HAVE THE PLAN TO START A NEW BUSINESS BUT DON'T KNOW WHERE TO START? 

Writing a business plan should be the first step in your entrepreneurial journey, as it will help you organize your thoughts and see the big picture more clearly. However, many business owners have succeeded without writing or following a business plan. Thanks to extraordinary business skills, entrepreneurial drive, good timing, and a bit of luck, some people may have thrived without a business plan. However, the chance of failure is greater for them. 

IS THERE A BUSINESS PLAN THAT GUARANTEES THE SUCCESS OF STARTUPS IN ALL SITUATIONS? 

Of course not! But big projects have the potential to make a difference. This article will help you create a future business plan for your Dubai-based startup that will optimize your organization's vision and shape its goals. So keep reading to take the first step in your business journey in the UAE.

REASONS TO CREATE A BUSINESS PLAN FOR OPERATIONS IN DUBAI

The World Bank recently surveyed 190 countries to determine which country is best suited for running a Startup Small Business Dubai. According to this list, the UAE has achieved 21st place in terms of ease of business. However, the UAE has lagged in the ease of starting a business. The UAE's 51st ranking regarding ease of starting a business shows that starting a business in Dubai can be daunting. But once it's launched, it's easy to operate and manage. 

THE FOLLOWING REASONS WILL HELP YOU UNDERSTAND WHY A BUSINESS PLAN IS REQUIRED TO START A BUSINESS IN DUBAI:

TO GET SEED FUNDING:

Getting capital is essential to starting a business in any country. The United Arab Emirates is no exception. You must provide a business plan to your potential investors to convince them and get capital.

TO COMPLY WITH INDUSTRY OR FREE ZONE REQUIREMENTS:

The government agency of the United Arab Emirates allows entrepreneurs to set up companies in different free zones of the country. However, each freelance zone has specific requirements you must meet to open your business. Therefore, it would be best if you had a business plan to be eligible to start a business in most of these freelance zones.

ISSUES RELATED TO THE NATIONALITY OF THE OWNER:

Many free zones in Dubai require entrepreneurs from several countries to submit a business plan clearly described as a criterion in their application.

TIPS FOR WRITING A GOOD BUSINESS PLAN

You may have written several business plans in the past, but optimizing your strategy for the UAE is different from other countries. If you want to get a license to launch your startup in the world's emerging financial hub, make sure your business plan is the product of careful research. The tips below will help you customize your business plan for Dubai, United Arab Emirates.

GO THROUGH YOUR BUSINESS PLAN

It would help if you convinced the competent authority that the activities you propose are legal under the jurisdiction of commercial laws and regulations by the region's requirements. Freelance your target area and align with your commercial mission and vision.

BUSINESS PLANNING FOR DUBAI REQUIRES MORE RESEARCH-BASED DETAILS THAN IN OTHER COUNTRIES.

We recommend conducting market research or gathering data from reliable sources before writing a plan. Market research data and reports will enable you to support the value proposition you promise.

PLEASE NOTE THAT YOU CANNOT SUBMIT A JOINT BUSINESS PLAN IN DUBAI. 

Instead, you need to optimize your material for a specific audience and precisely define your goals.

CONSIDER ADDING HONEST BUSINESS FINANCIAL STATEMENTS TO YOUR PLAN

Make sure to make an overly optimistic estimate in the future forecast section.

EACH FREE ZONE IN THE UAE PROVIDES A TEMPLATE THAT INCLUDES THE INFORMATIONAL TITLES ENTREPRENEURS NEED

These templates can be online forms or downloadable Word documents that you can edit and submit. 

STILL, NEED A BUSINESS PLAN IN DUBAI FOR YOUR STARTUP?

The answer to this question depends on two factors:

1. The nature of your business

2. The free zone you have targeted for your business

The 3-point analysis below will help you understand the situations you need to provide for your business plan to be approved. 

  1. As mentioned, providing a business plan is required to start a business in certain freelance zones in Dubai. Take the example of the Ras Al Khaimah Economic Zone (RAKEZ). Offering a plan is part of their online application process.

2. Some free zones in Dubai require a business plan for certain activities. For example, you must submit a business plan to the Dubai Multi-Commodity Center (DMCC) for business models focused on education and healthcare.

3. Sensitive nationality status also plays an important role in deciding whether submitting a business plan with your application is required. For example, the South Dubai Free Zone requires entrepreneurs of certain nationalities to submit a plan based on the required licensing activity.

Please carefully examine the registration criteria for your chosen freelance zone to understand whether you need a business plan.

FEW BENEFITS OF SETTING UP A BUSINESS IN DUBAI

Setting up any business in Dubai can be a good idea for several reasons.

  • Dubai is a major international trade and commerce hub, providing access to a large and diverse market.

  • It is also home to a thriving business community and a supportive government that offers a variety of incentive and support programs for entrepreneurs.

  • Dubai has a stable and business-friendly legal system that makes it easy to operate and protects business interests.

  • The capital city also has a well-developed infrastructure, including an efficient transportation system and access to advanced technologies.

  • Dubai has a high standard of living and a diverse, multicultural population, making it an attractive location for business owners and employees.

Starting any business in Dubai can be a rewarding experience, but you must do your research and be prepared for any challenges you may face.