You’ve done your homework.
You’ve got a notepad on your bedside table filled with midnight ideas for a business. You’ve done your market research, and have settled on the business idea with the most potential. Setting up a business can be daunting but great things don’t come easy. To get you started, here are five tips to get you ready to launch your business when the perfect moment arrives.
Rethink your angle
The covid-19 outbreak could possibly change what startups look like in the near future, with news that it’s changing the economy. Jump ahead of the curve – identify the potential gaps and how your business can patch them up.
Be the student to become the master
The world of entrepreneurship is fast-paced. Equip yourself with the tools and knowledge you need to help your startup excel. Close to 30% of new businesses fail in the Middle East – especially in Saudi Arabia, the UAE, and Egypt – due to lack of market research. Businesses falling into this bracket launched a product or service that there was no public demand for.
Dubai Startup Hub – a semi government initiative rooted in the Dubai Chamber – offers insightful programs. From market access to entrepreneur education courses, these will help you make calculated business decisions.
Have a budget, then cut it
When launching a startup, you don’t need a corner office with a view of the Burj Khalifa. What you need is a space that’s undisturbed, has the digital amenities to send emails, compile presentations, and recharge with coffee.
And you’re already doing it – working from home isn’t just for this period of self-isolation, it helps keep startups afloat during their launch phase.
Megacorporations like Google, Apple, HP, Amazon, and Microsoft all launched while the founders were working out of a garage. A common miscalculation that leads to startups failing is budgeting. Save more than you spend, at least in the first year. Optimise your business by boosting output – juggle admin, accounting, and business development independently. You’ll know when the time has come to invest in more manpower. Until then, stay frugal.
Make the right connections, even if virtually
Checking up on how your industry peers are doing during this time is a great way to start a conversation. Networking doesn’t need an immediate end goal, the purpose of this popular business practice is to introduce yourself. Find ways your startup can create value, be the reliable contact that’s just a quick call away, and create connections that last a lifetime along the way.
An email, a LinkedIn message, a phone call could make all the difference. Pour yourself a drink and put on some business attire if that helps make it feel like you’re at a networking event. Get creative, have fun.
Embrace the moment
Adopting the right perspective during this time is essential. You can choose to look at it as a cruel joke from the universe, or an excellent opportunity to refine your strategy and mold the ideal business of the future.
The startup journey looks different for everyone so don’t pressure yourself to follow a template. It may be years before you have your own office – but with 99% of people surveyed by Epillars – remote working is a goal for several UAE employees. Take a pioneering leap by working from home.
WitWork – anytime, anywhere
WitWork, one of the UAE’s leading flexible working solutions, has over 40 venues across the country. With remote working spaces in the UAE’s leading cafes, restaurants, and hotels – it provides remote workers with everything they need to get a productive day’s work done. WitWork offers clients effortless charging stations, free coffee, exclusive discounts on F&B, a chance to network naturally with fellow remote workers, and engaging workshops.
For more information, visit www.witwork.co