How to Find the Right Advisors to Kickstart Your New Business

 

It is exciting to start a business. The vision of turning your vision into something real, creating something out of nothing, and stamping your name on the market is invigorating. However, be truthful, working through the maze of legal obligations, budgeting, and planning alone can soon turn that excitement into stress.

This is particularly so when looking at business setup in Dubai, a worldwide center with enormous opportunities yet with certain rules and competitive environments. Novice entrepreneurs do not realize the importance of expert guidance at the beginning of their careers. The result? Expensive waste of time, bureaucracy, and lost development.

The answer is easy: surround yourself with the right advisors at the very beginning. In this paper, we will demonstrate the kind of advisors to approach, what to expect of them, where to get them, and how to judge them- so that you can make smart decisions that will help your company develop at a rapid pace towards success.

The Reason Advisors are needed at the very beginning.

You are going into the unknown when you are establishing a business, be it in your home country or by using a company formation company based in Dubai. Advisors help you:

Shortcut the learning curve. They have the experience and you can save yourself the pain of learning.

Avoid costly mistakes. It can be a licensing matter or a mistake in a tax filing, but the correct counsel will save time and money.

Get access to networks and resources. Advisors are open to investors, clients, suppliers and even to government contacts.

Build credibility. Investors or other partners are likely to trust your business when they realize that the industry players are on your side.

Make sound strategic decisions. Whether it is selecting an appropriate company structure in Dubai or developing a financial roadmap, advisors will ensure that decision making is not hinged on guesses but facts.

The kind of Advisors that any Startup should seek.

1. Business Mentor

Your strategic co-pilot is a mentor. They will not tell you what to do only, they will mould your opinion about your business. A mentor can:

• Guide your long-term vision.

• Stay in the game when things get tough.

• Assist you in making big decisions in a clear way.

2. Legal Advisor

Dubai has well defined foreign ownership, licensing, and industry related compliance rules. A legal expert helps you:

• Select the optimal type of legal organization (mainland, free zone or offshore).

• Write solid contracts on your behalf.

• Enforce adherence to UAE legislation such as the protection of intellectual property.

3. Financial Advisor/ Accountant.

Every business decision is made by numbers. A financial advisor:

• Assists you in budgeting correctly the operation costs and expansion.

• Organizes his tax and VAT requirements.

• Ensures your company is fundable through production of professional financial statements.

4. Industry Specialist

When entering the booming industries of Dubai, such as real estate, logistics, technology or online shopping, an industry insider can:

• Give market intelligence.

• Competition and growth opportunities.

• Assist you in putting your product or service into its strategic place.

5. Technology Consultant (Where Necessary)

Technology is also used in the operations, cybersecurity, and customer engagement of even non-tech businesses. A technology consultant can:

• Suggest low cost productivity tools.

• Have a secure digital infrastructure.

• Help with product development when your product is a tech-driven one.

Where to Find Trusted Advisors

Great advisors do not come into view by accident: you must go out in search of them:

Dubai business expos and networking. These are networking locations where people can meet (or connect) with senior practitioners.

Venture accelerators and incubators. Mentorship is included in the offer of several programs.

Recommendations of other businessmen or investors. The best recommendation can be made through word of mouth.

On the Internet, such websites as LinkedIn or AngelList. Find advisors with start up or industry experience.

Local chambers of commerce and professional associations. Such organizations usually have a network of skilled professionals that collaborate with emerging businesses.

The ways of vetting potential advisors.

Not all professionals fit the bill. Prior to considering that person a member of your inner circle:

Check their track record. Have they been able to assist other startups in Dubai or your industry?

Assess compatibility. Are they sharing your vision, and will they be able to talk to you in a manner that is appealing to you?

Check qualifications and allusions. Make sure they possess the knowledge they purport to.

Clarify expectations. Arrange in advance the amount of time they will invest, their participation and whether they will be paid (or not) in terms of equity or fees.

The Relationship With the labor division.

After you have found the right people, make the relationship formal to prevent confusion:

Define clear roles. Do they play the role of informal mentors or are you creating an advisory board?

Use written agreements. Documentation helps to avoid conflicts even when it is a mere clarification on scope and terms.

Discuss compensation early. Advisors may be employed on a goodwill or experience basis or require payment or equity interests.

Set regular meetings. Check-ins every month or quarter keep everyone on track and provide advice in a timely manner.

Common Mistakes to Avoid

Most startups get it wrong in choosing advisors. Avoid these pitfalls:

Selecting friends or family out of expediency. Nobody knows the face and that face is not necessarily the most qualified.

Choosing incompetent advisors. An excellent financial consultant is not always going to be aware of UAE corporate law.

Failing to set boundaries. Unless expectations are specified, relationships will turn muddled or unproductive.

Having too many advisors on your staff. Quality beats quantity. One or two vigorous helpers are better than a dozen who do little.

Conclusion

Starting a business is one of the most fulfilling things that one can ever do, however, it is also fraught with traps. Where business prospects are vast and rules are individual (as in Dubai), knowledgeable advice is not a luxury and is a necessity.

You can also make sure your startup does not repeat common mistakes and proceeds confidently by creating a net of mentors, financial and legal advisors, industry experts, and tech consultants.

Whether you are setting up a business in Dubai or looking at a company formation service in Dubai, begin by recognizing what you are not knowledgeable about, and locate the advisors who are. Their experience will save you time, money, and frustrations, and their experience will give your new business the confidence it deserves to succeed in a competitive business environment.

There is no better time to act: develop your advisory team, take sound decisions, and plan your business to achieve long-term success. Contact Bizex