Dubai is known as the Middle Eastern city with most diversified economy. A great number of people today explore the opportunities to start their own small business. In addition, Dubai’s government is constantly working to improve the business environment. Currently, there are various laws that encourage startups, although the high cost for setting up and licensing a new business may be considered as obstacle by many. If you are planning to take advantage on the opportunities, you will need a fresh small business idea which you are capable of developing.
According to our observations, here is a number of suggestions with a promising potential for success in Dubai:
Food, Drinks and Catering
The population of Dubai is constantly growing. When the number of consumers is rising, the demand for more food and beverages is growing. For traders, it is important to know that UAE does not produce a large variety of foods and drinks, but imports most of them and therefore prices are much higher in comparison to many other countries in the world. Some reports claim that the country ranks third worldwide in regard to cost of food.
A significant disposable income allows many people to eat and drink out of home often and therefore cafes and restaurants, particularly in busy locations such as shopping malls or near landmarks, usually are very successful.
Specialty food and beverage online stores may also be very successful. Take for example the Gourmet Foods & Beverages.
By now, Dubai is indisputably among the world’s biggest tourist destinations. More and more travelers are seen arriving every month, both for business and leisure. Successful small business could be a speciality travel agency, exotic tour operator or tour reseller, themed entertainment provider. Although the travel and tourism sector is already well developed and serviced, there is still space for startups targeting middle class travelers. The luxury travel sector is slightly over-saturated with five star hotels and exquisite restaurants, in addition to luxury experiences.
Dubai’s population consist of over ninety percent of expats. Their nationalities and cultures are more than diverse. As a result, specialty and private schools are enjoying large popularity. No matter in which field of education you choose to work, you will quickly reap the benefits of your work. In addition, the local regulator, KHDA, is focused mostly on attracting investors and quality of services is still largely overlooked.
At present, the education provided by the majority of private schools in the city is bellow international average, while the pricing for it is higher than in the United Kingdom and in the Americas. Although, parents massively complain from the high tuition fees, on the other hand, the opportunities for investors are endless. Even investors with a little knowledge and experience in the sector are welcomed as long as funds flow in the economy.
Recruitment agency is also among the successful small businesses in Dubai nowadays. That is especially the case if the agency focuses on skilled workers. There is a high demand for skilled professionals, as the economy is developing with a rapid rate. Services across all sectors are in a need of improvement.
Dubai is the Middle East’s hub for trading. There are many people in the city who make living by trading on smaller or larger scale. You are able to import or export nearly all kinds of products, including fashion accessories and materials, plastic goods, dried fruit, vehicles, textiles and many more.
An important details to consider is that the population consists of nearly 75% males.
A great part of Dubai’s population defines itself as working class professionals. Sometimes, both the husband and the wife work five days a week. In such cases, they usually rely on childcare facilities, where professionals can look after their kids. Housemaids are an easy and affordable luxury as their wages are still low, but they are often not qualified. A full day nursery will be a very successful business, but only if you are not one of the greedy entrepreneurs whose rates are sky high. Moderation is a good thing even when it comes to profitable business!
Bear in mind that these ideas for a successful small businesses in Dubai may not be profitable if you do not put enough time and efforts to develop them. This is always part of the recipe for a successful startup not only in Dubai, but anywhere in the world.