Do's and Dont's before starting a business in Qatar
“Hey there, Mark! How are you doing?” “Hello Jones. Been a long time since we met.” “Heard you are going to start a business in Qatar.” “Yes. I am in the process of getting the necessary documents together.” “Hope you have done your research and understood the Qatari market.” “Will figure that once I get everything in place. How different can it be from other markets?” This is a mistake that is often made.
The ‘how-difficult-can-it-be’ attitude eventually wears down an enthusiastic entrepreneur.
While the idea might sound fabulous, the knowledge and expertise to make it happen may be lacking. That is where we step in—to guide you through the nuances of the Qatari market. So here are a few pointers to help you get in the game. Do’s
1. Have a foolproof business plan: Getting the skeleton in place is primary. You need a strong plan and the drive to see it through. Keep your eye to the ground and your eye at the market. Look out for what technology or advancement is coming soon, or for something that will change the business landscape of the place. People would rather have less of a bad thing than more of a good thing. So look at ventures which would help a customer fix a problem that plagues them. A fresh perspective to create something better, cheaper or faster always scores with clients. You want to get noticed? Get ahead of the curve. 2. Ensure you have proper funding: Identifying the source of capital in the early stages is most daunting. Your best bet would be find a steady source of income on your own. If that does not work, look at bank loans or ventures that offer seed-stage capital. Once you have the show on the road, the rest will work itself out. 3. Have a plan that can sustain you: It is imperative that you have a good understanding about your possibilities and limitations. Have a sound understanding of sales, gross margins, cash flow and other similar specifics. Knowing the numbers — business economics — will help you make sound decisions. Cut corners and costs when you can. The idea is to start small and grow. Use social media effectively and ensure you build a good relationship with your client. Don’ts
1. Come without a plan: Being good is no longer good enough; you have to be great at what you are doing. Then it becomes imperative that you have a thoroughly revised plan at hand. People deal with only those they like, trust and identify with.
2. Expect someone else to fund you: The lack of financial management expertise is probably the most common factor that causes otherwise successful firm to run into difficulties. The right knowledge and the right tools are key to getting your business started on the right track. Have your funding in place before you set up office space.
3. Think business in Qatar is easy: Making your mark in one the world’s fastest growing economies is no easy feat. It is profitable but requires hard work. Your business is as strong as your team. Make the right choices and choose a team that shares your passion and enthusiasm. 4. Believe your plan is bullet proof: Even though you might have an idea that sounds excellent on paper, be ready to make required changes once you are on the field. A successful business has to be ready to adapt to change as production techniques and consumer preferences evolve. Failing to do so, may lead to trouble.
That is where we step in. With over eight years of experience in helping companies set up in Qatar, BBMS is a prominent company formation expert that caters to the SME market place. We are currently partnered with over 80 companies and continue to help them to their needs. We understand the Qatari market and its needs and are in a position to guide you to make the right choices and decisions. Are you looking for a stress-free way to start your company in Qatar and do you need professional assistance to help you in the process. If your answer to both these questions is “yes”, then reach out to us at info@bbms.qa or call us at +974 4012 0333 and we would be happy to help you make your business a reality.
