Planning Your Finances in Order To Start Your Own Business

Many expats complain of the quality of life in the Arab Gulf countries.

It is a sad reality that life in Middle Eastern countries for expats is difficult, with salaries and work conditions not always very impressive, due to the high number of South Asian expats going there for jobs and no minimum wage laws. Since there are many expats from the less developed countries trying to find jobs and they often don’t have leverage power, salaries and work conditions being offered to such workers tend to be poor. Unfortunately, salaries are often based on the nationality of the worker instead of the cost of living in the place where they work.

The best thing for an expat thing to do if he finds himself in a situation where he has to take a job with a poor compensation package is to plan his finances and save money and start a small business in his own country. It may take years to save money to start your own business, so don’t be hasty. Don’t try to come up with the funds quickly.   It is especially important not to take loans for this purpose and to beware of those who offer loans with “low interest” which in fact is a very high interest rate (because the stated rate is a monthly interest rate and not a yearly rate) -read our article “Beware of Loan Sharks”. Then, when you have the right amount of funds saved up, take a holiday leave from your job, go back to your own country and open your business. Have someone trustworthy run the business on your behalf while you continue to work in the Gulf country and use your monthly savings to finance your business back home while waiting for it to become profitable. Once your business is making enough money, you can resign from your Gulf job and go back to your country to run your own business and live the good life. Going at this in a slow steady manner and not taking loans but using your income and revenue to finance your business will keep your from going into any risky circumstances.

One thing to remember is that it takes time for a business to become profitable. You may have to wait 1-2 years before your business becomes self-sustaining. In addition, you should have funds that can cover at least 6 months’ expenses at any time. This is so that, if you run into difficult circumstances where your business isn’t making enough revenue to sustain itself, you will have the funds to finance it.

For professional articles, subscribe to Radeya Professional News & Updates newsletter athttp://www.radeya.biz

#business #smallbusiness #Dubai #entrepreneurship

Advertisements

Professional Services with a personal touch. With services available all over the world through regional associates, including in UK, Turkey, Bahrain and the Arab Gulf Region, our aim is to provide the highest quality CV writing, distribution and career guidance service, assisting job seekers to succeed. Too many job seekers are taken advantage of and their situation exploited by companies whose only aim is to make money. Job seekers are given a substandard service that, instead of helping them get a job, hinders their job hunting progress and wastes precious time and money. We aim to put a stop to this by making available high quality CV writing and career services at affordable rates. Founded by @KokabRahman, we specialize in CV writing, personalized CV distribution and employment consultation. CV writing service includes customized cover letter writing, increasing job seekers success chances. You can rely on us to get the best results and a personalized experience. Client success is our goal. Top quality service is provided by highly reputable professionals who are experts in their fields. Each assignment is addressed individually after a thorough consultation with the client. When you hire our services, you can expect to receive the best service at affordable rates, provided on a timely basis. Contact us if you require any of the following services: CV Writing Cover Letter Writing CV Distribution Career advice Employment consultation Visit our website: http://www.radeya.biz LIKE us on Facebook: http://www.facebook.com/radeya.biz Follow us on Twitter: @Radeyabizsrvc Blog: https://radeyabusiness.wordpress.com Subscribe to Professional News & Updates newsletter - www.radeya.biz

Posted in career

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: