Sohrab Vazir
Consultant | Founder | Global Citizen | Writer
Category Archives: Business Planning
How to Move to the UAE as an Entrepreneur: A Step-by-Step Guide
Why start a business in the UAE? Starting a business in the UAE as an entrepreneur is an exciting opportunity, offering access to a thriving business environment, world-class infrastructure, and strategic location. This guide will walk you through everything you need to know about relocating to the UAE and starting your entrepreneurial journey. The UAE is one of the top destinations for entrepreneurs to start a business due to: Step 1: Determine the Right Visa Type For entrepreneurs, the most popular visa options are: 1. UAE Golden Visa for Entrepreneurs: The Golden Visa offers a 5-year residency for entrepreneurs who meet specific criteria, such as: Advantages: Learn more: UAE Government Golden Visa Information 2. Investor Visa: For those who invest in a UAE business, this visa allows a 3-year stay and can be renewed. Requirements: Step 2: Choose the Right Business Structure The UAE offers different types of business setups: Popular Free Zones for Entrepreneurs: Visit the official DMCC website for more information: DMCC Free Zone Step 3: Register Your Business To officially start your business, follow these steps: You can use services like the Dubai Department of Economic Development (DED) portal for licensing. More info at: DED Business Licensing Step 4: Open a Corporate Bank Account Having a UAE-based corporate bank account is crucial for your business operations. Requirements may vary by bank, but typically you need: Top Banks for Entrepreneurs: Step 5: Find a Suitable Place to Live and Work The UAE offers plenty of options for accommodation and office space. Consider the following: Tip: Use websites like Bayut or Property Finder to explore housing options. Step 6: Understand the Legal and Regulatory Requirements Ensure compliance with UAE laws: Step 7: Network and Connect with the Business Community Networking is vital for business success in the UAE. Join events, seminars, and organizations such as: Frequently Asked Questions Q: How much does it cost to start a business in the UAE? Q: Can I sponsor my family with an entrepreneur visa? Final Thoughts Starting a business in the UAE as an entrepreneur can be a game-changer for your business. With the right visa, business setup, and understanding of the local market, you can tap into a thriving ecosystem and enjoy long-term success. Start your journey today and take advantage of the UAE’s vibrant entrepreneurial landscape! For more information, consult the UAE Government’s Official Portal and always seek professional guidance when needed. By following these steps, you can smoothly transition into the UAE as an entrepreneur and leverage the country’s favourable business environment for your success! Explore my services to start a business in the UAE. I help foreign entrepreneurs with their business relocation, building on my own experience. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I did so by obtaining an endorsement from Newcastle University under the Tier 1 Graduate Entrepreneur Scheme. Subsequently, I obtained a further 3-year Tier 1 Entrepreneur Visa (replaced by the Innovator Founder Visa). I grew my business to over 30 UK cities, and a team of four, and also obtained my Indefinite Leave to Remain (Settlement) in the UK. I now help other migrant entrepreneurs, such as myself, with their businesses.
Business Ideas: Do you have to solve a problem?
Business ideas have become synonymous with solving a problem. However, do you always have to solve a problem when coming up with a business idea? I will highlight the supporting and opposing arguments concerning a problem-solution-based approach to business ideas. Business ideas, and finding the right one, are not easy tasks in this day and age. There is stiff competition and there is a chance that any good idea that you come up with has already been implemented. This has led to many professionals, consultants and even academics advocating for a problem/solution approach to validating business ideas. Business ideas should solve a problem? Okay, let’s look at the solution-based approach to business ideas. I do support this principle and my ventures so far have implemented it. The benefits of a solution-based approach is that: The issue with this approach is that: However, not all successful ventures are based on solving a problem. Consider the following business models/companies: -Coca Cola -Dating apps such as Tinder -OnlyFans None of these companies solve a problem per se. Yet, they are billion-dollar ventures. With dating apps, one may argue that they solve the problem of loneliness. However, one does not necessarily need a dating app to meet their partner. The reason why these companies are successful is one factor: demand. And demand is not always necessarily based on solving a problem but rather on people’s willingness to pay for what you offer. To summarise: solving problems is a useful approach to coming up with business ideas. However, the aforementioned should not be the exclusive principle and founders must prioritise demand as the core factor. Struggling to come up with a business idea? As a business consultant and former tech founder, this is my specialty. Contact me to see whether I can help you with finding the right business idea or check out my advisory program specifically designed for new/prospective business owners. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business. Now I help aspiring business owners and job seekers fulfil their potential.
