The COVID-19 pandemic has brought us into an unforeseen and unprecedented situation. Although leading pharma companies have made significant breakthroughs in the Coronavirus vaccine, the efficacy of the same is yet to be proven. On the other hand, COVID-19 cases have been rising constantly. The total cases across the globe are 16 million and counting. The positive aspect of this is the growing recovery rate. In this blog post we are looking into the topic Things to Remember While Starting a New Business In Dubai After This Pandemic.
Meanwhile, the governments around the world have announced packages and reformations to boost businesses and the economy.
The companies and business organisations also have been optimistic about the return.
Most of them have announced special offers for promoting sales.
It may take some time for the businesses to recuperate even after the rejuvenating measures instituted by governments.
As an effort to enhance the economy, the government of the UAE has announced a package of 126 bn Dhs.
It is envisaged to rekindle the private sector and support companies in the momentum forward.
The positive repercussions of the move are already evident in the business sector of the UAE.
Starting a business in Dubai could be a viable option at this juncture.
Only that, you have to be cautious about the investments and plan your business according to the present scenario.
1. Be Prepared for a Slow Start
You may not find a sudden rise in clientele or business as in the past.
People are too preoccupied to spend even a single penny.
Therefore, the initial sales figures will be down.
It will take some time for the business to pick up and flourish.
2. Extensive Campaigns
Businesses have been down for several months.
To be precise, the market has been showing a slump since December 2019.
Hence, you may have to focus on exhaustive marketing campaigns to engage potential customers.
3. Additional Offers
Promoting your business through discount offers and deals are advisable.
With clients recognizing the value and quality of your product, the chances of growth of your business are high.
Estimate the best offer that can make your business ahead of your competitors.
Though you can consider less profit margin to make the ball rolling, the offers and deals should not hamper your growth.
4. Keep Expenses Under Check
Even though you may have to spend more money than your income during the initial days, consider reducing the expenses as much as possible.
You must keep a reserve fund for at least three months.
So, you do not encounter a stalemate if the business takes more time than expected to pick up.
The comprehensive calculation would be necessary to ensure that your business expenditure is under control.
However, necessities are not missed.
5. Focus on Digital Marketing
Rather than spending money on elaborate marketing campaigns, you may think about digital marketing.
By effectively using social media, you can augment publicity and sales.
Harnessing social media can give you organic reach too, by which, you will get conversions without spending any money.
6. Keep Track of Changes
Along with thinking novel ideas to grow your business, check constantly about changes in business trends and models globally.
A keen observation of the business spectrum around the world will give you fresh thoughts that could be implemented on your business too.
7. Motivate your Staff
Motivated employees are your strength.
They may have to do their extra bit for the success of the business.
This, in turn, is beneficial for them only.
Encourage them to do their best.
The extra effort by the men can turn the game in favour of you.
8. Support from Professionals
You may consider support and guidance from business setup services in Dubai.
Their suggestions would be of significant importance to the success of your firm.
The outsourced business consultancy services would advise you regarding measures to improve sales.
It would aid you in instituting adequate actions that can prosper your business.
In case of any ambiguities concerning setting up a new business in Dubai, you may seek support from professional agencies.
Business setup services in Dubai have a proven record of accomplishment that makes them reliable.
They can support you beginning from obtaining a business license in Dubai until the commencement of your business operations.
Their advice during operation could be handy in reaching productive decisions.
9. The new business opportunities in the Middle East
The Middle East has been a dreamer’s heaven for long.
The majority of ex-pats, who came to the land, with their dreamy eyes and hopes flying high, returned with a fortune.
Their efforts to make into the top of the world have been supported optimistically by the investor-friendly regulations and the supportive laws of the land.
The charm that the Middle East possesses for newbie businesspersons, including ex-pats, has not faded even during the time of this pandemic.
The businesses have reduced after global slow down as an effect of COVID-19.
As said by trade pundits, every opportunity has a difficulty, and every difficulty has an opportunity.
You must have the eyes and ears to recognize the right moment.
Let us see some of the business sectors that have more possibilities shortly.
We have carried out an analysis of the business sectors that are expected to thrive during the post-COVID-19 period.
The study included user traffic to various sites and search terms. It enabled us to reach an initial evaluation of customer requirements.
An all-encompassing analysis was followed to reach the final decision.
10. Home Repair and Decoration
People have been remaining at home during the locked down announced by the governments.
It made them look around the house, it seems.
The number of people searching for home decoration products, plumbing and electrical accessories and components for interior decoration has observed a quantum leap.
It is expected to grow further as most of the companies, primarily from IT, have directed their employees to continue working from home.
Considering service-providing firms, wherein clients can obtain professional support and technicians, is also a feasible option.
Presently, the number of services providing firms is comparatively less in the Dubai region.
People are trying their hands at interior decoration sitting at home.
Firms with an exclusive collection of materials, artefacts, furniture, and other items for interior decoration are in high demand.
Customers are ready to buy decorative materials of a different kind.
Hence, a wide collection of such objects would be necessary.
11. Indoor Games
The limitation of travel imposed due to the pandemic has made everyone a homeboy.
They are involved in indoor games to keep themselves entertained.
The craze towards video games, as well as, physical games has increased in the past couple of months.
People are considering physical games including board games and card games for rejuvenating their inner selves.
The profit of such businesses has raised manifold.
Presently, companies are unable to meet increased customer demand.
Recognizing the customer need and delivering according to it can change the game in your favor.
As games in the public arena may be controlled at least until the end of 2020, the games that could be played at home will have more takers.
12. Health Equipment
The health-conscious populace were hitting the gym or jogging in parks during the pre-pandemic period.
However, the limitations have hampered their physical activities that were aimed at remaining healthy.
As it is not completely safe to be at a public place, working on equipment used by others, they have commenced exercises at home.
Sales of fitness and exercise equipment have tripled in the recent past.
People are continuing to set up a small-scale gym in their apartments and villas.
Another field that will flourish further, during the post-COVI-19 period.
A comprehensive study on the market will give you many more business options that could be explored.
Carefully formulated plans and judicious decisions can be productive for accomplishing success during the period after COVID-19.
Be confident and pursue your goal with a persistent effort to be successful in the field.
A time for reflection
The pandemic period is a time for reflection about what we want and how we can achieve it.
People have reduced their expenses on luxuries and rather concentrated on survival.
The life during COVID-19 pandemic has been a lesson for humankind to understand their vulnerability and live accordingly.
We have discussed the business possibilities in Dubai after this pandemic.
Nonetheless, a cautious approach is deemed necessary to achieve whatever you dream.
Vague plans and careless calculations can ditch you in the middle of the sea. Be diligent enough to calculate the moves and select a team of genuine employees.
You might understand that not everything is rosy in the field of business.
However, Dubai has made more successful business firms than any other part of the world.
That is why Dubai is considered a safe bet always.
Business in Dubai could be the ideal decision during the period after the pandemic.
We believe that the things we discussed in this article, with respect to starting a new business in Dubai after this pandemic will be beneficial for you.