When your products or services are successful in your region, it is always a great idea to expand the business overseas. And due to a bunch of attractive business opportunities, Dubai or UAE is a great place for business expansion.
But before you start your emirates venture, you need to be well accustomed to the commercial rules and regulations of that place. The United Arab Emirates is very specific about business law, so it will be best to take assistance from a law firm in Dubai.
How To Expand Your Business To Dubai?
When you are thinking of expanding your business in Dubai, there are some specific things that you need to care about all the time. Here I will guide you on how to expand your business to Dubai. Here are some things that you need to mind.
Business plans are always considered as the key to success. And when you are going to expand your business to Dubai, you should not take it lightly. Your business plan should include three basic questions, and that is, “what are you trying to achieve? How are you going to achieve it? When are you going to achieve it?”
When preparing your business plan, there are some things that you need to follow. And here is a simple guide for you.
- In case you are showing your plan to the investors, a summary of your business essentials.
- A detailed description of your company, such as the products and services that you are selling, whom you are selling them to, and why you are selling.
- Who will be going to buy the service or products that you sell? And how you will reach them.
- The workforce and management, whether you will continue with existing employees, or you are going to hire new people.
- All the operations considerations, such as offices, production facilities, factories, locations, IT, and management systems.
- All the finance-related details along with the forecast.
You always should have an idea about your rival companies. For example, whether they are offering the same services or products at a cheaper rate. The basic question that you need to figure out is as follows.
- Who are your competitors? Researching their potential in the market of Dubai.
- What services or products do your competitors offer?
- How are they pricing their services and products?
- What are the advantages they have over you? What are the advantages you have over them? Can all these be overcome and respectively maintained?
Conducting a SWOT analysis, i.e., Strengths, Weaknesses, Opportunities, and Threats, will be actually great. It will help you to understand the market in a much better way. And in case you are thinking about finding out more about your competitors, the following is the guide.
- Through advertising, press releases, roadshows, exhibitions, business accounts, literature, and many more, find out what they actually say about themselves.
- Through the customers, suppliers, silence, media, market researchers, reports, etc., find out what people are saying about them.
- And lastly, with the help of commissioned market research, you will be able to find out almost everything about them.
Market research exclusively deals with the specific investigation about the consumer market, along with segregating it by every necessary means for comparing it with your services and products.
Market research focuses on analyzing the patterns and habits of consumers. It offers you an insight into the particular type of people who buy your service or product. It also involves some other pointers, like how often they buy and obviously the reaction of the market to your goals. So, you need to ask yourself the following questions.
- Who are your customers?
- What social leanings and groups your customers fall into?
- What is your potential number of market reach or customers?
- Will your customers be familiar with or have already used a product or service from your competitors?
- What is the criteria or basis, which any customer will use while buying your service or products?
- How can you say confidently that the customer will return again?
So, make sure that you are covering all these three things when you are planning to expand your business in Dubai. A market entry strategy is also an essential part here. You also have to be more careful with the business contracts and deals that you might be going through.