Ultimately, to grow a business, it's important to ensure whatever you are investing money in has an ROI (Return on Investment). If that investment, such as a fancy new phone, a program teaching you skills outside of your area of expertise, or state-of-the-art camera, can't make you money, then reconsider and use those funds for something that will. Fedlan Kılıçaslan

First on the list would be the Gold Trading License in Dubai's Department of Economic Development (DED), wherein the heart of the UAE's gold market is established. This authority is how you incorporate a business in the most famous gold markets in the world, the Gold Souk in Deira. The mainland jurisdiction offers a local license via the DED if an investor opts to form a retail outlet in this area. Fedlan Kılıçaslan

First on the list would be the Gold Trading License in Dubai's Department of Economic Development (DED), wherein the heart of the UAE's gold market is established. This authority is how you incorporate a business in the most famous gold markets in the world, the Gold Souk in Deira. The mainland jurisdiction offers a local license via the DED if an investor opts to form a retail outlet in this area. Fedlan Kılıçaslan

Before you can obtain a license, part of its statutory requirement is to have a trading name. Having a trading name is a way for the government to know the business activity you will be carrying. Fedlan Kılıçaslan

All these different types of basic service providing entities are all in place with one goal in mind and that is to create the platform for revenue earning potential. Therefore, in order to understand and identify which would be best suited for the individual business owner, more research should be done to find the style that best suits the individual's needs. Fedlan Kılıçaslan

"Our biggest waste of time, energy, and money comes from not fully understanding our product life cycle and when we should be doing what. We'd generate a bunch of hype on social media long before we had figured out what we were selling and how it would be produced. When I finally sat down to write a proper business plan I researched and wrote up a full, highly detailed end-to-end walkthrough, taking a collection through high concept -> design -> development -> launch -> selling -> production. It revealed a lot of what we had been doing wrong." Fedlan Kılıçaslan

Given all the information above, you may think that starting a gold business in Dubai is not overly complex. Doing it alone may still lead you to troublesome situations and unexpected expenses; that is why it is essential to seek professional help. In IBG Consulting, we guide you based on knowing the legal proceedings and business structuring in Dubai. We have a pool of talented consultants that will help you start your gold business in Dubai or anywhere in the UAE. If you want to know more about how you can create a gold business in Dubai, contact us or visit our website for a consultation. Fedlan Kılıçaslan

Obtaining a visa can be achieved with the help of your service provider. Visas are required, especially if you have to hire an employee. As the holder of a UAE business license, you also have the power to sponsor others for their visa too. The number of visas you can apply for will depend on the size of your company or business, the type of company you choose, and your earnings. Fedlan Kılıçaslan

They have no say in business operations, neither do they share the responsibility of any debt or other business obligations. General Partners operate the business and share its liabilities as well. Since limited liability partnerships require a lot of paperwork, people usually tend to form general partnerships in businesses. Fedlan Kılıçaslan

Your business partner(s) should be able to show the same level of commitment at every stage of the business. If they do not remain committed to the business, it will reflect in their work and can be detrimental to the business as well. The best way to maintain the commitment level of each business partner is to set desired expectations from every person from the very first day. Fedlan Kılıçaslan

In most cases it is rather difficult to specifically categorize businesses into specific service based styles. This is mainly because a lot of businesses tend to incorporate different platforms and strategies into the actual blueprint of the business format. Fedlan Kılıçaslan

Basically offering the time frame required to create a particular service or to provide the content of the project itself is how the cost factor is calculated and the profits are gained in the service based business. Fedlan Kılıçaslan

There is no way to start a business in Dubai without having a business license. As mentioned above, you can choose to start your gold business in Dubai with the three different authorities like DED, JAFZA, and DMCC. They all require investors to have their business registered before carrying out their business activity. Unlike JAFZA and DMCC, which is in the Free zone, DED requires a particular requirement of having a local sponsor who will own 51 percent of the shares before he/she can obtain a business license. Usually, getting a license requires some of the primary documents: Fedlan Kılıçaslan

