5 things to do before setting up a small business
After the uncertainties of the past few years, planning how to set up your own small business is becoming an increasingly appealing option for people in all kinds of industries.
But, how do you set up a small business and ensure it becomes a success?
It’s not straight forward that’s for sure. From defining your unique selling point to business strategy, and creating your logo to and brand guidelines, there are all kinds of things to think about before you even start the process of earning a profit.
There’s no denying that it takes a lot of work, however being able to nurture your passion and make a living from doing what you love is incredibly rewarding in every way.
So, to help you on your way to building your own strong and unstoppable brand, we’ve put together a few things to consider before starting a company.
1) Stick to your passions
It might sound obvious, but your small business idea is far more likely to prosper if it focuses on something you’re passionate about. Don’t just think about what will make you money, think about what you are interested in and won’t get bored of doing five days a week.
If you have a genuine love for your product your enthusiasm will naturally shine through and draw in your customers.
2) Recognise your strengths and weaknesses
Don’t be afraid to applaud yourself for the things you’re good at, and admit the things you need help with. Think about your current knowledge and skills and how that can be adapted into a viable business model.
For instance, if you’re a creative individual who loves art, drawing or painting, don’t start trying to mould yourself into an expert in computers or cars. Focus on your talents instead and look into graphic design or something similar.
Plus, by recognising your talents and flaws you might also draw the conclusion that you need to find a business partner. Focused on all areas of media and entertainment, the creative community at Yas Creative Hub contains a wide variety of diverse freelancers and professionals. Plus, with collaboration areas, lounges and co-working spaces, it provides ample opportunities to make new connections and find someone who’s skills complement your own.
3) Create a clear business plan
Every business owner needs to first create a business plan. This will help you focus on things like who your customers are, what your products or services entail, how much things will cost and what needs to happen in order for you to make your dreams a reality.
If you’ve no idea where to start with working out the above, setting up a small business with twofour54 includes access to a wide range of online resources and research tools, plus a dedicated business development team. Our knowledgeable professionals can help you find work, connect with other freelancers, find office spaces that are suitable for your business and generally help you on your way to setting up a business.
4) Ensure you are legally licenced
Once you have your business plan sorted, you can start applying to legally form a business. While you don’t have a licence it is illegal to start a business here in the UAE, but thankfully setting up a company is a quick and simple process.
Whether you’re launching your company as an individual, with corporate shareholders or as a mixture of the two, we’ll help you set up as a Free Zone Limited Liability Company (FZ-LLC).
The process involves three simple steps; firstly, applicants will need to submit their business form or plan, then they’ll need to sign the required commercial, legal and regulatory documents and finally, provide any applicable payments.
5) Find a business location
Your business plan will help guide what kind of space you need for your business. If you require a large team, you might look at renting an office or, if you’re packing and shipping big orders, you could need a large storage space or factory.
Working from home is becoming increasingly popular amongst businesses of all sizes, however some people still find that they feel more inspired and motivated when working in a vibrant office environment.
If that sounds like you then Yas Creative Hub on Yas Island is your answer. Here you’ll find light and airy office suitable for businesses of all sizes, while the ground floor is left totally open for people to meet and connect.
Whether you specialise in gaming, journalism, marketing, design, videography or countless other creative specialisms, you’ll find a dynamic community of like-minded professionals waiting to welcome you.
State-of-the-art co-working areas, boardrooms, a huge outdoor amphitheatre and numerous excellent food and beverage options can also be found within this incredible new complex, providing everything you need to get your business off to the best possible start.
Spanning a 270,000 sq m campus and with to house 600 firms and almost a thousand freelancers, CNN, Vice and Unity Technologies are just some of the big names who are already part of the GCC’s first purpose-built centre for media, entertainment and gaming.
How can I start a small business with minimal funds?
Abu Dhabi is a city of opportunities, and here it’s perfectly possible to start a business using only very minimal funds.
If you’re trying to operate on a budget, remember to start small. Work from home to save on renting an office space and begin by selling your products at local markets before investing in a pricey retail space.
It’s also a particularly cost-effective time to set up a small business with the Media Zone Authority – Abu Dhabi (MZA). All applicants can enjoy fully waived licence and registration fees for the first two years, and this means you will have more cash left over to invest into your products and services.
However, don’t forget that you will still need to factor in the costs of paying for your residency visa, Emirates ID and any office supplies you need. But never the less, not having to worry about business licence fees is certainly a welcome help.