UAE is considered one of the premier choice when it comes to setting up a business. It flourishing economy has welcomed a number of investors and still continue to open its doors to aspiring entrepreneurs.
But setting up a business in this country and being successful on it is not just about the location. Although it is a contributing factor, the success lies on the hands of business owners and how he is penetrating the market to capture the right audience.
If you are thinking of going for a RAK free zone business setup, these tips on how to properly approach the market can help you:
- Advanced market research
The first thing that you need to know before you form your company is to get to know the market. The way to do this is to do an in-depth research on the people. If you are residing in a different location, it might be as twice as hard since the culture and perspective is way more different. You can do a local market research group in UAE to conduct the study. Since they are residing in the jurisdiction, they know the psyche and insight of their fellow countrymen.
Just be sure to provide details of what you need and give specific instructions. The market research should include all aspects of a buyer’s persona, what are their pain points, their buyer’s journey and what would make them subscribe to a service or buy a product. It should include a competitor scan as well.
- The right collaboration
Although the UAE government allows full ownership of foreign investors, it wouldn’t hurt if you will partner and collaborate with a local investor who has front seat in the market. A local partner can help you penetrate market segments that you are targeting and also connect you with the right people to help grow your business. Plus, you can be sure that your company is being watched and manned even if you are not there. With a local partner, you can take advantage of their knowledge about the local market.
- Getting professional help
If getting a local partner is not your appealing to you, you can put your trust with a business consultancy firm to help you get to know the market. These PRO service firms provide a number of service – from Fujairah free zone company formation to providing market insights to their clients so they can start their business in the right foot.