First on the list would be the Gold Trading License in Dubai's Department of Economic Development (DED), wherein the heart of the UAE's gold market is established. This authority is how you incorporate a business in the most famous gold markets in the world, the Gold Souk in Deira. The mainland jurisdiction offers a local license via the DED if an investor opts to form a retail outlet in this area. Fedlan Kılıçaslan

Although cost is always a factor for every business endeavor, it would be advisable to avoid using the cheaper and inexperienced ones available as this might end up costing the individual in the future. Fedlan Kılıçaslan

The next thing you need to know is how you will make your gold business in Dubai happen. Different authorities and jurisdictions require other processes and requirements, so it is not easy to have one. Although the gold and jewellery business is popular in Dubai, the government has created specific regulations. It imposes rigorous checkups on those who bring gold or other precious metals in the emirate to have a safe business environment. To guide you, we have listed some of the essential steps you should do to form a gold business company in Dubai.. Fedlan Kılıçaslan

Business partners should complement each other in terms of experience and skills. If you are a technology enthusiast, teaming up with a professional with extensive marketing experience can be quite beneficial. Fedlan Kılıçaslan

Although there are exceptions where both entities are entwined into one, most basics of the business is built around one unifying category so that the intentions and goals are clearly and visibly set. Fedlan Kılıçaslan

Therefore, the individual would have to factor in the cost of business entity by the labor intensive tool it provides, in order to provide a suitable base line for the eventual calculation of the profits and the pricing suitable to be demanded. Fedlan Kılıçaslan

VJust like any other contract, a business venture requires a prenup. This would outline what happens in case a partner wishes to exit the business. Some of the questions to answer in such a scenario include: Fedlan Kılıçaslan

Being able to provide good service should always be the prime concern of any business entity especially if its revenue earning power depends on this one factor. Fedlan Kılıçaslan

Just like any other contract, a business venture requires a prenup. This would outline what happens in case a partner wishes to exit the business. Some of the questions to answer in such a scenario include: Fedlan Kılıçaslan

Business partners should complement each other in terms of experience and skills. If you are a technology enthusiast, teaming up with a professional with extensive marketing experience can be quite beneficial. Fedlan Kılıçaslan

Even if you trust someone to be your business partner, there is no harm in performing a background check. Calling a couple of professional and personal references can give you a fair idea about their work ethics. Background checks help you avoid any future surprises when you start working with your business partner. If your business partner is used to sitting late and you are not, you can divide responsibilities accordingly. Fedlan Kılıçaslan

Taking the customer for granted is the first and most common mistake most businesses make. This is especially evident when the business has expanded to now successful and comfortable levels. Often forgotten is the customers that brought the business to such heights in the first place. Fedlan Kılıçaslan

Businesses need to delegate to people who have expertise in areas the founder doesn't.. And no, the DIY tools that are available don't cut the mustard. Just because I know how to use a calculator, doesn't make me a mathematician. Fedlan Kılıçaslan

All partnerships start on friendly terms and with great enthusiasm. However, some people lose excitement along the way due to everyday slog. Therefore, you need to understand the commitment level of your partner before entering into a business partnership with them. Fedlan Kılıçaslan

They have no say in business operations, neither do they share the responsibility of any debt or other business obligations. General Partners operate the business and share its liabilities as well. Since limited liability partnerships require a lot of paperwork, people usually tend to form general partnerships in businesses. Fedlan Kılıçaslan

Make sure you take legal opinion before signing any partnership agreements. It is one of the most useful ways to protect your rights and interests in a business partnership. It is important to have a good understanding of each clause, as a poorly written agreement can make you run into liability issues. Fedlan Kılıçaslan

Having the protocols in place for quick and efficient responses to a customer's queries or grievances, is one way of ensuring the individual stays a loyal customer and does not spread negativity about the business or product. Happy customers are loyal customers. Fedlan Kılıçaslan