Patents: 4 Basic Facts
Patents are complex, and obtaining them is only part of the hurdle. As a business consultant working with innovative founders, I get a lot of questions about patents. While I am not a patent attorney, I will share 4 basic facts about patents that will give you an idea about protecting your intellectual property through this route. Obtaining patents is certainly a complex path. You must consult a patent attorney if you wish to do so. However, to get started, I will share 4 basic facts about patents that will give you an idea of what to expect. 1. Patents are expensive First of all, patents cost a lot. As an example, let’s look at the UK: Summary of Costs As you notice, the key costs are associated with patent attornies, which you must consult if you decide to file and register a patent. For more information on UK patent costs, check here. 2. Patents take time It takes time to register a patent. On average, you are looking at 1 to 2 years (although this may vary). However, the key principle is that, unlike trade marks, patents are more complex and time-consuming. 3. They are jurisdictional Similar to trade marks, patents usually cover a certain jurisdiction, for instance, the UK. If you wish to obtain multi-jurisdictional protection, there are higher fees. 4. Obtaining a patent is not the end Lastly, it should be noted that obtaining a patent is not the end of the line. Your competitors, often firms with more resources, will most likely seek to find a way around your patent or worse, get into a legal patent battle with you. And what must be noted is that these legal battles will cost you, a lot. If you are seeking to register a patent, it is important to consult a patent attorney. Working with me as your business consultant includes introducing you to one to ensure you obtain solid advice before making any decisions and investing your resources. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business. Now I help aspiring business owners and job seekers fulfil their potential.
How to start a business with no money
If you wish to start a business with no money, you have a difficult journey ahead. However, it is certainly not impossible. I will give you some realistic tips and steps that can help you start a business with little or no money. I personally comprehend the difficulty of starting a business with no money. Back in 2016, I was a 22-year-old graduate and embarked on the path of business ownership whilst I had less than £500 to my name. To make things worse, I was on a business visa in the UK and had to meet certain milestones, making it even harder. Read more about my story here. However, I eventually grew the business to over 30 UK cities and a team of four. Yes, I did have additional capital available to me, but the business’ foundation and traction was achieved with less than £500. Here are some options that may be worth considering if you want to start a business with no money. 1. Business grants Depending on where you are and your proposed business, there may be business grants available to you. Some grants provide a lump-sum payment, and some others cover a portion of your business expenses. 2. Credit cards & loans In the UK, you can search for grants via the UK government website here. This is a tricky one. I am personally against racking up debt, and certainly in the case where that debt is spent towards a non-certain outcome. However, starting a business is about taking risks. Therefore, this is an option worth considering. 3. Barter This is an option that is less often referred to. However, it is worth considering if you possess in-demand skills. Barter is essentially exchanging a good/service in exchange for the same. For instance, you may have solid writing skills. You meet a developer who needs a copywriter for a project. At the same time, you require an app. By exchanging skills, you can achieve certain outcomes towards starting a business with no money. These options are worth considering if you wish to start a business with no money. Although they may not be applicable to everybody, it’s important to not allow the lack of capital to deter you from pursuing your vision. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business. Now I help aspiring business owners with starting and scaling the ventures.
