The Middle East is a significant business market. Many people don’t realise this, but the economy of the Middle East is growing faster than most other areas in the world. This has led to a demand for products that many companies can supply through distribution channels and mail-order catalogues. Even if your company does not have an established presence in this region yet, there are ways that you can begin preparing for growth there now by implementing some simple strategies into your current business model:
Find A Partner.
Finding a well-established partner is the best way to grow your business in the Middle East. The partner should know the market, have good contacts and have a good reputation. This will make it easier for you to succeed in this region.
Know The Rules.
You don’t need to be an expert on the Middle East, but you should know the rules and regulations of the country you are doing business in. You will also want to know how to establish your business locally – visas, employment law, financial set-up etc.
You should also know what business structure is best for your company. Even if you decide on an incorporation structure because it’s easier to establish and maintain, many things must be done correctly for your business to survive and thrive!
Networking.
Networking events is something that many companies don’t do as they feel it’s not necessary, but it’s an essential part of business development.
Targeted networking events will help build the contact base to potentially launch the business being explored. This will help get to know people, build relationships and make connections essential for establishing in the Middle East.
Running networking events with a target for connecting with potential partners already established in the middle east is a great way to potentially analyse the prospects of going into the middle east through a direct feedback loop from current actors on the ground within these countries; if you’ve never run an event before but would like some tips on how best to make the most of them, then read these steps below:
Talk To Your Current Customers And Network
- Ask your customers what they want.
- Ask For A Service Feedback
- Ask them what they think of your product or service and why.
- Ask them if they would recommend you to their friends, family and colleagues.
Investigate The Current Status Of The Market.
The Middle East is a growing market. It has been growing faster than the rest of the world for decades, and it’s only getting bigger. Most countries in the region have some of the highest GDPs per capita in the world, making them prime targets for business expansion.
The Middle East is important because this region has many possibilities for growth. The population has doubled since 1990 and continues to increase due to immigration from Asia and Africa and high birth rates among native citizens. This means that there’s an ongoing demand for products and services across all sectors: medical care, education technology (including online learning), construction materials such as steel pipes & rebar…the list goes on!
Understand the cultures and languages of your audiences.
- Understand the culture of your audience.
- Understand the language of your audience.
If you are from a different country or culture than the people you want to reach, then it’s essential to recognise the differences between yourself and them. While these differences may seem obvious to you, they may not be so clear to them. For example, if you’re an American trying to sell products in Saudi Arabia, it would be helpful for you to know that many Saudis will not eat food in front of other people because eating is considered personal and private; this means that sitting on a couch with someone while eating could be seen as rude or offensive by some members of society (and therefore might make it harder for them to trust or buy from foreign companies). In addition, knowing how much time Arab person spends with their friends helps explain why they value relationships so highly. This type of relationship-building is critical when doing business overseas! It’s also helpful in understanding why Arabs enjoy being around family so much: family unity is essential for survival here since employers like back home don’t provide much social security.”
Many businesses don’t think about the middle east, but it is an excellent market to grow your business in
The middle east is an excellent place to start a business.
If you are looking for a new market to grow your business, then the Middle East is one of the best places you can look. There are many opportunities there for growth and expansion. The middle east has a lot of potential in investment and development, making it an ideal region for doing business.
There are many reasons why the middle east has become such an essential region for businesses in recent years, but here are just some examples:
Bottom Line
There are many opportunities to grow your business in the middle east. It might be a good market for your company if you endeavour to understand the cultures.
Who am I?
I am Dotun Adeoye, a Business Growth Strategist & Author of the 5 Pillars of Business Growth.
I’ve built up my experience via serial entrepreneurship, consulting leadership roles in business growth, business development and product innovation in large companies worldwide in the last 29 years.
Today, I consult with large businesses on how to sustainably grow their businesses, sustain infinite growth, ensure business continuity and achieve a legacy.
Hire Dotun Adeoye to Speak Virtually or In – Person at your company’s event to cover this or other topics. You can also get in touch via +44 203 097 1718