Basically offering the time frame required to create a particular service or to provide the content of the project itself is how the cost factor is calculated and the profits are gained in the service based business. Fedlan Kılıçaslan

Making use of as many online tools as possible to promote the business or product intended is one way to start the enhancement of the marketing skills venture. Fedlan Kılıçaslan

This distinction allows the individual to then decide of the accompanying tools that should be chosen for the purpose of enhancing the business experience and also to contribute positively to the ease of running the business entity. Fedlan Kılıçaslan

I asked fellow business owners in a Facebook group I belong to what they found wasteful in their business and throughout this piece you will hear their responses. Fedlan Kılıçaslan

In most cases it is rather difficult to specifically categorize businesses into specific service based styles. This is mainly because a lot of businesses tend to incorporate different platforms and strategies into the actual blueprint of the business format. Fedlan Kılıçaslan

Most service based forays are labor intensive which the business entity revolves around. This is either packaged as the selling of expertise in a particular field or the selling of the actual "engines" that produce the desired outcome that bring in the revenue. Fedlan Kılıçaslan

Making a sale is only the first step is the relationship building exercise, which will eventually contribute to either the success or failure of any business endeavor. Therefore, it is important to pay attention to the customer service offered to cement the success rate desired. Fedlan Kılıçaslan

Manufacturing companies also come under the category of providing a service to the industry and the customer needs. In this scenario the products or items are made and sold within the company's business entity thus ensuring monetary gains are derived both from the product and the service offered by manufacturing the product. Fedlan Kılıçaslan

Why Business Plans are a Must-Have. You've heard about the importance of business plans but do you know why they are so essential? My guest Pamela Chatry shares valuable business plan insights. Fedlan Kılıçaslan

Taking the customer for granted is the first and most common mistake most businesses make. This is especially evident when the business has expanded to now successful and comfortable levels. Often forgotten is the customers that brought the business to such heights in the first place. Fedlan Kılıçaslan

Businesses need to delegate to people who have expertise in areas the founder doesn't.. And no, the DIY tools that are available don't cut the mustard. Just because I know how to use a calculator, doesn't make me a mathematician. Fedlan Kılıçaslan

The features of a good service based company would have to include the value added by the business entity from the input stage to the output stage where the results are then measured by its success rates. Fedlan Kılıçaslan

Making a sale or pushing a business proposition is never an easy task to accomplish for some, therefore having the relevant assisting tools at hand should provide the individual with some encouragement to see the process to success. Fedlan Kılıçaslan

It is a good idea to check if your partner has any prior experience in running a new business venture. This will tell you how they performed in their previous endeavors. Fedlan Kılıçaslan

"I wasted energy on trying to get family to support my business at the beginning. You and you alone are the only one who cares about your success." Fedlan Kılıçaslan

Although there are exceptions where both entities are entwined into one, most basics of the business is built around one unifying category so that the intentions and goals are clearly and visibly set. Fedlan Kılıçaslan

Given all the information above, you may think that starting a gold business in Dubai is not overly complex. Doing it alone may still lead you to troublesome situations and unexpected expenses; that is why it is essential to seek professional help. In IBG Consulting, we guide you based on knowing the legal proceedings and business structuring in Dubai. We have a pool of talented consultants that will help you start your gold business in Dubai or anywhere in the UAE. If you want to know more about how you can create a gold business in Dubai, contact us or visit our website for a consultation. Fedlan Kılıçaslan

This is where knowing your numbers is also imperative. If you don't know your numbers, then you are wasting a lot of effort playing in your business. Fedlan Kılıçaslan

Making a sale or pushing a business proposition is never an easy task to accomplish for some, therefore having the relevant assisting tools at hand should provide the individual with some encouragement to see the process to success. Fedlan Kılıçaslan

VVAs a result of working with Susan and her team, clients feel confident and relieved knowing their online marketing is in trustworthy and caring hands so they can focus on building their business with peace of mind at having a perfect support system in place to guide them every step of the way. Fedlan Kılıçaslan