Yoga, which is an ancient practice, is practiced and followed now by millions of people all across the world. It doesn’t come as a surprise that yoga is now very popular in the UAE too and hence, this poses as an opportunity to start a new business here.
But why only yoga?
UAE is a nation that is working towards holistic development and well-being for its citizens. The UAE government has come up with a new concept – a Minister of Happiness recently and campaigns promoting healthy lifestyle are offered to encourage overall health and good quality of life. The demand for this holistic practice has been growing in the UAE and thus it also shows that there is a need to increase the supply.
But before starting any business, it’s important to be sure of what you want to do and why. A UAE-based businessman David Haddad has come up with the steps to assist you to move from an idea stage to setting up a successful business.
Seven Steps to move your idea to a great business
- Be sure of your concept/idea:
Having an idea isn’t enough. You have to be sure that there is enough demand for what you are planning to offer. For example, if you are thinking of starting a yoga studio, you will have to find out if there is the market for it and if there are customers who would want another yoga studio. What is the differentiating thing you are offering? - Confirm the solution you are offering:
So you are sure of your idea of opening a yoga studio, but how will you be sure that your solution is the best? Outline your concept; take suggestions from your well-wishers and then see where you stand.
- Think what your potential customers would want
The next step is to find ways to entice your possible customers. Think of how you can propagate about your yoga studio. Brochures, cross-promotion, social media?
- Check your skill-set:
Assess your skills now – do you have the skills to open or set up a yoga studio? You may be a good yoga instructor, but do you have entrepreneurial skills? Could you need someone else to help you plan and build a brand and set up your studio?
- Set your targets:
Make a proper plan for setting up your studio. Be it when and how you will make a website for your brand etc, your plan ahead for next few months?
- Work on setting up your business (yoga studio):
Take the steps to set up your studio. Start with finding a good location, find partners if you want or hire contractors. Build a website and make your presence felt on social media.
- Lastly, work on your quality to retain your clients:
You would have heard this one – it’s cheaper to bring a customer back than to find a new one. You can do the following to retain customers:
- Offer good Customer service
- Give loyalty programmes
- Try upselling
- Some considerate gestures
But what is the procedure to set up a yoga business in the UAE?
You could set up your company/yoga studio as a Limited Liability Company (LLC), which is one of the most popular and common types of business entity you can establish in the UAE. Choosing an LLC will allow you a larger scope to do business and also a chance in the future ahead to set up more studios or branches in Dubai, Abu Dhabi or other parts of UAE.
As per the law in the GCC region, one or more local partners should have an ownership of at least 51% of the total shares in an LLC. This means that a foreign investor cannot own more than 49% of a particular business. You could consider partnering with some professional local partnership organization or specialist.
If you are thinking of setting up a yoga center in the UAE, it is necessary to get two approvals – one from the Youth and Sports Welfare and another from the Ministry of Public Health. Make sure to choose the correct local partner to help you. So if you are thinking of company registration in Dubai, get in touch with us. Our trained and professional experts at IMC can not only help you with all the steps in setting up your yoga studio but will also advise you about the particular guidelines you need to follow so that you establish a compliant yoga studio.
