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Shall you please tell me that which type of store you are looking for? I mean garment store, Mobile Store, Grocery store, or Electronics store? That Friend who told you about the range of 20-30 lacs/2-3 millions Rs to earn "good money?, what does he actually do there?
If you shall tell me clearly about the nature of the business in which you are interested then I can answer you clearly.
Anyway, here are few practical Business tips from my side for everybody.
1)In Dubai, there are few types of groups live. Among those, there is a one group who loot & another group one who get looted. So, "Safety first" rule must be followed to keep the investment safe.
2) Doing business in Dubai is excellent idea but for that person who already have a experience in that nature of business in Pakistan. Remember, in Pakistan pace of business activities is much slow as compare to fast pace business activities in Dubai. If you have at least experience of working in Pakistan even in a slow pace then still you can speed up your self to catch up the fast pace business activities in Dubai. But, if you don?t have a business experience then you shall be ruined miserably in Dubai & will come back Pakistan with empty hands, & empty pockets.
3) If you want to do business as a sole proprietor then its a good idea. If you want to do partnership with your friend or relative then think 10 times, if you want to do partnership with your brothers then think twice & if you want to do partnership with any relative or with the person having someone?s reference then you better don?t that.
I?ve seen one bank officer who got retired from Bank. He was trapped by his neighbor who compel him to invest 15 million Rs (1.5 Cror Rs) in a partnership with his friend in Dubai. Nature of the business was Ceramics Tiles. Within 10 months, he came back with empty pockets because he lost his all money. His neighbor & friend both cheated him. As, he had no experience at all in business in Pakistan so, he was played easily in the hands of the cunning business partners in Dubai. I met this bank officer few times after this incident. I wish, if he would met me before so that I could save him.
In the second case, one person who was running a grocery store in Islamabad. His business was already good but again, he was trapped by his one relative who asked him to do a restaurant business in Dubai. He sold out everything in Islamabad & came in Dubai with sweet dreams but within one year, his all sweet dreams turned into bitter realities & now, he is driving a Suzuki van in Lahore to pick & drop school kids.
4)Don?t put your all eggs in one basket. It means, if you have investment then don?t invest it completely in one project. Start with basic investment & if it runs in profit then gradually increase your investment but if you have already a less money in your pocket then you shall have to invest it completely.
5) Dubai is a good place of doing business. No bribe, No corrupt govt. departments, No load shading, & no robbery. If I have a money in my pocket the definitely, I would like to do a business in Dubai . But remember, selection of the area, market, shop & locations as per your nature of business play a vital role in Dubai too. In Pakistan, slow pace business allows you to rectify your wrong decision of selecting location but in Dubai, it?s not easy to rectify the wrong decision & also very expensive too.
Anyway, you ask me here about your interest of field. I shall answer it here so that every other reader can get some helpful information.
