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Business

5 Things to do Before Starting an Online Business

Nowadays more and more business ideas and solutions are happening online. If you are wanting to start a business in the UAE and in particular an online business, we have listed some things to consider beforehand.

Market Knowledge

It is vital to research the business sector you plan to operate within. Create a business plan, which includes a detailed study of the market conditions and your competition within the region. At this point it is also worth speaking to a corporate service provider. At Synergy Group we will ensure your business plan is in line with your business expansion routes enabling business entry and operations into other GCC jurisdictions.

Research

Which space does your product or service look to fulfil in the market? What is your target market? What are the routes need to take to reach your target market? If you do not have all the answers to these questions, more research will be needed to be complete before you invest any or more time and money into this new venture.

Legality

Are you aware of the formalities involved with trade licensing, company registration and legal requirements associated with starting a business of any kind, regardless of the business activity? What are the rules and regulations regarding online sale and trading within the UAE? Businesses can be run as limited liability operations, private companies or other types of concern in the UAE. At Synergy Group, we will guide and advise you with legal obligations to consider with your business set up options. We can also recommend reputable law firms within our business network who we know and trust.

Finances

Are you able to finance the business? Do you have access to resources to raise finance? Are your investors reliable? Have you budgeted costs for the initial startup phrase and to also keep the business afloat should it take some time to see profit? Have you factored in all the costs that may be required for office space, staff and stock inventory etc.? Will your business be VAT ready? Note, it is worth speaking to a financial advisor to ensure you have covered and budged for all and any miscellaneous costs that could take you by surprise.

Self-analysis

Becoming an entrepreneur is not an easy role. It can consist of long hours, it requires dedication, a lot of hard work and it may have a huge commitment on your life. Before diving into entrepreneurship with your business, question your objects for starting it in the first place. Will it create something of value that’s driving you or the “idea” of life as an entrepreneur?

Start your own business is an exciting journey. With any journey, prior planning can help you avoid any drawbacks. Contact Synergy Group for a free consultation on company formation. Our advisors will present the best suitable options for your business to get you on the road to success. Email info@synergy-gulf.com or call +971 4 563 7302.

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