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.

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#business #smallbusiness #Dubai #entrepreneurship


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