The United Arab Emirates is famous for having a business-friendly environment, a favorable tax structure, and a legal framework directly. However, like other countries, the UAE also passed a series of problems that could generate several challenges while investing in this country. But if you are career-driven, dedicated individuals who are enthusiastic about the broader scope and outreach this country has to offer, make sure that you build yourself for common challenges that come your way when establishing a business in the UAE.
When you’ve lived and worked in Dubai as long as I have, you would be forgiven for being almost insensitive to the town’s acceleration. Nearly a week passed without word of another new development or tentacle of the next great startup that will breakthrough.
Although a heart murmurs about slowing growth that seems to pop up every few years, Dubai continues to exceed expectations and take a remarkable evolution to the next level. There is no doubt that this is still very much a city that is booming.
But while the success graph of Dubai may seem unstoppable, that’s not to say doing business in this part of the world without challenge. Just like the power plant’s main business, there are certain things to be avoided and overcome. However, suppose you go into a new business set up with your eyes open and be aware of the obstacles that may lie ahead. In that case, there is no reason why entrepreneurs are encouraged and dedicated can not see success in this fantastic city.
Some Common Challenges That Appears While Setting up a Business in Dubai are-
- Getting known In Dubai
It can go from zero to a hundred in a heartbeat. But that does not mean you will step off the plane and start generating business from day one. Yes, it’s possible, but Dubai is the melting pot of networkers, and most likely, your first job will make yourself known. The business culture here in UAE is very much about people’s personalities- curious about you personally before they establish a business relationship, which is very much embedded in the city’s culture. Just place yourself out there in the right place, and they will come up connection.
Of course, how can you put yourself out? Is it essential? The key is not to spend all day trying to get someone to buy into your idea. Instead, dive yourself into the business culture, listening to those who are already in the game, and well worth considering what you can bring to them than just what they can do for you.
- Keeping the Dubai Mania in Check
It is the kind of place that you can easily get swept up in. There are a palpable excitement and almost manic work ethic that vibration through the town, and for newcomers, it may take a little time to get some perspective. While some can get a grip on things fairly quickly, many people understandably find a high-energy approach to almost all a bit scary.
The key to making sure you keep your sanity when adjusting to Dubai’s life is to find that balance as fast as you can: set a reasonable hour and take the time to switch off. If you do not, you could find yourself on fire before you know it.
Burnout is more than fatigue or even exhaustion. I have seen it many times, and can have devastating effects. Fatigue is a state of chronic stress that impairs your cognitive function, blurring your thinking process, and in worse cases, can lead to a total cut off from the world around you.
- Managing money Here in Dubai
Managing your cash extends way beyond your business. It is a city of money, after all. The natural default position here is to spend. And why is it not? Dubai is a fantastic place to have fun and let loose, and of course, there are many excellent ways to spend your money: Fine dining, fast cars, watches, art, fashion and many other things that you need but, also, don’t need.
And of course, the same thing applies to your business spend too. Again, there is much to splash the cash on office space, at least as many are not very desirable and memorable.
Build workflow organized. Some say you are good people who tagged, or you do not. While we agree that maybe some of us find it simple than others, I believe that, like any skill, an organization can be learned. But for some reason, perhaps in part because of how quickly things are out here, many Dubai-based businesses struggle to stay organized.
It is not uncommon to find a relatively large organization with a workflow management system that is not fit for purpose-if they even have a formal plan in place at all. On the flip side, you often find a business that has a split across multiple information systems. They have CRMs patchwork, accounting software, project management tools, and Excel spreadsheets together from time to time as the business has grown.
- People Management Course
This one is not unique to Dubai. How do you manage people you will have a large bearing on your success anywhere in the world. But most factors are unique to the city. Perhaps most important is the level of diversity present in most of the workforce in the emirate. You will deal with people from different countries and backgrounds, so that one of the main challenges for newcomers is to increase their level of cultural sensitivity and awareness.
Managing people will have a significant bearing on the success of a person anywhere in the world. Perhaps the most crucial aspect is the level of diversity present in most of the UAE workforce.
And engage with people carrying tremendous results- recently highlighted by a Gallup study.
And the beauty is, here, investing in people has never felt like a chore. Overall, the Dubai workforce is dedicated, passionate, bright, and hardworking. Just one of many reasons why, for me, there is a place no better place in the world to do business.
Setting up a business in Dubai challenging process regardless of how knowledgeable or motivated you can. The best way and the most common practice to take the help of professional business setup consultants in Dubai. They will give you a unique insight into the market and help you get your perspective. Consultants services include providing with the location of a suitable job, give access to suppliers, do all the paperwork for your business setup, meets all the legal requirements for licensing and registration of businesses, carry out banking procedures, obtaining visas and provide networking opportunities for you.