1 October, 2020
What is Important for Business – Money or Idea?
Entrepreneurs always look to translate their ideas into businesses. As a business owner, it is critical to evaluate the business opportunities and then select the one that is most lucrative. Our earlier column on the 6 most popular businesses in UAE has placed focus on this aspect of a business idea.
Once the lucrative idea has been identified, it becomes imperative to translate the idea into a company and operate the business. This process could be daunting for some, and you could very well be someone who looks for simple and readymade solutions when setting up a business – in which case our earlier column directed at lazy entrepreneurs looking to setup a business may interest you.
The important question is – which is more important, is it money, or is it the idea itself?
Product Registration in Dubai for Ideas
If you are interested in implementing a product-based solution and looking for product registration in Dubai, then the right solution will be to first ensure that your product gets a local distribution partner. This strategy is specifically important to get the right market entry and expansion strategy for your product. The smart way to achieve this is through the following steps:-
- Obtain a general trading license and successfully execute your business setup in Dubai;
- Identify the right product category for product registration in Dubai;
- Complete the product registration under your company;
- Identify the right partner for product distribution;
- Expand the product footprints by leveraging on your local sponsorship in Dubai;
- Achieve sustainable business growth and overcome the challenges of business survival
Business Incubation for Potentially Successful Business Ideas
In order to take your business survival methods into the next level of business growth and success, it is critical that from an early stage, your business ideas are taken into the path of a business incubation center.
A business incubation center gives you immense support for your business idea to very high proportions that as an entrepreneur, you would not have even thought about. Here are some ways by which a business incubation center helps you grow:-
- Enables you to convert your ideas into a lucrative business incubation plan;
- Helps you identify the key segments and markets for your business idea;
- Gives you the flexibility to conduct market research before entering the market;
- Identifies the right mechanism or framework to set up your business;
- Helps you get a workstation to get into the right mental frame of mind for business;
- Provides valuable business sponsorship support;
- Gives maximum benefit through mentorship;
- Helps you engage and interact with like-minded entrepreneurs;
It is natural that a business incubation center, as the name suggests, takes care of your idea and incubates it into a successful, growing and self-sustaining business model that helps you in business survival.
Local Sponsorship in Dubai
One of the immense advantages of setting up a business in Dubai is that you get a massive intangible impetus in the form of your local business partnership (or business sponsorship). In our earlier column, we had highlighted the benefits of having a local sponsorship in Dubai for your business.
Some benefits of business sponsorship are:-
- High-level networking with important contacts
- Unparalleled ability to potentially bid for key Government tenders for your business
- Important access to seminars, conferences, meetings, incentives, exhibitions and events (MICE) that give you potentially business development opportunities
- Some cases, more media visibility by being attached to the local sponsorship in Dubai
- Ability to build more business by leveraging on the network of business sponsorship
- Ability to access business group and councils for which the local sponsor in Dubai is a member
- Building trust in your key market segments
- Expertise on the local market
These advantages give you much more able to run your business and turn it into a more lucrative investment opportunity. With a business idea that may not be very unique, one can achieve business growth and success by leveraging on this strategic relationship. Needless to say, the right business sponsorship would help you overcome the critical challenges of business survival.
In our earlier column, we highlighted the importance of business survival by focusing on the ideas that help in business continuity.
Some tricks that help you in your business survival strategy and yield high growth are:
- Utilize the right strategic local sponsorship in Dubai for your business;
- Engage in the right synergy model with your business consultant;
- Ensure that your office space is smart and optimally scaled for your business;
- Obtain a successful business pivot strategy by engaging with your business sponsor
- Get the business advisory services that help take your business to the next level.
In short, the right method to scale up your business for success is by utilizing smart growth strategies that not only help you in business survival but also help you in successful business expansion. For any entrepreneurs, both the business idea as well as the monetary growth are important. Utilizing the right strategies for growth in both these aspects are important for a balanced focus.
- What Advantages do Local Sponsorship in Dubai provide?
Intangible benefits including access to networks, business advice, local expertise, key business groups and sometimes the ability to build your business exponentially.
- Why do I need Business Incubation?
Business incubation takes your idea and carefully nurtures it into a successful, self-sustaining business. For entrepreneurs who are experts in their field but who need a business acumen for growth, business incubation gives you the right support.
- Why should I undergo Product Registration in Dubai?
Without registering your product, your idea will not be eligible to scale into a business. As per mandated rules, the product must be registered and subject to approval after which it is possible to trade.