All major companies start with one idea, but that alone is not enough. You need more than just an idea to fulfill your business dream. Yes, you need research, strategic planning, developing some skills, access to resources, time, and most importantly, a desire to learn new things.
Thanks to technology and government policies, a Business Setup in the UAE is now easy. However, starting a business for the first time can be a bit difficult, and of course, you don't want to lose anything.
Although this isn't your first time, starting a new business takes a lot of thought so it's hard to keep track of everything. The checklist is very helpful in such cases; It can provide you with the basic steps that you need to follow to start a business.
Starting a business involves a long list of tasks. To facilitate step-by-step navigation, the process can be divided into two stages, namely planning and business preparation.
This article will give you the checklist items for every step of starting a new business in the United Arab Emirates (UAE). If you are looking for answers in any of the following areas, the article will certainly answer all of your questions:
- Start a business checklist
- Sample Small Business Startup Checklist
- How to start a business checklist
- Business plan checklist
- How to start a business from scratch
Let's get started:
Planning is the most important step in starting a business, as it requires most of your energy to think big and consider the little details. It also requires parallel time, so don't over-plan a project overnight; You can not do that. Remember that the better business plan you have, the better results you should see, so take your time in the business planning process.
Here is the checklist you should use to ensure the planning phase is fully covered:
- Carry out a personal evaluation.
Start by asking yourself;
Why do you want to start a business?
Money, freedom, flexibility, problem solving, or some other reason?
What are your skills?
How much capital do you need to risk?
If you don't have enough funds, how do you raise capital?
Will it be full-time or part-time?
- Have a business plan.
It's easy to convince yourself that you don't need a business plan because you have the best business ideas for the market, but you really do need it even if you want to start a business from home.
A good business plan includes strategies and an action plan for achieving business goals, budgeting, financial forecasting, marketing, and growth planning.
Developing a Wind Proof Business Plan will take some time, and this article will guide you through the process of writing a startup business plan step-by-step.
- Looking for a business advisor.
It could be anyone, whether it's a startup consultant or a financial expert. Find someone who can point you in the right direction by providing honest feedback on your business plan. You may want to know why you need a business advisor, so here it is!
- Look for Expenses.
As a matter of fact, your business will not be profitable after the merger, so it is imperative that you know where the cost of living will come from (at least for the first year) i.e. savings, jobs, partner income, etc.
You may need additional funding to work sooner or later. So you should start looking for possible financing options from the start.
- Create a work schedule.
This may sound strange, but in order to actually do things, you need to follow a strict schedule, especially when you are working a full time job and aiming to start a business.
You need to allow your business a specific time of the day. Also, ensure that your immediate family "buys" your startup; This can be of great help when you are faced with a series of challenges and need their support.
By then, you have reviewed all of the five elements listed above and the planning process should be well done. The next step is setting up your business. It will be difficult but more fun because it will be your way of dealing with real-world problems.
Setting up a company in the UAE is a relatively complex process i.e. you cannot generalize the process as local laws differ from state to state. Therefore, this list should not be considered comprehensive for the legal part.
Let's take a look at the most important points when creating a business
- Choose a business name;
You can come up with any brand name that you are passionate about, but don't take it to another company already. Use the company name search tool to find out if the name you have in mind is unique.
- Finding the legal structure and business combination;
You can think of a property, company, limited liability company, etc. You can do this on your own, and you should do it with a lawyer to save time and avoid complications.
- Trademark name registration;
After the merger, make sure to register a domain that matches or relates to your business name. Do that now, even if you don't plan to create a website.
- Apply for commercial licenses;
You may need one or more business licenses to start operating, depending on your business model and industry. Most licenses are issued by state and local authorities, but in some cases you may also need a federal license.
You can start a business from your home, but check local zoning rules. Also, if you have an actual business, you need to amend it at the start of your license if it is subject to examination. Yes, if it's a restaurant or retail outlet, consider pedestrians, accessibility, and other factors that might affect your sales.
- Opening a commercial bank account;
Opening a personal bank account is that simple.
- Set up your own accounting system;
Once your commercial bank account is activated, select the program and set up the accounting. It is important to implement a numbering program from the beginning, as it will simplify and improve all procedures, which will increase efficiency and productivity.
- Assigning and directing the team;
If you are a deer company then you do not need it now. You need a high-productivity startup team as soon as possible to take your business to the next level. So, even if you are not employed now, prepare yourself now for your future hiring process.
- Get insurance
You must have the appropriate type of insurance like all business risks, which means that basic health insurance is mandatory for all employees. Also, if you have expensive commercial vehicles or machinery, you should also have insurance. Yes, in some cases you may also need liability insurance.
- Create a website;
Even if your product is not available to the public, get your website up and running quickly, there is a fully operational commercial website where your potential customers can participate, find relevant information and contact you. In today's hyper digital world, everyone checks their business website before planning to visit it in person.
- Get your hands on social media;
Registration of social media profiles; Doing this earlier will make the marketing process much easier at a later time. Also, it is important to keep your branding as the profile name. Creating social media profiles means keeping your brand name there. You need a complete social media marketing strategy to take your business to the next level.