10 Ideas To Grow Your Business in Dubai

This article was updated on June 12th, 2023

This article has been researched and written by Thomas McNelliey and the team at Creation Business Consultants and has not used AI in generating this article.

Dubai’s recent advancements have solidified its position as an ideal hub for small and medium enterprises (SMEs). With approximately 550,000 companies in the UAE, a staggering 95% of them are based in Dubai. Notably, these SMEs contribute to 47% of Dubai’s overall development. Whether you are contemplating launching a new company in Dubai or expanding your current operations, Creation Business Consultants team of experts is ready to provide comprehensive assistance and guidance.

SMEs ARE THE BACKBONE OF BUSINESS INDUSTRY IN DUBAI

In the UAE, Small and Medium Enterprises (SMEs) play a pivotal role in the business industry, acting as the backbone of the country’s growth and attracting foreign investors. The government and reputable business consultancies have consistently provided supportive facilities, contributing to the success of SMEs. Notably, reports indicate that SMEs make up about 60% of the country’s GDP.

At Creation Business Consultants, we are committed to fostering the growth of SMEs and offering comprehensive assistance to transform small enterprises into well-established businesses. Whether you require assistance in company setup or seek guidance for expansion and sustainability, our team is dedicated to helping your business thrive.

TIPS TO EXPAND AND GROW YOUR BUSINESS IN DUBAI

Achieving business growth and adapting to changing conditions can be challenging. However, expansion is essential for a company’s survival in today’s evolving business landscape. If you have successfully navigated the startup phase, you are now ready to chart your path to growth. Before embarking on this journey, consider the following questions:

• What is the next stage for your business?
• Is your business prepared for expansion in the UAE?
• Is Dubai the right location for your business growth?
• How will you plan and strategise the expansion of your business in the UAE?
• When will you be able to expand to Dubai, the UAE, Saudi Arabia and the GCC region?
• Are you considering future-proofing your business in the UAE?

There are various approaches to growing your business in the UAE, and the right option(s) will depend on factors such as your business type, available resources, timeframes, and funds. To assist you in making informed decisions, Creation Business Consultants has compiled a list of top ideas to support your business growth in Dubai, the UAE, and the broader Middle East. Whether you choose to pursue these ideas or explore other avenues, our team of experts is here to help you kick-start your expansion journey on the right path.

OPEN A NEW LOCATION

Embarking on the path to expansion begins with taking that first step. Consider opening a new location to expand your brand’s reach and capitalise on new opportunities. If your current business location is not yielding the desired results, exploring another location may be worthwhile. Take into account your target demographic within the potential new area. Additionally, carefully consider the following factors:

• Foot traffic: Will the new location provide sufficient customer flow and visibility?
• Accessibility: Is the new location easily accessible for your target audience and convenient for potential customers?
• Demographic fit: Does the new location align with the demographics you aim to target and serve?

When it comes to selecting the ideal location, seeking the guidance of an expert can prove invaluable. An experienced consultant can offer insights, suggest suitable locations, and assist in shortlisting potential options. By leveraging their expertise, you can make a well-informed decision and set your expansion plans in motion.

FRANCHISE YOUR BUSINESS

If you want to open a second location but simply do not have the time or manpower, franchising your business is the ideal option to keep the wheels of growth and expansion in motion. Franchising your business allows your company to grow without involving you to run and manage the new location. Additionally, franchising allows you to expand while spending your time on progressing and developing your business in other ways.

LICENCE YOUR PRODUCT

Licensing your product provides a valuable, low-cost growth method for your company, particularly if your business provides a service product or branded product. Licensing minimises your risk and involves lower costs in contrast to the price of setting up your own business to produce and sell your brand or product. Before licensing your products, be sure to thoroughly research a suitable licensing partner that provides products or services like yours. Before you arrange a meeting or contact any company, find a competent attorney who specialises in intellectual property rights. This is the best way to minimise the risk of losing control of your service or product.

ESTABLISH AN ALLIANCE

Associating your business with a similar type of business can be a powerful way to expand quickly. Strategic alliances between two companies can provide an appealing avenue to break into new markets. Additionally, a well-positioned partnership can provide instant access to new customers. A partnership does not necessarily have to be about bridging markets. A partnership can also supply capital, access to technology, manufacturing processes, etc.

DIVERSIFY

Diversifying is a great approach to growth, as it permits your business to create diverse income streams that can cover seasonal voids which will increase profit and sale margins. The most common forms to diversify are:

• Selling complementary products or service.
• Importing or exporting yours or other products.

TARGET NEW MARKETS

Your current target market is performing, however there may be other niches in the market to home in on. Are there other opportunities? You can enter new markets by building off your current brand awareness. Start researching to seek openings in other markets that could use your product.

BID ON A GOVERNMENT CONTRACT

A great strategy to grow your own business is to bid and win a contract from the government. In the UAE, there are many opportunities available for governments support and fund to businesses. Research government funding support to determine the types of contracts available to your business industry.

MERGERS & ACQUISITIONS (M&A)

A business merger may provide your company a chance to grow its market share. Start by considering what businesses are like yours, or those who have similar offerings to yours. Determine the benefits of combining strengths or acquiring the prospective company. 

• Thoroughly evaluate your liquidity and financial capability.
• Put together your perfect finance, sales and marketing and operations team.
• Obtain the best leadership team you can.
• Establish your goals and measure for success.
• Ensure information can be shared securely and efficiently.

Creation Business Consultants Mergers & Acquisitions (M&A) consultants have the insight and experience to advise corporate and private equity investors through the M&A process. From introducing strategic partners, preparing investor packs, forming strategies, due diligence to integration or divestiture, we provide solutions to support you to achieve your growth objectives.

EXPAND TO THE INTERNET

A lot of customers find a business through an online search engine. In fact, according to a Salesforce study 86% of consumers look at online presence before they physically visit or make a purchase. Researching via the relevant websites 86% and via social media, 36%. If you want to reach the maximum number of potential customers, you must have a robust online presence. From an engaging website to social media presence, expanding your internet presence will help you target a wide range of customers locally and globally.

If you already have an online presence, it can help to enlist the expertise of a digital marketing company to help you identify search terms for your product or services and start a small Google ad campaign to enhance your results. Once you start to see results, you will be able to increase a wider net of customers you never knew existed.

ENTER NEW MARKETS

Seize the opportunity to expand your business globally and enter new markets. Whether you are an individual or a company aiming to establish a commercial presence in Dubai, Abu Dhabi, the broader GCC region, onshore, free zones, or offshore, venturing into new markets can be a daunting task. However, you do not have to face it alone. The experienced professionals at Creation Business Consultants are here to guide you through the intricacies of expanding into new markets.

From the initial application process to commercial registration, we provide a flexible, streamlined, and cost-effective approach to company formation and establishing local partnerships. Our team is equipped with the expertise and knowledge to navigate the complexities of expanding your business into diverse markets. With our support, you can confidently navigate the regulatory landscape, capitalise on opportunities, and pave the way for a successful expansion into new markets.

CREATION BUSINESS CONSULTANTS

Whether you need help setting up your new company or need help expanding into a new market, Creation Business Consultants – Corporate Structuring Team are equipped with the knowledge, expertise, and experience to help your business grow. Contact a member of our team to schedule your free business consultation today on [email protected] or call +971 4 878 6240.