Five Steps to Becoming your own Boss in the U.A.E.

When you say the word entrepreneur out loud, it has very powerful connotations. It speaks of freedom with responsibility and flexibility with purpose. Moreover it says to the world that you are in charge of your own future.

Entrepreneurship has long been the domain of journalists and photographers, artists and consultants. Today it’s an option for everyone. Anyone can be their own boss, decide their own working hours and pick and choose whom they want to work with.

It sounds perfect! Where do I sign? Actually, it’s not quite as simple as that.

There is the small matter of obtaining a UAE trade license. UAE law dictates that in order to do business here you must be licensed to do so.  Furthermore your license states what activities you’re able to perform.

Thankfully, there are companies out there who can assist you with obtaining the right license for what you want to do and where you want to do it. The right license for one company may not be the right license for yours. This is why there are some important things to consider.

Here to help you on your way are ELEGANT BUSINESS 5 steps to establishing yourself as your own boss in the U.A.E.

Step 1. Do some research and choose your industry carefully. If things go well, this could be what you do for the rest of your working life! It’s not enough to just want to do something. Choose an activity or skill that you enjoy and that you can talk about to others with passion and pride. Remember, most people set up their own business because they want to be their own boss, have financial freedom and have flexibility. If you don’t enjoy what you do you may find it hard to motivate yourself later down the line – especially when the only person you have to answer to is yourself!

It’s important to know what market you will be competing in and make no mistake it is competitive in all markets these days. Find out what other companies are doing. Can you do it better? If so, how? Can you do it cheaper? Money is a huge motivator and business is often won or lost based on the cost. Entering into a new market blindly is as good as not entering it at all. You have to know where your clients will come from and more importantly how you will keep them as clients. Think long-term if you want to succeed.

Step 2. Create a business plan. Although it is not always a requirement to do a business plan in order to get your license, it’s still one of the most vital planning tools for new company formation, especially in a competitive market such as UAE. A business plan is more than just a forecast on where you’ll be in a year, three years or even five years from now. It also allows you to see things in black and white and be able to compare your performance later against your predictions.  Successful business owners will revise their business plan every year to factor in changes in costs, legislation and budgets.  Remember the age old saying; “Fail to prepare, prepare to fail.”  It’s also worth remembering that most banks will insist on a business plan should you ever need to apply for certain facilities such as business loans, credit cards or card-reading machines.

Step 3. Choose your company name. So you know your market and you know how you’re going to do business. You can already picture yourself sipping cocktails on the beach after a hard day’s work right? Well, almost! It’s time to get creative. Your company name speaks volumes about who you are and what you do. A company name should be catchy but not trivial, memorable and relatively short.  Some experts recommend not having more than 10 letters to the name. Don’t be tempted to use words like ‘Elite’ as it gives the impression that your services will be expensive, likewise words like ‘budget’ or ‘discount’ should be avoided for the opposite reasons.

Step 4. Get a license. This is often the most daunting aspect of setting up your own business. It is not uncommon for people to delay setting up their company because they don’t want to tackle this problem. Thankfully help is at hand! The team at ELEGANT BUSINESS have established themselves as company formation specialists and are able to offer many different set up solutions based entirely on your circumstances, requirements and budget. Whether you are a Consultancy or a General Trading company, there are packages to suit everyone. The best part about it is that once you’ve discussed what you want and what you need, you can sit back and let the experts do all of the heavy lifting and hard work in order to obtain your trade license for you. Sounds like that cocktail on the beach is waiting for you!

Step 5. Surround yourself with experts. No matter how much you know you can always learn more. Seek advice and knowledge from people who excel where you tend to fall short. It’s always useful to be able to ask an expert when you come up against a tough question or decision. One of the biggest advantages of setting up a business in Dubai with ELEGANT BUSINESS is that we already have a panel of experts in place who are there to support you and point you in the right direction when tough decisions need to be made. Whether it’s immigration or labour laws, accounting, finance or marketing, you can get the help and advice you need to assist you in moving your business forward. ELEGANT BUSINESS development and networking events will put you in touch not only with business owners who are happy to share their past experiences but also professionals in a range of industries ready to provide ongoing support. You should never be afraid or too proud to ask for help. One day you could be the one giving out the advice!

Establishing yourself as an entrepreneur has never been so easy. All you need is desire, determination and the five steps above.

When Neil Armstrong first set foot on the moon he began his immortal phrase by saying “One small step for man…….”

Take your own first small step and contact the business setup specialist team at ELEGANT BUSINESS for more information: +971 6 740 4211 or email us on info@elegantbusiness.ae 

ELEGANT BUSINESS is a team of company formation specialists who have been part of the UAE business setup industry for the last 5 years. Having successfully setup over 2,500 companies since their inception in 2010, ELEGANT BUSINESS understands and appreciates the challenges and concerns people are faced with when trying to incorporate a new company in a foreign country. ELEGANT BUSINESS not only specialize in the handling and processing of all company documentation (everything from trade licenses to residency visas) but they also provide a business support platform of the highest calibre to their clients, helping them start their businesses off on the right foot. ELEGANT BUSINESS expertise lies in the establishment of Free Zone, Dubai LLC & Offshore companies which in turn, allows entrepreneurs and start-up companies to focus on what's most important; starting their business and making it a success!