You might get inspired after observing the success of your friends or colleagues and feel motivated to start the business on your own. It’s absolutely fine to benefit yourself with profitable investment and trade opportunities. In order to ensure success, all you need to do is to ensure the feasibility of your business idea. You can’t select a niche just because others are earning profits. You never know how many faced failures choosing the same idea. Whether you are the new entrepreneur or an experienced capitalist seeking for diversification, you must concentrate to gain the complete knowledge of the industry you are willing to adopt as the next avenue. Lack of knowledge can be the primary reason of failure. 90% the setups face failure, not because of lack of capitals, but due to the insufficiency of the knowledge about the products or services. Commercial knowledge includes complete know how to operate a setup in all situations. The true success lies in creating a product or services that people actually want. You may have developed an outstanding product without doing market research and assume that people should purchase it as you have invested significant money and time to develop that product, then you are terribly mistaken. Assumption doesn’t work in the real world. Unless you are not sure, don’t proceed.
You might be thinking how could you estimate the success of any product or service before its launch, then don’t think you as a fool. It’s a very valid question. The best way to ensure the probability of success to set up business in Dubai, [/b]you can [/b]simply test your work idea in the market where you are going to start setup.
Recognize your market[/b], it’s not only about locating the region on the geographical map, rather, it also includes identifying everything from size, age, the value of money and suitability of your product and services. Searching online is the best way to get the basic idea. Moreover, you can also visit industry associations and trade shows to get a better idea about future and existing competition. You can review the same products and services other vendors are offering to analyze your capabilities to offer at the same or at lower prices. Will you be able to make your products more valuable without increasing the prices?
Understand your customers, [/b]perhaps you don’t consider it important, as you believe that those who need the product will eventually buy your products. You can never design the perfect product that truly satisfies customers, unless you don’t understand your customer desires. To identify their desires, you must know the right age group, sex, social and professional status.
Measure the demand, [/b]it might not be possible with a limited marketing budget, as you don’t have huge money to spend in running product testing marketing campaigns like to offer free services and distributing free sample products. What you can do is to start up on the small scale while carrying on testing the results simultaneously. Ask your customers to give a feedback about their experience with your product or services. Don’t miss a chance to promote your product in the local trade show, expos and festivals. Attending and participating in such events will not only let you interact with prospective customers, but also with other vendors and industry players. This simple activity will let you create the good network that will benefit you in future.
Maintain the list of your contacts, [/b]don’t ignore maintaining the list of contacts while setting up your business. Whether, they are customers, vendors and suppliers, keep on communicating with them. You never know today’s stakeholder will become your future customer. Even they don’t avail your services, they can refer you to their contacts.
Summary[/b]: These are few simple steps you can follow at the initial stages of setting up the system to test and estimate the success of your business idea to avoid startup failures.