Congratulations, you’ve decided to start a business ! (or are thinking about it). Undoubtedly you have a ton of questions; How do I get started?, what should I do first?, how much money do I need to start?, how much time?, etc. All of these are great questions and the answers will vary on the type of business you have, the experience you bring, and market you will be serving. (just to name a few).
First, lets start with 3 basic questions You need to ponder and clarify before you begin.
Why do you want to start a business?
Many of us are driven to want more and accomplish more. For many, its the lure of more wealth, being your own boss, or filling a niche market where there is little to no competition…or to improve on an already existing product or service. Whatever your driver is…make sure you are clear in your own mind, are confident and comfortable with defending that goal.
You also need to consider the type of business you will be comfortable with running. If you are not interested in the same, or do not receive any help in the form of incentives from the governmental authorities you might face everything from escalating costs to tons of additional and unnecessary paperwork. This is why a good idea will be to check business information in UAE before thinking of starting a business in Dubai, Abu Dhabi or Sharjah.
How much time will I need?
In general terms….Not enough! Starting a business is time consuming. There are lots of details that need your attention including legal, professional license check, financial and accounting, purchasing, production, quality management, distribution, delivery, marketing and sales to name a few. Time is scarce…use it wisely. Make sure that you also keep a good balance in your life.
How much money will I need?
In general terms….Not enough! 🙂 It is imperative that you look at the numbers realistically, understand your financial needs (vs. wants), and whatever you come up with…..add 20%. YOU need to understand the financial metrics of your product &/or service. If numbers are not your thing…get advice from someone you trust to be completely honest with you and can provide good sound financial advice. Better to understand that your business idea will not work financially now….rather than finding out after you sunk thousands of dollars into it.!
I would suggest to ponder these three questions for some time and write down your answers, your thoughts, (maybe pro’s and cons), and then review this again. I’m not saying you need to procrastinate, but these 3 core drivers: Time, Money, and Purpose will drive many of your decisions as you begin to build your business.