3 tools to help you make more sales
If you’re on the lookout for digital tools to make more sales, this short list is for you. As an entrepreneur for over 8 years, I learnt an important lesson: if you can’t sell, you won’t succeed regardless of what you aim to do. Now, I am not going to go through the soft and personal skills that you need to make more sales (perhaps for another article). However, I want to point out 3 tools that can considerably help you in getting exposure, prospecting and converting your sales leads. Tidio Tidio has got to be one of my favourite tools of all time. Its primary product is AI-assisted chatbots. These chatbots and lead converters are highly customizable, allowing you to tailor your communications with prospective leads. Moreover, the Tidio platform in itself is quite user-friendly, and easy to use whilst also offering more service extensions such as email marketing. Hunter.io Do you know what’s the worst approach to sales? The cold approach. Generic emails with the opening of “Hello there” or “Greetings” will never work. Instead, it’s important to target and create a profile of your ideal customer accurately. But, how do you get to contact them? This is where Hunter.io comes in. Quora Did I just refer to a community platform as a sales tool? Yes Was it by mistake? No. I love Quora. I have used it for over a decade and it has never disappointed me (apart from the tabs opening in new windows all the time!). However, you may be asking why Quora can be used as a sales tool. Here’s the answer: psychology. Quora, along with Reddit, is one of the best platforms for understanding people’s problems, needs and desires, the key ingredients of a successful sales strategy. Use Quora to understand: Your target market, Their pain What bothers them What motivates them Subsequently, centre your sales pitch around the above. These 3 tools will help you boost your sales through better planning and engagement with your leads. About My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I grew my business to over 30 UK cities, and a team of four prior to 2020. Currently, I help other entrepreneurs start their businesses.
Are online courses useful for people starting their own business?
If you are thinking of starting your own business, then you may have considered completing online courses. In recent years, there has been an unprecedented surge in the provision of online courses, especially around starting your own business. However, are they useful? Or simply useless? The answer to the above is: it depends. Online courses can be useful for people who want to start their own business. However, you must use them in the right way and with the right intention. Let me answer this question differently. Generally, with business, you are preoccupied with three key questions: The question is whether an online course would be appropriate for and beneficial in answering those three questions. Online courses are useless for the “Why” There are a myriad of courses on “business mindset”, “growth hacks”, “growth mindset”, “billionaire mindset” and so on. These promise to give you the right mindset to make your billions (and yes, it is most definitely utter BS). I believe that any entrepreneur should start a business out of their instinct. They should not need any person or entity telling them why they should start a business or get into the right mindset of setting one. Entrepreneurship is a journey of evolution Understanding the context of this article demands an understanding of the philosophy of entrepreneurship. Entrepreneurship is inherently defined by risk and uncertainty. It is unconventional. There is a reason why the majority do not pursue this path, despite not necessarily loving their daily jobs. It is about understanding and accepting that you are taking a massive risk. You can do everything right, and it can still fail. Therefore, beginning this journey under a guided course is the wrong way to approach this path. Online courses are good for the “What” and the “How” Now that we have clarified where online courses for starting a business are not helpful, let’s consider the other side. I elaborated on a few points concerning entrepreneurship. Here are an additional 2 that are relevant: skills and knowledge. Implementing, managing and executing a business venture demands certain skills, and it may be specific to each founder and business. This is where online courses “may” be helpful for people starting their businesses. So long as you identify the following: Let’s look at an example below (me): Sohrab wants to start an online consultancy business. His main way of getting clients is online through his website and Google search. Therefore, Sohrab needs to understand Google Analytics to analyse his website’s performance. In this case, an online course on Google Analytics could be helpful for Sohrab. Starting your own business can be daunting. Need help? About My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I grew my business to over 30 UK cities, and a team of four prior to 2020. Currently, I help other entrepreneurs start their businesses.
Choosing a business bank account: what to consider?
