You’re ready to take the leap and start a business. Congratulations! Making that decision might feel risky, but it’s a good thing.
In fact, 74% of small and medium business owners are willing to take big risks to ensure to succeed. “Fortune,” as the saying goes, “favors the bold.”
Still, you should also consider …
- Two-thirds say the first year is the toughest
- Half of small businesses survive five years or more
- Competition, cash flow, and taxes are the top three threats
Data from QuickBooks, TSheets, and Oxford Economics
Creating something all your own is both rewarding and an opportunity to achieve work-life balance while pursuing your passions. But, it isn’t easy.
To help, this article guides you through the 15 steps to start a business in the United Arab Emirates along with a downloadable checklist you can fill out to go from idea to launch to success:
- Devine your vision
- Research your market opportunity
- Write a business ‘canvas’, then a plan
- Understand startup costs
- Plan your starting finances
- Determine business structure
- Investigate legal requirements
- Create and register a business name
- Apply for permits and business licenses
- Open a small business bank account
- Set up your accounting systems
- Outsource functions early on
- Familiarize yourself with taxes
- Build a basic digital web presence
- Explore business partnerships.