6 Steps to Set Up a Successful Startup Overseas
Starting a business in a foreign country comes with its own unique set of challenges.
However, due to the emergence of professional business setup companies, the difficulties foreign entrepreneurs face are now mere requirements to be met.
In Dubai, for example, the setup process is made simpler with the availability of business startup services, which include everything from assistance in document processing, to the provision of serviced offices.
If you are an Indian entrepreneur hoping to break into the globally competitive business scene in the “City of Gold,” you will do well to turn to available startup solutions. Not only will they educate you about the special business setup dynamics in a free zone like Dubai, they can also expedite the often long and stringent process of procuring licenses, permits, and other important legal documents.
Not only that, these solution providers can also supply you with the right professionals to ensure legal and industry compliance, and growth in the business you are building. For instance, if you do not yet have an accountant to help you manage your financial records, they can provide you with one initially whom you do not necessarily have to put on your payroll.
Essentially, a large chunk of the responsibilities you need to take care of for a successful startup is already covered. Your responsibility now is to focus on the aspects of the business that require more of you. To help you with this, listed below are the six steps to take:
1. Find additional funding
You may have sufficient funds for the moment but it is imperative to attract investors to support the operations up ahead. Identify potential investors or partners that can direct money into the operating fund of the business. This way, you can build momentum more easily.
If you want to be on the safe side for this – reach out to family and friends who may be interested in becoming your partners. It will be to your advantage to seek the financial backing of the people who care about your business success.
But remember that although you will essentially be partnering with people within your close social circle, this type of arrangement still comes with some risks. However, you may enjoy the benefits of more flexible terms in such arrangements. Just be sure to get everything down on paper, and that all concerned parties understand the terms.
The bottom line here is, sufficient funding is important because nothing will kill a startup faster than insufficient funds. Therefore, work on acquiring more funds.
2. Research your particular industry thoroughly
Find out what the latest trends are as well as the evolving dynamics for operations similar to yours. It is essential to know what everybody else is doing so you know the systems that work and don’t, and determine ways to set your business apart from the competition.
You may want to find out more about your competition as well. This is an important tactic when starting a business because if you seem to have duplicate offerings, you want to make sure that you have a way of edging out what is already available to your target market.
All in all, studying the industry scene will help you better establish your business’ unique identity and have a stronger impact on your target market. With a unique identity, even if you already share your market with other enterprises, you can gain customer interest and, perhaps, sway their loyalty in favor of your business.
3. Plan for a memorable launch
One of the best ways to have an immediate impact on your target audience is by starting out with a lot of noise.
It is important to generate buzz about your business long before it even launches. You want people to become aware of your presence and build their excitement about what you have to offer.
For example, if you will be launching an authentic Indian restaurant (which Dubai already has a lot of), send out the word about what you are offering that other Indian dining establishments do not. But, make sure that the timing for “news distribution” is just right because you do not want to give your competitors the opportunity to counter your unique offer.
Creating buzz for your business will require the help of marketing specialists. You need to harness both traditional and digital marketing mediums, and there are companies that can help you plan out a marketing strategy that will achieve your goal of an impactful launch successfully.
4. Open an official business bank account
This is one of the most important things to take care of if you are a startup.
The business official bank account is necessary for managing finances and establishing credibility. If your business already has one, the entities you transact with can have the assurance that they are dealing with a legitimate business establishment.
Setting up a business bank account can take a few months, though. Startup consultants advise applying for one six months before the business becomes fully operational.
5. Make sure your business already has working communication lines
Every business should already have these in place the moment it starts offering its products and services. Telephones, fax machines, computers, and Internet connection should already be set up to accommodate business activities.
Applying for a phone line or even an Internet connection can take some time. So make sure to get this part of the work done, at most, two months before the official launch of your business.
6. Keep an eye out for even more business
Be an opportunity detective and do not just fall into complacency when things are going smoothly for your startup. Search for what is lacking in your industry and innovate so you can dictate trends instead of just going along with them.
Remember, the business scene is constantly evolving and one smart way to stay on top of the game is to be a trendsetter. Be the best at what you do and set new standards.
In addition to this, determine how you can expand your operations. Yes, you may stay be a startup struggling to sta-y afloat but if you already have growth goals in mind, you make failure a non-option for your enterprise.
Stay the course
Long-term goals have the power to keep you focused as well as turn the difficulties of the present situation into stepping-stones toward bigger and better things.
Success is about putting in the work and doing everything you are expected to do.
So, to ensure that your startup will take flight and soar, meet every single requirement and do not hesitate to get the help you need for the things you either cannot personally manage or lack a proper understanding of.
Raj Herry is the Founder and Chairman of Flying Colour Business Setup Services. His extensive experience comes from more than 15 years in the field of company incorporation for Dubai Mainland, all Free Zones across the UAE and offshore companies worldwide. He also owns several business centres offering furnished and ready-to-move offices in Dubai.