Hundreds, or maybe even thousands of new startups, emerge on a daily basis, but how many of them actually last? It’s true starting a new business is not as difficult as it used to be due to several reasons mentioned previously in our blog ‘Access to Entrepreneurship in the UAE’. Yet, however simple launching a business has become, functionally running it is what is more important. What do you need to possess so that you can keep your company alive?
The very first step to starting a new business is having the business idea. As soon as you make the decision to start a business, you become an entrepreneur. Your next step is to decide whether you will run the project by yourself or you will look for incubators and accelerators to assist you in the process. How do you decide if you’re fully equipped to run the business by yourself?
It’s not only about the capital
Needless to say, cash is one of the most important aspects to launching a business, especially if it’s not an online business. Even with online businesses, a physical place is also needed to store stock. Yet, not anyone possessing the required capital is capable of opening a company, however simple that project might be. There are many skills one should own to be able to manage a business.
What you need to run your own company
First of all, you need to define your goals clearly to be able to assess whether you’ve succeeded or failed. You might need expert advice on this in case you don’t have enough experience.
Secondly, you need the right business plan and activity for your company. Thanks to the millennial generation of entrepreneurs, the web is populated with guides that walk you through the process step by step.
Third, in order to make your business legal, you have to inquire about the legality of establishing the company. You can either start your business in mainland or in a free zone. There are different terms and conditions for both options. For instance, in a mainland, in case you are an expat, you cannot fully own the company. Rather, you have to partner up with a local citizen so that you can run the business. However, in a Free Zone, you are allowed a full ownership of your company as long as it exists within the Free Zone that you’ve registered your company with.
By the time your company is established, a company website should be up and running. Along with the website comes the social media pages. Read our blog on marketing via social media within budget to learn how social media can effectively help your business grow. There are over 20 social media websites, but you don’t have to create a page for your company on each and every one. You only need to be on the platforms that your target audience is registered on.
If you are an aspiring or established entrepreneur, be sure to keep the above points in mind to ensure the smooth functioning of your business.