It is essential for any new Dubai company, business and entrepreneur to commit time to create a sound business plan. Business plans and market research play an important role in the success of any new venture, especially if you are looking to start a business in Dubai or the UAE, seeking investment, entering a new market or planning to role a new franchise out to different countries.
An accurate business plan can be a make or break for any business. The business plan serves as the framework for your business and will provide milestones to track your business performance. It is essential not to rush your business plan and we recommend to take the time to work with experts, partners or colleagues. Ask a credible mentor to review and question the content of the plan, so they fully understand your concept. Anything that is unclear in the plan, you will be able to alter accordingly and perfect. Gaining input is an invaluable way to get an objective view and will contribute to your Dubai business setup and company success.
Drafting a business plan in an easy to comprehend manner is vital if you are looking to seek investment for your new Dubai company. Potential investors might not be as familiar with your industry, the terminology, abbreviations and jargon used within your line of business. You have to clearly describe your business concept, the products or services offered and where it fits in, the plan must be more detailed, transparent and understandable.
If you are creating a plan for you and your business partners, it does not need to be as detailed, but you should still define your goals and the methods to achieve them. Industry terminology abbreviations and jargon can be used within the content of this type of business plan.
Due to the nature of your businesses activity, your product or service offering may not be overly complex, so your plan may be short and concise. For example, a business plan for a hair salon is not going to be anything like a plan for a chemical research company.
The above tips are the minimum factors for crafting your business plan and they should give you a good bench mark to make a start. It is important to keep adding to your business plan as your business is evolving. Periodically review and update your business plan for year 1, year 3, and 5 years. This will help you assess whether you are on track with your forecasts. Following from this, you can then analyse the business as a whole and determine your next business move such as: expanding, merging with a potential business to gain a bigger market share, introduce new products or services or enter a new market etc.
If you are looking for more insight and structure or require assistance to create the right business plan for your company, Creation Business Consultants has the expertise, capabilities and resources to help you achieve a great business plan along with in- depth market research and market entry analysis. We provide market research analysis for rolling out master franchises throughout the UAE and GCC, to launching new product lines, introducing to the market new technology and mobile applications throughout the region etc. We provide bespoke consulting services to your business and are the one point of contact for all your business related needs. The benefits of Creation’s consulting services will save you time and save you money.
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