For some entrepreneurs, coming up with business ideas is as easy as finding an excellent shawarma place in Dubai. For others, it poses a nearly insurmountable challenge. Fear not, this article will show you how to research so you can come up with a great idea to launch a business.
Not all Business Ideas are Unique
Many talented entrepreneurs waste energy trying to think of a unique business. They should be focusing on how to be better at something, rather than how to be different. If it is a good idea, there will be plenty of competition. Remember that Apple was not the first mobile phone manufacturer. Amazon was not the first online store. A more constructive approach is asking yourself how you could put your twist on that product or service.
Your research could focus on business ideas that are doing well in your community. Ask around, go to local business council meetings and networking events. It will give you a feel of what type of businesses are doing well.
Leverage your Skill Sets
If you’re not trained in veterinary care, you wouldn’t open a veterinary practice. The same principle applies to any business. You’re far more likely to make your idea a success if you focus on the skills you already have. Perhaps you have decades of experience in a specific area, or you have an advanced degree in another field; you can leverage this to narrow which industry or sector you should start your new company.
You don’t have to limit yourself to a hundred percent match to your existing profession. We have come across many UAE based flight attendants who have leveraged their customer service experience to launch successful event management or marketing companies. Their previous job gave them insight on how to ensure customer satisfaction and the importance of being attentive to client feedback.
Look at International Markets for Inspiration
Looking at your home country for inspiration can be a great place to start. Many entrepreneurs focus on introducing a product or service that hasn’t yet been marketed in the UAE. You might discover something on offer in other GCC countries. And decide to become the sole distributor or enter into a franchise agreement. Every year hundreds of international brands are introduced to the UAE, why reinvent the wheel when you can bring a successful idea from abroad?
Sometimes all you need to do is tweak a foreign offering to local tastes. Many fast-food brands discovered that by moving their offering a bit upmarket and by offering home delivery, they are better able to cater to local tastes. Similarly, due to low labor costs, it’s much easier to have a focus on full-service then self-service restaurants. In summary, take a great idea, write a detailed business plan and modify it for the local environment.
Research Ideas that Solve Things that May Become Future Problems
There are numerous potential societal challenges that we must confront at some stage. A good example is an increasing demand for desalination plants and the overall water conservation needs in the UAE. A country that will be impacted by rising temperatures and climate change.
Could you potentially come up with a cost-effective manner for businesses or consumers to reduce their water usage? Could you start a company that specializes in xeriscaping, the process of gardening that reduces or eliminates the need for water from irrigation? In summary, businesses that can focus on mitigating or solving future problems such as climate change are positioning themselves profitably for a future that awaits us.
Sharing is Caring, Tell us How you Come Up with Ideas
We hope that through the previous examples, you’ll be able to come up with your ideas or to improve on others’ ideas. There are multiple ways to research to find your perfect idea, and we have just scratched the surface by highlighting a few. Share your feedback and ideas in the comment section below.
If you’ve already discovered your big money-making idea, speak to our consultants for a free consultation on the business incorporation process in the UAE.
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