More and more Generation Y are dropping the jobs which restrict them to the formalities of a normal office and going location independent, this for many has resulted in setting up businesses and freelancing from the likes of Thailand. Increasingly the opportunities of The United Arab Emirates are attracting the most enterprising on individuals who are looking to explore the business world of this exciting country!
If you feel you have the experience required to make a jump into setting up your own business in the United Arab Emirates you will need to plan ahead bearing in mind the potential challenges you are going to face. Start off with a business plan identifying the strengths and weaknesses of your idea and then the opportunities available for your business in the UAE.
Examples of such would be a tourist the current growth of the tourism industry. Then you need to look at the threats and challenges which you would be facing, the economy, legal issues and so on. Knowing this will then ensure you have the opportunity to plan ahead especially as knowing regulations regarding business in the UAE is crucial. Depending on exactly where you are in the UAE you may need to join a Chamber of Commerce and register your business with various bodies.
One of the most challenging parts of setting up and running a business is the finance and resulting cash flow issues you may be presented with, especially if you give you lines of credit to your customers. The most effective way to get around this is of course planning in advance and being aware of the business finance and cash flow services that would be available to you from banks.
When you are setting up your business current account if your business plan suggests there may be a significant time difference between selling a product or service and receiving the payment enquire about the cash flow products on offer. These will ensure that you receive a percentage of the value of the invoice prior to receiving the payment from the customer.
Such services will come with an array of benefits for your business and will address one of the most common reasons for business failure across the world, cash flow problems. Even the most profitable businesses can fail if they do not have access to their money in order to pay their own bills.