Business Plans in Dubai - Everything You NEED to Know
Dubai is a market that has constantly witnessed in boom in different markets. It is common to see entrepreneurs coming up with new business ideas and starting up their businesses. The government is highly supportive and has provided the new businessmen the needed benchmark and guidelines to ease the process of starting a new business. If you are in Dubai, and you want to start your new business, here are few things that you need to know about business plans in Dubai.
Why you need a business plan?
In Dubai, no matter where you go or whom you meet, you need a documented plan of your new business. It is a professional business plan outlined with what products/services you want to offer, how is the competition and what you need to get things in place. Along with this, you need to do a sound research into the market you want to invest in so that you can become aware of any possible threats (short term or long term and make your plans accordingly.
A business plan writer in Dubai can assist you will preparing the right sections to present your idea. Whether preparing the business forecast, sales projections, startup expense calculation or operational management, business plans will reflect what you aim in the best way possible.
Where do you need a business plan in Dubai?
There are various avenues wherein you need a business plan to start your new business. This section will be your road map to know where exactly you need to submit your business plan.
1. Presenting your business idea
You have a great business idea and want to share it with your friend or market expert. You will need a short business plan that outlines your idea so that it clearly reflects what you aim to achieve.
2. Gaining Financers / Investors
New businesses, big or small, need investment that you can derive from either a financial institution (such as a bank) or a private investor. These bodies usually ask for a written plan to review if their respective investment is worthwhile or not.
3. Business licensing
Now that you have secured investors or financing from a bank, you need to get a formal business license to kick start your business. You will need to first identify a location to start your business, get leasing formalities completed and check the area (whether free zone or mainland). It is important that you know which authority will issue your license. This depends on your office location.
1. You want to open an office in Jebel Ali, you will need a free zone license from Jebel Ali authority. Check with the Jebel Ali free zone authority to the business plan template and requirements, and prepare your business plan as per their requirement.
2. You want to open your office in DIFC in Dubai. Check with DIFC office for their respective business plan template and use the same.
The above examples are just for your information.
Business plan templates in Dubai change from region to region, and it is the same when it comes to preparing business plan in Abu Dhabi, or Ajman, or Sharjah or any other emirate.
What does a business plan comprise of?
A detailed business plan in Dubai or any other emirate in UAE will comprise of the following sections:
A clear vision and mission
Identification of product and/or service along with its target market and potential for profit.
Clear estimation on startup costs and investment requirement.
Plan to gain external investment / financing
Defining target market, plans to reach them, marketing initiatives.
Evaluation of competitive position and market analysis to identify strengths, weaknesses, opportunities and threats.
Establishing corporate goals and strategies actions to achieve them.
Operational plan development to achieve profits.
Risk analysis and contingency planning.