One of the questions that most business owners will ask themselves is how to choose a business bank account. Choosing a bank account should always be thought through, especially for business purposes. There are plenty of business bank account options available these days. And like scarcity, abundance can also make things complicated. This is particularly the case with the emergence of digital “challenger” banks such as Starling & Monzo. As a business owner for almost a decade, I have learnt a thing or two about business bank accounts, and I want to share them with you today. Your business structure This is mainly a case of being self-employed or running a company/partnership. If you’re self-employed, a simple personal account may suffice, so long as your expenses/income is clear, so perhaps a separate personal account would be most suitable. However, when it comes to companies /partnerships (regardless of the type), you must get a business bank account. Business transactions Your business transactions are important when choosing a bank account. Specifically, consider the following concerning your (anticipated) transactions: -Average value -Frequency -Location(s) involved in your transactions -Charges by the bank Depending on your answers to the first two aforementioned points, certain banks may appeal to different customers. Therefore, it’s important to get an overview of your forecasted transactions and compare them against the offers available. Your rights upon possible account restrictions Every bank will have its own policies regarding account restrictions. This is a common occurrence and can happen for a variety of reasons, including compliance and investigations. For example, this has been a common issue among digital nomads because many do not have a fixed address. Hence, it’s important to understand the account’s terms and conditions regarding such scenarios. Business support Check to see if the business bank account offers additional support. You may not necessarily need it, but it can be helpful for some. Tide is an example of such an account, offering services such as company incorporation, support in accessing funding and so on. These are 4 things to consider when choosing a business bank account. Make sure you research your options carefully to avoid any regrets down the line. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats which I scaled to over 30 UK cities. I currently help other entrepreneurs and businesses of all size across several domains. For my credentials, please see here.
The general costs of running a limited company in the UK
If you want to start a business in the UK, one of the most common ways is through incorporating a limited company. There are various business structures in the UK that one may start a business through. The most common ways are: It is ultimately up to you to decide which structure fits you best. Each has its own tax implications and regulatory requirements. However, assuming that you wish to start a limited company in the UK, below are some of the costs that you will incur. Accounting Limited companies require the director(s) to submit annual accounts. Preparing and filing a limited company’s accounts, in most cases, will require an accountant’s assistance. The costs of an accountant can vary based on: Generally, you can expect to pay your accountant anywhere between ÂŁ500-ÂŁ2000 per year. These are broad estimates, and you may even have to pay more in certain circumstances. Registered address UK limited companies require a registered address. If you have an office, then that address will suffice. However, if you do not have an office, there are two options: Confirmation statement Limited companies are required to file a Confirmation Statement every year, which costs ÂŁ13. On many occasions, this fee will be covered by your accountant as part of their services. Company incorporation Depending on how you incorporate your company, there is an incorporation fee. The cost can range from ÂŁ10 to ÂŁ40. Corporation tax This will depend on whether your UK limited company makes a profit. Currently, the UK’s corporation tax rate is per below: 19% : for limited companies with profits between 0-ÂŁ50,000 25%: for limited companies with profits above ÂŁ250,000 For full information, please refer to the UK Government’s website. These are some of the general costs of running a UK limited company. If you are planning to start a business in the UK and need help, get in touch with me to start your journey today. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats which I scaled to over 30 UK cities. I currently help other entrepreneurs and businesses of all size across several domains. For my credentials, please see here.
