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The story of. A little about me. 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)
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A little about me • 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
A little about me • 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!
So... What’s the story... honestly?
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
March 2010 • Had to sell car. • Moved out of own apartment into shared. • Redundancy money spent. • 8 years savings spent. Discovering myself
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
The famous Brick Wall
What lessons did I learn? 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.
Time / Service: why do things take so long to happen? • 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!
Cost Cost: Tax free doesn’t mean charge free • No tax maybe – relatively high charges & fees. • Screen price has additional extra’s. • 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.
Marketing: Who, why, what, where, when & how? • Who is your audience? • Whatis your product? • Why is it better? (USP’s, Value Ad) • Wheredoes 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
People: When people say yes, do they really mean yes? • 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. Don’t be that person & don’t 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.
YOU: The invincible Entrepreneur • 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
12+ months Research & development • 80+ interviews / market surveys • AED150,000+ own money • 10+ revisions to business offering • Intricate findings & solid business plan • UNWAVERING DETERMINATION
Careful planning, goal setting & dedication = • August 2010 • Comprehensive Market research & business plan – investment in 72 hours & partner! • Launched UAE-Compare.com website (MK1)
Careful planning, goal setting & dedication = • August 2010 • Comprehensive Market research & business plan – investment in 72 hours & partner! • Launched UAE-Compare.com website (MK1) • 2011(discovering business) • Nominated for 2 awards. • Made our 1st Dirham. • Launched UAE-Compare.com website (MK2+3)
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 1st member of staff (on the books). • Rebranded & launched MK5 version of website. • Quoted on over AED15m projects.
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 1st member of staff (on the books). • Rebranded & launched MK5 version of website. • Quoted on over AED15m projects. • SET A DATE! (7 weeks away)
So what does UAE-Compare.com look like now? Let’s take a look…
