Starting a new company is a process in the middle of which a new entrepreneur often needs business advice and various services related to insurance, sales and marketing, legal services and financial administration. Many companies also need premises to run their business. Fortunately, business setup in Dubai starting a company is not only on your own shoulders, but help to start a company is available from many sources.
Company insurances
When you think about how to start a company, you shouldn’t focus on being afraid of all possible risks, but you should still be realistic about them. It is good for the entrepreneur to prepare some kind of risk management plan and think about what would make sense to insure. The most common so-called voluntary insurances are liability insurance and accident insurance.
The only mandatory general insurance is the entrepreneur’s pension insurance, which is paid according to the income reported by the entrepreneur. Some industries require other insurances, so it’s worth finding out about the requirements of your own industry. If the company has employees, you must also take out, i.e. employee pension insurance and accident insurance.
Get to know the entrepreneur’s insurance.
An entrepreneur should usually request a consultation on legal matters as soon as it is time to start a company. At least all relevant contracts should be used by a lawyer before starting operations. It is recommended to use the services of a lawyer at least in the deed of sale of a business transaction, in shareholder agreements, and sometimes in the company’s taxation matters. There are many ready-made templates for different contracts on the Internet, but when using them, you should remember that ultimately the responsibility always lies with the entrepreneur himself. Even a small contract mistake can cause big damages to the company at worst.
If there are clauses in the contract that you don’t understand, you should use the text with a lawyer so that you don’t agree on anything that you don’t understand. Married entrepreneurs should also consider drawing up a prenuptial agreement, because in the worst case, the entrepreneur may have to give up his business in the event of a divorce.
Financial management of the company
Every Dubai company is bound by the accounting obligation. Few entrepreneurs know how to do their own accounting and even fewer have time for it. That’s why it’s worth getting a competent accountant at the very beginning of starting a company. However, it is good to keep in mind that even though the bookkeeping is outsourced to an accounting firm, in the endgame the entrepreneur himself is responsible for it.
Company sales and marketing
Even if a company offers the most attractive product or service in Finland, the company cannot succeed if no one knows about it. Every company needs sales and marketing to support it. Sales and marketing require extensive expertise, for example, as the number of digital channels is constantly increasing and they are changing. It is quite impossible for an entrepreneur to stay on top of how and where to market. That’s why it’s worth hiring an expert in the field to help.
Company premises
Does your company need office space? When looking for office space, you should think about whether you want to buy or rent the space, and what kind of space the business requires. In best PRO services in Dubai addition, it is good to consider at least the following questions: in which area should the office space be located, what kind of transport connections does it require, what kind of services should be available, and is there a possibility to expand operations in connection with the space.
Take a look at the available premises.
Business advice: help to start and develop a business
Few people have all the necessary know-how when becoming an entrepreneur, so it’s worth turning to an expert at a low threshold. A business advisor can help an entrepreneur in starting a business, but also in developing the business of an already existing company.
New business financing
When the business idea begins to materialize, it’s time to think about the company’s initial capital, financing for establishing the company, and financing the business itself. First, it is necessary to map out the company’s start-up costs, ongoing costs and other investments, after which it must be decided whether to apply for external financing for its business operations. At the beginning of business operations, it is also good to assess what kind of needs there are for working capital.
You should familiarize yourself with business support already when the establishment of the company is still in the planning phase, because, for example, start-up money must be applied for before the establishment of the company. Strattera is a personal support granted by the Employment and Economic Affairs Office, the purpose of which is to secure the entrepreneur’s livelihood during the initial stages of business operations. It is granted in 6-month periods for 1–2 seasons, i.e. a maximum of one year’s worth of start-up money can be received.
Funding for a new company can also be arranged in the form of a business loan. You can apply for it from the bank, Finn vera or private investors.
Becoming an entrepreneur without starting a company
Are you interested in starting your own company, but lack a good business idea? You can become an entrepreneur without starting your own company by buying an already operating company or by becoming a franchise entrepreneur.
Buying a business
Buying an existing company is often less risky than starting a new one. The existing company already has a ready customer base and its business idea has been tested in practice. You can start developing its operations immediately, and you don’t have to spend time on establishing a company and acquiring customers. With a ready-made company, you can get cash flow from the first day, and you don’t have to persevere with business subsidies.
When browsing companies for sale, you should remember that all companies can and should be developed. So it’s good to think about whether it would be possible to develop a company that matches your vision from a functioning company?
Do I get off the ground faster by starting a business from scratch or by buying an existing business?
Companies are sold from almost all industries. If you can’t find an interesting company among the sales announcements, you can also leave a purchase announcement. In addition, you can create a search watch on the Company Exchange that notifies you by email when an item of interest to you comes up for sale. One effective route to entrepreneurship is to become a partner in an operating company. The partnership may mean that the company needs more know-how and workers or business setup and company formation capital to enable growth. Sometimes becoming a partner can be a step-by-step path to owning the entire company. In this case, the owner of the company sells part of the company’s capital first and later the rest, so that the ownership of the entire company is transferred to the departing partner. If you are interested in buying an operating company, check out the companies for sale!
Franchising
Franchising is a good option if an entrepreneur wants a ready-made and market-tested concept for his business. In franchise entrepreneurship, the entrepreneur’s business is guided in the UAE according to pre-agreed instructions and business model. The entrepreneur gets to use a ready-made and often well-known brand. Franchising is usually a risk-free venture and, in addition, the entrepreneur receives the support of both the Dubai and other entrepreneurs representing the Dubai.
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