Why Research your Target Market before Launching your New Business?
You have come up with a great idea that can make you a good amount of money in no time. You are ready to do all the paper work, apply for a license and even secure your own office. But did you take the time out to do a quick research on whether the business model and market you have chosen in United Arab Emirates is worthwhile of your investment?
Not anyone can be a businessman. You need good investment, sound judgment and most importantly, a supporting market feasibility plan. For a market like Dubai, conducting a market feasibility study will help you in many ways. First of all, it is your initial research to understand the market.
Imagine a scenario wherein you want to start a restaurant or trading business in Dubai or Abu Dhabi. Your friends have similar business and they have a good amount of revenue every year. Now, you too have decided to venture into a similar business model, but in a different location. What do you do?
Step 1: Research the market
Start with doing a market research on your chosen market. Local government websites such as Dubai Statistics Centre will give you figures on how that particular market has been performing in the last few years and also provide a projected figure on how the market will behave in the upcoming years. If the market is expected to grow in the next 3 to 5 years, you are in luck. You can also refer to paid statistics released by private research firm in Dubai to get detailed insights in your chosen market.
Step 2: Request for Quotations
Nothing gives you firsthand information on how much the new business will cost you than requesting for quotations. Identify who your suppliers are and request them to share proposals with estimated cost, as per business requirement. For example, for restaurant business, you will need to receive proposals from grocery/vegetables/cooking equipment suppliers/business setup firms, etc. You can review the information and produce an approximate figure on how much it will cost you. This is a much realistic figure than relying on information available online.
Step 3: Identify Government Regulations and Requirements
While you can always receive help from a business consultant, it is wise to conduct a bit of research yourself from government authorities. The Government of UAE (including individual Emirates) has published toll free numbers and dedicated departments to help its citizens in requesting information for staring new business. If you want to start a business in a Freezone such as the Jebel Ali Freezone or Fujairah Freezone, just give a call to their consultant and ask for details. They will not only resolve your queries but also suggest important information such as minimum rental space, cost per sqm, startup investment needed, and others.
Step 4: Hiring a Feasibility Study Expert
If you would like to skip steps 1, 2 and 3, you can hire an expert in conducting feasibility study. The expert will not only research your target market but also, provide you a feasibility study or a full-fledged business plan to take your plan to the next step i.e. either licensing or investment partners or applying for a bank loan.
*Writing Expertz is a business plan and feasibility plan expert offering affordable prices and genuine support to entrepreneurs in Dubai, Sharjah, Abu Dhabi, Al Ain, Fujairah, Ras al Khaimah and Umm al Quwain. For more details on our business plan writing services in UAE or feasibility study in UAE, please contact us on 971 521276156 or email us on email@example.com