Dubai is a standard for diversification, but what about its markets? In the era of rising competition, how can entrepreneurs adapt their enterprises to reflect, or even excel in the growth of the Emirate’s economy? Pursuing new income streams is fascinating for any entrepreneur, but it needs meticulous planning and a cool head.
Get it right and you could turbocharge your business. Get it wrong and your business could be seriously hindered. So, what’s the secret to success when it comes to diversifying your business model? Here are six ways to maximize the benefits of business expansion in the UAE:
- Do your research
Understand whether you’re on the right track from the get-go. Would you set up a startup without doing any market research? Obviously, not! The same applies to expand your business oversea markets.
Before implementing any changes, gather as much feedback from your client base as feasible and see where you are going wrong, where you can enhance and where you need to tap into new areas.
- Be open to new ideas
Don’t get grounded on sustaining your old model. If your company isn’t growing as fast as you want it to be, or if you foretell tough times ahead, increasing your existing model could be a risk worth taking. But you need to be open to transformation, and to some amount, risk.
- Examine markets you can easily move into
Reduce uncertainty with a stepping stone approach. Expanding your business model doesn’t certainly mean expecting a ‘lightbulb’ moment and then pursuing completely various revenue streams irrelevant to your business. In fact, moving into parallel markets as the opportunities rise could be more profitable and carries less risk.
- Don’t neglect your existing customers
Focusing on your core market is significant. Tapping into new income streams can be dangerous if it takes too many resources from your core offering. That’s if your core offering is valuable of course. If you intend to diversify while proceeding to develop your core business, make sure your current customers feel treasured. Keep customers notified of upcoming changes.
Convince them that they are, and will continue, leading to your business, and illustrate this with rewards like customer loyalty programmes, higher engagement through social media, promotional gifts, email marketing and other communication channels.
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