The UAE is a land filled with opportunity that invites entrepreneurs from all over the world to engage in businesses that make an impact. Establishing a business has never been easier with the UAE’s business friendly policies and regulations. Though most barriers to starting a small business are lowered or removed, the biggest barrier, i.e finance. Many turn away from the prospect of starting a small business due to the high set-up costs associated with the business setups. However, there are businesses that have lower start up costs as compared to the average usually spent to set up an organization. Though these costs cannot be completely removed, reducing the amount of investment required can boost the finances of a newly set up business. Here are some businesses that have low investments:
1. Education based businesses
Tutoring or instruction-based businesses have been on the rise due to the lucrative market it presents. If you have knowledge pertaining to a certain field or a skill that most would love to learn, this is the business for you. The initial set-up costs for this type of business were always minimal, but with the shift to online platforms, the initial expense has reduced even further. All you really need for this type of business to succeed is knowledge, qualifications (where needed) and skills for the field you’ll be instructing on.
2. Web design-based businesses
Post pandemic, there has been a major shift towards online markets and services. This means that most companies have now found it increasingly important to establish their own online presence, and this is where web design-based businesses come in. As long as you have the required skill set needed to set up websites, amongst graphic design or UX based skills, this business is a good option for you. The initial costs involved with this type of business is limited to the equipment you have, and subsequent investments are also lower than the average.
3. Social e-commerce stores
The new online market that has emerged in the recent months has inspired many to set up an online store and sell products. Small businesses have been thriving on platforms such as Instagram, due to its easy-to-access nature and directed algorithm that reaches the right type of customer. You have the option of starting this type of business from your own home, and all you’ll really need to do is acquire the relevant licensing needed for this type of business.
Similar to education-based businesses, consulting is a business that is profitable if you have a skill or service to offer. Consultancy services provide strategic advices that can assist its clients in improving areas of needed improvement. The initial investment is limited to the knowledge or skill set you have, licensing and an online presence, if you plan to conduct your business online.
It’s important to understand that businesses cannot be started without investments. There are unavoidable costs that are associated with businesses, like licensing requirements and other legal procedures. Avoiding these will only result in heavy fines, so it’s better to not skimp out on the important aspects of setting up your business. The easiest way to use your limited investment wisely is by making sure you’re spending your funds where it’s required and cutting back on areas where it’s not needed as much. Utilizing resources that are present is also a great way to reduce expenses. Instead of setting up your business on the mainland, set it up on a free zone like SPC Free Zone. These free zones provide cost-cutting benefits that can be crucial for new businesses with low funds. Turning your entrepreneurial dreams into reality is possible with the right type of financial planning. These businesses are an opportunity for you to start the enterprise of your dreams and grow into something bigger and better.