Running a small business is no easy task.
According to the Small Business Association, there are over 27.9 million small businesses, with many of them doomed to failure within an average of 3-5 years. It’s grueling work just to keep up, with something like expansion overseas seeming like a stretch. However, what if I told you establishing your firm in another country may not be as hard as you think? In fact, if you know where to look, it can actually be one of the best options for growth you have. And in examining locations, one of the first places you should look is Dubai.
As noted by GoGulf, Dubai is the 4th most visited city in the world. With a rich cultural and economic background, this place has become a modern wonder, filled with innovations in technology and architecture, as much as they have food and entertainment. Yes, with all of these factors, Dubai is an excellent location to start a business. Here’s how:
Explore The Area
If you’re looking to expand your business somewhere, then it goes without saying that you should examine the area first to see if it’s something worth doing. While Dubai is an incredible economic hub in the Gulf, it also might not be the right fit for your offerings. However, that’s why looking at the market research and taking a trip there will give you a better acumen if you should set up shop.
First, write down what your goals are in entering the Dubai market, and why you think it’ll be beneficial. Keep in mind, this could be completely inaccurate to what your research proves, but hypothesizing is important to understanding how you envision your target market. Additionally, take some time to actually visit and talk to the locals. As there’s plenty of things to do in the area, you’ll not only be entertained but gain a better understanding of how their culture works, as well as how your business can address their needs. Remember, while this is still work, there’s no reason why you can’t make research fun.
Do Your Research
Once you’ve established a good grounding of what you feel like Dubai is about, it’s time to start doing some research in seeing if your assumptions are correct. Whether it be local or international, this is an crucial part of going into any market, and something you should utilize as a cursor to success. While this is going to be a fair amount of homework, it could be well-worth the extra effort.
For research materials, you should first try to examine the demographics of your current customers, and see if there’s a similar base in Dubai. Furthermore, look into if there are any existing competitors in the market, and if not, why that is. It can be a tricky thing to determine if you are indeed an early innovator in a certain sector, but more often than not, there might be something you don’t know about the area.
Once these elements are in place, seeking out a partner in the area could be incredibly advantageous. Not only do they have an extensive knowledge base that you lack, but they additionally can tap into numerous networks and resources, easing the process of integrating your firm. Schedule a few interviews, make sure to conduct your due diligence, and most importantly, trust your gut…because who knows what could happen overseas?
Go With Your Gut
While every business owner wants their business to become a global household name, expansion is a very strategic art form. Even if your company is one where you just learned how to make money at home and have never been to half the states your customers live in; that’s a whole different ballpark than going to a place like Dubai. Make no mistake; this is going to be a big step for you, and one that you have to know you’re going to be willing to take.
In the end, this is going to take a lot of self-talks, as well as communicating with your team. However, with how much of an economic capital Dubai can be, a lot of folks find it well worth the risk. After all, you’re entering a market that has an enormous amount of capital, as well as a tremendous amount of resources available to make an impact in the Gulf. While you might be hesitant, this could be one of the best decisions you’ve ever made, but one you should not take lightly.
With how quickly Dubai is growing to become an economic capital of the world, what excites you about the city enough to move there? Answer with your insights below.