The world is moving quickly towards an entrepreneurial cycle. The rate of entrepreneurship today is far higher compared to the last decade. The global economy opening up after the pandemic is one of the biggest reasons for the same. At such a time, Dubai, the holy grail for marketing, technology, and business, is picking up pace. With a severe focus shift from Oil and Gas to sustainable businesses, Dubai’s market has seen hallmark trend shifts. Sectors like real estate, e-commerce, health and hospitality, beauty and jewellery are just a few of the sectors which are stable and growing. A common characteristic of these industries are that they are friendly towards low-cost businesses as well. Hence, if your dream was to be an entrepreneur, this Dubai Startup crash course is exactly what you need.
How to Start a Business
Starting a business requires an idea of numerous things. However, that’s no reason to get discouraged. Business just like any other profession, follows a pattern and system. That’s one of the primary reasons as to why more people are willing to take the risk. Here are the first steps you need to take to set up your first business:
- Assess the number of resources you have including – assets and money. It gives you a good idea of how much risk you can take.
- Depending on the risk you can afford, choose a low to high-cost segment for your business.
- Once you have selected the industry, define whether you’ll be delivering a service to customers or a product.
Once you have the above details cleared out, it’s time to make a move. Today, to make the idea of setting up your business simple, this crash course will take the example of a low-cost curated jewellery business.
Jewelry Business Walkthrough
After you have completed the above three steps for your jewellery business, the next step you’ll need to take involves chalking out a plan for whether you want to set up a business online or offline. Experts recommend going for the latter option.
Considering you’ve chosen the offline+online strategy, you now need to select a venue to lease a shop. We recommend Souk Al Marfa, the largest market at the heart of the city, for leasing a shop in Dubai. This market also allows foreign ownership making it easy for people around the world to set up a store in UAE.
Once, this is done, all you’ll need to do is follow these steps:
- Keep your physical shop active with your latest collections available,
- Keep updating online store details, add product ranges and types, and connect with new suppliers to expand your collection,
- Engage in active marketing and media communications to ensure that your brand starts getting known organically online and offline.
Once you start running your business, the rest of it will slowly start falling into place. You can also use shopify to set up your online store as it helps ensure ease of access and easy management of your product lines!
This business plan is a gross overview of what a jewellery business would look like. However, it can also be applied to other businesses. Hence, start your business in Dubai today and live the entrepreneurial dream you’ve always longed for!