Thanks to the technological advancements, that has transformed the world into the proverbial global village. These leaps in technology have also fashioned new ways of doing business. Gone are the days when the only way of doing business was finding a suitable location for your company and then displaying your merchandise in an aesthetically-pleasing manner to attract the consumers.
Nowadays, starting a business in Dubai has become exceedingly straightforward. All you have to do is have a laptop, and a good internet connection and you are good to go.
However, budding entrepreneurs should tread with extreme caution before starting an online business in Dubai. Without proper research regarding running a profitable business setup in Dubai could land you in hot water.
That being said, having an online presence for an enterprise, be it big or small, is imperative now, as by establishing a robust online presence, you can highlight your company’s brand’s image effectively. There are many different tools, software, and platforms at your disposal that can help you in your endeavors.
If you are still not sure, how to start going about forming an online business then never fear, because we are here to provide you with all the information that you will need for starting your online business:
1. Have a proper Business Plan
To begin any kind of business, you need to have a precise, well- planned, and detailed business plan. This business plan is essential for the success of your company.
All the information regarding the company formation, your company’s mission, its vision, and the objective should all be in the business plan. The business plan acts as a general guide and provides a direction for the company.
Moreover, this business plan will also outline all your short-term goals and long-term goals.
2. Select a Market Segment and Design a Product Accordingly
The market is divided into various customer segments. Each of these segments possesses different distinct characteristics, and thus, your product should be pitched to them according to their particular tastes. Extensive research of the customer segment must be done to understand the needs and requirements of the consumer. An online survey or review can prove to be beneficial in that endeavor.
3. Making Use of Social Media
In today’s modern and technologically-inclined world, it is necessary to have a strong social media presence. The best advantage of engaging social media is that you can have direct customer feedback that will help you in improving your product accordingly. Another benefit of having a social media profile is that they are powerful marketing tools as they provide a platform for you to promote your business without any additional cost. With proper planning and strategy, one can harness the power and utilize the various social media tools to turn our business setup into a household name in Dubai.
4. Financing Your Online Business
All businesses require a little infusion of funds from time to time. Selecting a reliable source to fund your business is very important for the unbeaten run of your business. But here is some good news for you, an online store typically does not require vast sums of money at the time of its setup and during its other initial stages. Thus for many companies in Dubai that are just starting out, crowdfunding is one of the best sources of funds.
5. Understand the Analytics and Use them to Your Advantage
Keeping an eye on the analytics of your business’ parent website and associated blogs can prove to be extremely useful in expanding your business and increasing its profitability. Using the analytics data for the improvement of the online business is all the rage in the UAE. Interpreting the data generated by the website can provide us with crucial information regarding our clients. The feedback provided by them can assist us in shaping our next move that will shape the future of the business.
6. Do not Underestimate your Competitors
It is imperative that you first do comprehensive market research to find out all there is to know about your competitors– especially the immediate one keep a close eye on them at all times–and get a general understanding of the present condition of the market, its trends etc., Keeping track of the competitors will let you guess their next move correctly. Thus, you will be able to plan your next step accordingly. Moreover, you can determine what move you need to make to be ahead of them and beat them, all in one blow. You do not need to imitate your competitor’s game plan in any way. Instead, you just need to understand their frame of mind and thought process so that you can anticipate their next move.
7. Choose a Suitable Hosting Service
Using a suitable hosting service will allow your website to be easily accessible by everyone in the world via the World Wide Web (www). There are multiple types of hosting services available for a business to choose from. It is upto the administration of the online business i.e., you, to do the research and find out which hosting service will be the best fit for the company and help in crafting a reliable name for said company.
8. Keep On Top of of the New Technological Advancements
The technological landscape of the UAE and the rest of the world is continually evolving. These changes are occurring at such a fast pace that keeping up with them has become a chore of its own. But, it is really important to keep up with these advancements because the technology that currently is ruling the world will become obsolete in the next five to ten years as a newer, faster and better version of said technology is developed. Therefore, one should always know about the progressions in technology that are happening all around us, so that we should be able to make future plans according to these changes.
By following these fundamental but crucial tips, you will be able to start an online business in Dubai. In the current business environment, setting up and starting an online business in Dubai will prove to be extremely fruitful for budding entrepreneurs such as yourself.
You can establish your company in any of the free zones in Dubai. If you are looking for help or advice regarding setting an online business, then you must contact the business setup consultants, such as, the KWS Middle East, who are well-versed in the art of business incorporation. Furthermore, we also provide other services related to business setup.
For more details or queries, Contact us. We will be delighted to be of assistance.