Most Common Pitfalls When Starting a Business in Qatar
Because Qatar has one of the most lucrative business landscapes in the world, it’s no wonder aspiring entrepreneurs flock to the State to embark on an exciting new path in the business world.
To make sure that your road to becoming a multimillion dollar conglomerate or corporate mongul is as smooth-sailing as can be, here’s a quick guide on the most common mistakes aspiring entrepreneurs make when setting up a new business in Qatar.
- Not fully understanding what you’re getting into
As with any new endeavour, it’s important to be fully aware of all of the things you’re signing up for, and how to get out of tricky situations whenever you’re in a pinch. If the going gets tough, make sure that you have contingency plans and that you’re fully prepared to fail. The harsh truth is that a huge percentage of start-ups fail from the get-go, and one of the biggest reasons why this is so is because of a complete lack of preparation. To make sure that your start-up in Qatar will flourish and expand, have an actionable business plan from the very beginning. Research the economic landscape of Qatar, and be certain about your target market by knowing that your statistics are backed by actual solid, research-based data.
- Being completely clueless about the start-up laws in Qatar
Every country has its own specific set of legal provisions when it comes to setting up companies, and if you make haphazard decisions and dive head-first into the business world without solid knowledge of business laws in your back pocket, then your business will likely be doomed to fail from the very start. Before you venture into a new business, make sure that you understand the various procedures needed when setting up a business in Qatar—or better yet, you can enlist the help of a business consultancy company who can help you from setting up your business, to arranging paperwork, and to the whole company formation process every step of the way.
- Not understanding your own product or service from start to end
How can you expect to sell a product or service if you’re not sure about it in the first place? Before you start up a company, make sure that you have created a unique selling proposition or USP. This ensures that your business is unique, or at the very least, has a competitive edge over the other players that currently exist in the market. Make sure that you are able to communicate this clearly to the consumer so that they will want to buy your product or service above other competitors. You can find assistance in places like the ictQATAR Digital Incubation Center for tech companies if you’re unsure of how to start.
We’ll talk more about the other common mistakes you can definitely avoid before you set up a start-up in Qatar in Part Two of this guide!
- Setting unrealistic goals for your company
While being a wide-eyed business enthusiast from the get-go is a huge plus, it’s important not to get lost in all the glimmer of thinking your business will become an overnight success. Setting realistic and measurable goals will enable you to create targets that are not beyond reach. This way, you will be able to attract investors more, as they will see how attainable your goals are even as a start-up company. Get your head out of the clouds, plant your feet firmly on the ground, and start small.
- Being too afraid to fail
That said, it’s also not healthy for any start-up to be paralyzed by fear. The fear of failure is a powerful thing—it can hinder you from making actual decisions that should have skyrocketed your business to unimaginable heights had you possessed the courage to take the leap. Any new endeavour is not without its own set of risks, and as a new entrepreneur, you should be prepared for some level of failure. It’s always best to manage your expectations, and to know how to roll with the punches if things don’t go as planned. Change the way you think, and don’t give up before you’ve even started. A positive outlook works wonders for any business, as long as you don’t become too overconfident.
- Having incomplete sets of documents for submission
Nothing ruins a system faster than being delayed by incomplete documents, missing paperwork, and lacking permits and licenses. Even if you have all of the capital in the world, you will never be able to lift your company off the ground if you don’t have the right set of documents you need to apply for permits and licenses. Money does not buy everything after all, and getting your daily operations up and running is not just about raising enough capital. And while having a solid and reliable network of business partners, investors, and a good support system behind you does help in some way, you will still be unable to start without the right translated, attested, and approved documents. You will need these submissions for business permits, your employees’ certificates, your commercial documents, your financial records, your ads and marketing materials, your signs and publications, your legal documents and medical reports, and so much more. Make sure that you enlist the help of a business consultancy partner to help you process documents efficiently and cost-effectively.
Afreno is a Business Consultancy that draws on its long presence, over 10 years in fact, in the field of forming companies, while capitalizing on its impressive know-how at both local and international levels. This endeavor also extends to developing local partnerships and offering excellent opportunities in real estate.
Unlike any other Business Consultancy company in the State of Qatar, Afreno includes under its umbrella three closely-linked comprehensive services: business advice, legal negotiation and real estate possibilities. This means that any project, however complex, can be dealt with in all its aspects. Added to this is our wide range of reliable clients and trusted business contacts, plus our up to the minute awareness of what is going on in the markets, whether GCC or local. Your business venture will be backed by our in-depth knowledge, the valuable connections we have built over time, and our solid reputation, ensuring that you succeed quickly, whatever enterprise you are involved in. All this will be achieved with the minimum of stress; unsurprisingly Afreno has become the point of reference for anyone wishing to incorporate or grow their business in the local market.