If you have an entrepreneurial mind and are looking to start a business in Dubai, it is natural to find yourself worrying about diminishing profits during periods of economic downturn. Starting a business in Dubai is undoubtedly the best decision to reward the entrepreneur inside you with the best of the best. But have you thought of surviving through the economic downturn?
We’ve broken down our favourite recession-proof business ideas in the UAE into five categories and provided proof that each business has held up or even flourished during a significant recession, the needed skill level essential to be successful, and the earning potential to help you decide which business idea is right for you.
1. Food Delivery – Quite a Business for Recession
Food is almost impervious to downturns. A 2015 Global Restaurant Investment Forum (GRIF) report identified street food as an emerging trend in the GCC regions and the Middle East. Meanwhile, the food truck scene got a massive boost from the Eat the World DXB festival, and food delivery services popping up by the day. Individuals with the right skills don’t need to own a restaurant or catering business to provide this service. They collect food from local restaurants and deliver it. Plus, they can work with a company specializing in mobile app design to ensure your service reaches the most people.
2. Healthcare – An All-Time Needed Service
According to the report published by U.S-U.A.E Business Council 2018, the healthcare industry in the UAE is expected to boom and meet the challenges that are supposed to be covered in Vision 2021. By the end of 2025, it is predicted to be a 101.94 billion AED market. During the coronavirus crisis, healthcare and pharmaceutical companies were thriving and continue to thrive as health is something an individual keeps on a priority list. And the UAE has been substantially growing in the domain of the medical and pharmaceutical sectors. It is a well-suited destination for business entrepreneurs and established businesses to initiate or expand their business.
3. Tutor – Is One of the Businesses that do well in a Recession
Education doesn’t stop for anything. Not for a pandemic, definitely not for recession. Therefore, tutoring is third on our list of recession-proof business ideas you can consider in the UAE. There will always be work in the UAE for teachers, from the academic to the vocational. Private tutors have good earning potential given the number of potential clients. To cut down on costs (for you and your students), you can also do some of your teachings online. This is especially useful given the current social distancing requirements but is a great way to earn extra money regardless.
4. Bookkeeping, Accounting, and Financial Planning
Benjamin Franklin got at least one thing right: Nothing is certain except death and taxes. Also inevitable. Most people don’t want to do those taxes on their own. That is where professional services come into the picture. It’s common for accountants to see an increase in business during a recession – helping individuals and organizations make use of the tax advantages available to them while also giving them visibility over their income and expenditures during difficult times.
5. Cleaning Services – One of The Recession Proof Business Ideas
During the COVID-19 crisis especially, physical, public spaces need to be cleaned—hence why a cleaning service that focuses mainly on public areas—like banks, hotels, businesses, grocery stores, offices, and even hospitals, if you’re trained to do so—are especially in-demand right now. If you don’t have the resources to take on such huge cleaning projects, you can certainly try your hand at personal cleaning services. What’s more, it is estimated that the number of cleaning companies in Dubai has increased by as much as 45% in the past few years, and the demand is still growing.
Consult with the Best Business Setup Consultants in Dubai
Hopefully, our guide about the process of business setup in Dubai has enlightened you about starting a profitable business. However, implementing each of the steps will still need some professional assistance from the best business setup consultants in Dubai such as Jitendra Business Consultants (JBC). JBC can guide you on the A to Z of the licensing procedure, including activity selection, document drafting, visa processing, and bank account opening. Our consultants are well-versed in the UAE labour laws and immigration laws so that you may not struggle with the company formation process. Avail of our services to quickly establish a business in Dubai.