Guide For Writing A Winning Business Plan To Enter The UAE Market
Published on April 16th, 2019.
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 taking 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.
TOP 10 NECESSITIES TO INCLUDE IN YOUR BUSINESS PLAN
Mission and Vision statement that clearly defines what you are trying to create.
Full description of your company and the product or service offering.
Detailed description of how your product or service is different from others.
Market analysis outlining the market you are trying to enter, competitors, where you fit and the type of market share you can secure.
Examination of your company strengths, weaknesses, opportunities and threats (SWOT analysis) which will show that you are realistic and have considered opportunities and challenges.
Account of your management team to include the experience of key team members and past accomplishments.
Your plan to enter the market, advertise and promote your product or service.
Develop a cash flow statement to understand your current and future needs (a cash flow statement can help you consider how cash flow could impact business growth).
Include revenue projections overall and for each product and service.
Summary conclusion that ties everything together (this could also be an executive summary inserted at the start of the plan).
The above tips are the minimum factors for crafting your business plan and they should give you a good benchmark 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 timeand save you money.
Our comprehensive suite of Corporate Services include:
Market research and analysis – information gathering on findings such as: demographics, competitor analysis, identifying target market, sourcing business locations, shortlisting potential business suppliers with a detailed comprehensive report to submit to your board of directors or present to department head(s)
COMPANY FORMATION SERVICES
Overseeing all aspects of your company structuring for the UAE and GCC.
Mitigating risk and providing Corporate Nominee Services for new and existing mainland UAE companies.
Capabilities to setup your business in the most efficient Dubai or UAE free zone or offshore jurisdiction.
TAX CONSULTING FOR THE UAE & GCC COUNTRIES
Double Tax Agreements (DTA) – advising on DTA, and implementing a tax-optimal regional corporate (Group) structure.
VAT Planning – interaction between designated UAE zones, onshore VAT planning, VATable sales between GCC countries etc.
Debt Re/Structuring – structuring debt across a group to maximise the UAE and GCC company types available.
IP holdings – selecting the appropriate jurisdiction for IP holding based on security, privacy and tax optimisation.
ACCOUNTING
Advice on invoicing structures.
Capital structuring – invoicing services: IP, assets manpower and compliance.
Budget forecasting for projects and company setup.
HR SOLUTIONS
WPS registration, payroll and compliance.
Recruitment, selection and screening.
Relocation services.
We provide a holistic taxation plan before determining the best regional corporate structure and market entry plan. Speak to one of our business development consultants today for your free 30 minute consultation> email info@creationbc.comor call +971 4 878 6240.