6 useful AI tools for founders & businesses
AI tools are revolutionising the world of work for founders and businesses. From customer service to content creation, AI-powered tools have simplified many of the old processes. In this article, I will highlight 6 AI tools that are super useful for founders and businesses. As a founder or a business, you must use your time and resources efficiently. AI-powered tools help you do so. The world of AI has advanced rapidly, and new ways of using it evolve every day. Now let’s talk about some of those awesome AI tools that will help founders and businesses maximise their offer. Canva Canva has added various AI functionalities to enhance its content creation features. For those who don’t know Canva: it is one of the entrepreneurship world’s biggest gifts to humanity. Canva is useful for both founders and other members of businesses for content creation. Recently it has added several useful AI functionalities, making it even more awesome. The YouTube video below highlights some of these really well, so make sure to check it out! Grammarly In this day and age, grammar and spelling mistakes are becoming a thing of the past. We may partially thank the education system for that. However, a big chunk of this progress is thanks to the power of technology. Grammarly is a reflection of this. It is powered by AI and improves your text and writing. Personally, I’m the type to write typos all the time, personally because I have 50 tabs open on my browser, so Grammarly has been a real treat for me! Tidio Chatbots have become increasingly popular in the last few years. Moreover, many chatbots are powered by AI, including Tidio. Tidio offers a range of benefits, including: -Easy-to-use & simple interface -Integration with various platforms such as WordPress, Shopify & Wix -Customizable AI-powered chatbots & lead generators Personally, as a founder and business owner, I am a big fan of Tidio as an AI-powered tool, and it also comes with a free version. ChatGPT I was not sure if I should mention ChatGPT, given all the hype surrounding it and its parent company, OpenAI. However, a list of AI tools for founders and businesses would be incomplete without ChatGPT. There are so many things that founders and businesses can do with ChatGPT, including (but not limited to): -Content creation -Editing written content -Provision of information -Code: generation, debugging and more Synthesia Another one of my favourite AI tools for founders and businesses is Synthesia. Synthesia is a video creation and media generation platform powered by AI. It helps you create professional videos and use AI-based characters as narrators, who look (too) similar to real humans! Notion AI Using your time and resources efficiently is crucial as a founder and/or a business. Therefore, the last few years have witnessed the emergence of many task management and teamwork tools such as Notion or Trello. Notion reserves a unique spot, as it has gone a step further by harnessing the power of AI. This functionality helps founders and businesses to use Notion AI for tasks such as: -Information management and categorisation -Translation -Content generation -Simplification of information -and much more…….. These are 6 useful AI tools for founders and businesses. As a founder, it’s important to keep yourself updated with the latest tech innovations and leverage them to your benefit. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats which I scaled to over 30 UK cities. I currently help other entrepreneurs and businesses of all size across several domains. For my credentials, please see here.
3 UK legislations that business owners should be aware of
There are various UK legislations that business owners must comply with. The UK can be a fantastic place to start a business. However, it is imperative that you are aware of your legal obligations under applicable legislations as a business owner. I have navigated the path of business ownership in one of its worst versions. I was an immigrant subjected to strict business visa terms, 22 years of age and a solo tech founder. So, I know how difficult the whole entrepreneurship can be for each individual. And in this journey, it’s easy to miss some important things. So, in this article, I will highlight three UK legislations that every business owner must be aware of. Data Protection & GDPR (Almost) every business retains and handles personal data. This may seem like one of those “complex corporate” things, it’s crucial to understand. This is a legal area which is subject to misunderstanding, primarily in individual and small business owners. The issue with this part is that many business owners are unaware of. Let me clarify this part with a small case study/example. If you use a website, whether through CMS platforms such as WordPress or Wix, or even code it from scratch, you are collecting user data. In the UK, the key legislations that business owners must be aware of are: Data Protection Act 2018 General Data Protection Regulation (GDPR) Also, ensure that you follow the ICO’s guidelines for your obligations under GDPR. Equality Act 2010 The Equality Act 2010 governs the implementation of non-discrimination and equality in the UK. This UK legislation is applicable to individuals in various contexts, including work. As a business owner, it is important to firstly be aware of your own rights as an individual. It also governs your stakeholder management and how you conduct matters with each, such as customers and staff. Intellectual Property (IP) Intellectual property will primarily concern trade marks and patents. While each of the aforementioned may be applicable to a business, the majority of businesses are concerned with trade marks. Trade marks are applicable to every business as every business requires an identity, where name is the core element. Thus, it is key to understand your branding rights and limitations. This will be attained via sufficient understanding of how trade marks work in the UK. The relevant UK legislations on trade marks for business owners is the Trade Marks Act 1994. Additionally, business owners may access resources provided by the Intellectual Property Office. Patents, on the other hand, are concerned with respect to rights over an “invention” in the form of products and/or processes. In the UK, the legislation concerning business owners is the Patents Act 1977. Are you a business owner and need consultancy on your operations? Book an initial consultation with me for a thorough evaluation……… About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. As a solo founder, I grew my business to 30+ UK cities, with a global client base across 100+ countries. Following the Pandemic killing my precious work/business, I now transfer my knowledge to other entrepreneurs.