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The story of.... 29 years old From Cardiff, Wales (sunny part of the UK) Worked in 3 High Street Banks in the UK over 6 year period (finance & insurance)

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Presentation on theme: "The story of.... 29 years old From Cardiff, Wales (sunny part of the UK) Worked in 3 High Street Banks in the UK over 6 year period (finance & insurance)"— Presentation transcript:

1 The story of...

2 29 years old From Cardiff, Wales (sunny part of the UK) Worked in 3 High Street Banks in the UK over 6 year period (finance & insurance) Moved to UAE in March 2009 after being made redundant (recession) Enjoy all activities that require energy, thought and laughter

3 29 years old From Cardiff, Wales (sunny part of the UK) Worked in 3 High Street Banks in the UK over 6 year period (finance & insurance) Moved to UAE in March 2009 after being made redundant (recession) Enjoy all activities that require energy, thought and laughter Terrible at golf!

4 So... Whats the story... honestly?

5 March 2009 Flew to Dubai after redundancy in UK. Want my own business & success story. Business: Find problem, create solution & package. 12 months market research & studying. Finally found the market segment!! Discovering the business

6 March 2010 Had to sell car. Moved out of own apartment into shared. Redundancy money spent. 8 years savings spent. Discovering myself

7 March 2010 Had to sell car. Moved out of own apartment into shared. Redundancy money spent. 8 years savings spent. Wedding money spent! Discovering myself

8 Easy option: Admit defeat &work in a real job?

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10 Time / Service: Why do things take so long? Cost: The cost of setting up before you make a penny. Marketing: Why, why, what, where, when & how? People: When people say yes – what do they really mean? You: The driving force & brain behind the operation.

11 Time / Service: why do things take so long to happen?

12 Part of a service / product chain. Favour more lucrative project. Change in rules / regulations / laws – daily! Overall less customer service focused. Tip: If your product / service offering is reliant on YOU receiving something first – be sure to screen your suppliers thoroughly & test them on small projects! YOUR REPUTATION IS AT STAKE!

13 Cost: Tax free doesnt mean charge free

14 CostCost: Tax free doesnt mean charge free No tax maybe – relatively high charges & fees. Screen price has additional extras. High operational costs: License, salaries, insurance, return flights, car hire. Tip: Focus on the money you DO have, not the money your due (owed) – one of the biggest mistakes we made! Always keep a separate reserve or at least 6 months of survival costs in your account.

15 Marketing: Who, why, what, where, when & how?

16 Who is your audience? What is your product? Why is it better? (USPs, Value Ad) Where does your audience shop? When should you be marketing to get optimum results? How should you be marketing? DO NOT ASSUME THAT THE BEST FORM OF MARKETING IN ANOTHER COUNTRY WILL WORK IN THE UAE. Tip: Use as much FREE ad space as possible: Google – free credit on sign up Dubizzle - free adverts online PR – free print editorials etc Speaking Ops - networking

17 People: When people say yes, do they really mean yes?

18 People are uncomfortable saying no! People often say what they think you want to hear. Established businesses reluctant to take a chance on you. Due to economy, many companies will agree to all sorts of terms to win business & under delivering. Dont be that person & dont fall victim either. Tip: To safe guard yourself, either include time penalties into contracts or simply double the delivery time and plan towards that goal. People: When people say yes, do they really mean yes?

19 YOU: The invincible Entrepreneur

20 Be nice, be genuine, be seen. Communicate your message effectively. Have 100% belief & passion for success or stop! Ask for help! Although you want to do everything yourself – you are not superman! Ask for help... Mentors Advisory Panel Strategic Partners YOU: The invincible Entrepreneur

21 12+ months Research & development 80+ interviews / market surveys AED150,000+ own money 10+ revisions to business offering Intricate findings & solid business plan UNWAVERING DETERMINATION

22 August 2010 Comprehensive Market research & business plan – investment in 72 hours & partner! Launched UAE-Compare.com website (MK1) Careful planning, goal setting & dedication =

23 2011 (discovering business) Nominated for 2 awards. Made our 1 st Dirham. Launched UAE-Compare.com website (MK2+3) August 2010 Comprehensive Market research & business plan – investment in 72 hours & partner! Launched UAE-Compare.com website (MK1) Careful planning, goal setting & dedication =

24 2012 – A great year for UAE-Compare.com Semi finalist on Entrepreneur TV show. Won SME Advisor award. Investors being paid back. Debt free & profitable. Business with sales PULL not push. Team of expert mentors. Hired 1 st member of staff (on the books). Rebranded & launched MK5 version of website. Quoted on over AED15m projects.

25 SET A DATE! (7 weeks away) 2012 – A great year for UAE-Compare.com Semi finalist on Entrepreneur TV show. Won SME Advisor award. Investors being paid back. Debt free & profitable. Business with sales PULL not push. Team of expert mentors. Hired 1 st member of staff (on the books). Rebranded & launched MK5 version of website. Quoted on over AED15m projects.

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