive profits higher.
Show Commitment To Your Idea
The entrepreneur, on the other hand, should be committed to bringing their idea to life. You should be the first person to believe in your idea, once others see how much time, effort and money you invest in your startup – they will follow.
Demonstrate Your Capabilities to See the Business Through
The next step of promoting the success of your idea is to convey that you have the skills, leadership, and experience to guide your business through any scenario. It is crucial to have a detailed understanding of your day-to-day operations and their activities.
Propose Your Budget, Attract Funding
It is also advisable to contribute your funds. If you (or one of your teammates) are skilled in accounting and finance, let the accountant explain the projected costs and budget requirements for starting and running your business.
Show Projected Returns
Justify when your business is expected to start making profits, outline your margins – the more specific you are with this information the better. These are essentially your SMART targets, showing that you are confident in achieving them presents a good picture in the eyes of investors.
Develop Your Relationship with Your Investor/Partner
If you are able to find out more about them, try to align with their expertise and interests. A solid relationship with your investor will give you the upper hand when securing trust and funding.
We hope this blog will be useful in your business journey. Dubai Business Advisors offer our 17 years of Dubai and UAE market-entry expertise. We provide our clients with comprehensive services covering all of the avenues of a successful business launch in Dubai.