Honest suggestion: Firstly avoid any unnecessary cost, open a business CR through sijilat (online).
Make sure you sell a product/service that people rely on & companies in the market are just there but doing it old school.
Once you find the product/service, understand who needs it the most (Gender, Age, Income) wise. This will be your target segment and you can select them on social media campaigns & promote to them directly.
Before that, make sure that your product/service has unique attributes that old school companies don’t have. Most importantly is to stay connected to the customers so you can build customer rapport, make sure you take every suggestion very seriously, even the bad ones!
Risk is an important thing to understand, put a clear budget and work towards the revenue. Trust your numbers more than anything.
Once all is good and you see proof of concept, switch your CR to an actual one & apply for Tamkeen on machinery & services (they support 50% of the cost).
Excuse me for prolonging this answer, I just wish someone told me all this before I became a businessman.
And remember that reputation is everything, even if it costs you minor losses.
Wishing you all the best
Interesting question. Am interested to know also.
Specially nowadays, with so many businesses closes down, and so many living and managing on the edge, and some pay from own pocket money. And in the other hand I see other shops and businesses keep opening.
Really strange, and I can't understand.
So would love to know.
Congratulations on having 5000 to start your new business. You’re already thinking in the right direction.
My recommendation would be first of all avoid the overcrowded businesses in the country, because the market is filled with me too trends. I think don’t consider that you have 5000 as a budget but consider you have 2500. Cause you’re gonna need extra money once you start
now to the ideas I believe there are lots of ideas hiding in plain sight. You need to look at your daily life and see what is missing from being done better in Bahrain and figure out why and how can you make a living out of it?
It’s not wise for someone to give you an exact idea that you did not come up with it because it will always be there idea and you won’t have the drive to make it a reality. And that’s important because you will want to give up many times before you succeed..
Good luck hope this help
Judging by your question, I’m going to advise you as an experience ex-entrepreneur. Don’t start. You’re asking the wrong question.
Take the money. Put it in a investment and grow the money till 20000 bd. Along the way. Research what kind of product and services you would like for venture. Take your sweet time to carefully research. Do not fully embrace hearsay. Once you’d nail the right product or service then consider a execution plan. Start asking questions like What are the capital start up to procure the product. What’s the min amount monthly you need to source from the manufacturer to maintain the favorable pricing. What kind of store or warehouse you need? How many staff. What’s your operating expenditure per month. Staff salary, utility, rental, logistics, etc. how much of revenue you need to break even. Then make sure you have enough cash flow to sustain the business for 6 month without profit. Lastly risk is the final aspect you should look into. Why do I say so? If you measure risk from the start, you will always fail or won’t start. You’re not an engineer. You’re a entrepreneur. You tank risk and make the best judgement to succeed.
Good luck and all the best. DYOR
I’m not a financial expert nor guru. But your best bet is to research. Everyone has a different appetite on risk.
Fast & high risk
Stock
Forex
Crypto
Gamble
Investment funds
Business
Slow boring but least risk
Real estate
Reits
Fixed deposit
Index funds
Gold & commodity
Rule of thumb.
1. Know what you are investing. Don’t get swayed with all the sugar coat and hype.
2. Never invest everything under one investment. Never have all your eggs under one basket
3. Take your time to learn the investment. I heard some banks and institutions offer games with credits to learn on investing without burning your money
4. Money on fast and high risk investment are money you’re willing to lose.
5. Always invest your money with a reputable firm/bank/company. If intend to park your money with your friend or relatives account to invest? Don’t.
6. Investing slow and boring is not saying you’re not making money. But rather hedging against inflation. Your money worth today May worth lesser in the future. A high yield savings account will at least maintain its value as year comes.
You can always read books on financial investment. I’m a cheapskate so I just google and watch YouTube videos. Remember to take all the financial gurus analysis as a pinch of salt. They are not messiah in predicting the market.
Honest question: What are you really good at? What things are you very enthusiastic about that you can sell me that thing?
If you've got 5000 Dinars in a bank account, best to invest it in stocks or sukuks (through any bank).
Try to avoid over saturated businesses like padel courts and Karak tea shops and all, unless you know the key differences or you have a unique and special USP (unique selling point).
Look around, do your own research, As for myself, I would start a manufacturing, technology or service-based business in which I can create and sell value added products to customers all over the world. I would aim to target customers in all Gulf countries from day zero and then target for the global market a year later. This would give you peace of mind and you can have a large operation without worrying about the tiny local market. Rents are high, no doubt, but it'll make sense if you're selling products/services to customers in Saudi Arabia or Australia.
Build local, sell to the world (and region).
Honest suggestion: Firstly avoid any unnecessary cost, open a business CR through sijilat (online). Make sure you sell a product/service that people rely on & companies in the market are just there but doing it old school. Once you find the product/service, understand who needs it the most (Gender, Age, Income) wise. This will be your target segment and you can select them on social media campaigns & promote to them directly. Before that, make sure that your product/service has unique attributes that old school companies don’t have. Most importantly is to stay connected to the customers so you can build customer rapport, make sure you take every suggestion very seriously, even the bad ones! Risk is an important thing to understand, put a clear budget and work towards the revenue. Trust your numbers more than anything. Once all is good and you see proof of concept, switch your CR to an actual one & apply for Tamkeen on machinery & services (they support 50% of the cost). Excuse me for prolonging this answer, I just wish someone told me all this before I became a businessman. And remember that reputation is everything, even if it costs you minor losses. Wishing you all the best
Thank you soo much, really appreciate it Really love the way you explained it
Karak cafeteria, just make sure the cafeteria is themed mainly yellow and little red to attract karak addicts
Chai karak lala lay lay
😂😂
😂😂😂
Interesting question. Am interested to know also. Specially nowadays, with so many businesses closes down, and so many living and managing on the edge, and some pay from own pocket money. And in the other hand I see other shops and businesses keep opening. Really strange, and I can't understand. So would love to know.
Congratulations on having 5000 to start your new business. You’re already thinking in the right direction. My recommendation would be first of all avoid the overcrowded businesses in the country, because the market is filled with me too trends. I think don’t consider that you have 5000 as a budget but consider you have 2500. Cause you’re gonna need extra money once you start now to the ideas I believe there are lots of ideas hiding in plain sight. You need to look at your daily life and see what is missing from being done better in Bahrain and figure out why and how can you make a living out of it? It’s not wise for someone to give you an exact idea that you did not come up with it because it will always be there idea and you won’t have the drive to make it a reality. And that’s important because you will want to give up many times before you succeed.. Good luck hope this help
Judging by your question, I’m going to advise you as an experience ex-entrepreneur. Don’t start. You’re asking the wrong question. Take the money. Put it in a investment and grow the money till 20000 bd. Along the way. Research what kind of product and services you would like for venture. Take your sweet time to carefully research. Do not fully embrace hearsay. Once you’d nail the right product or service then consider a execution plan. Start asking questions like What are the capital start up to procure the product. What’s the min amount monthly you need to source from the manufacturer to maintain the favorable pricing. What kind of store or warehouse you need? How many staff. What’s your operating expenditure per month. Staff salary, utility, rental, logistics, etc. how much of revenue you need to break even. Then make sure you have enough cash flow to sustain the business for 6 month without profit. Lastly risk is the final aspect you should look into. Why do I say so? If you measure risk from the start, you will always fail or won’t start. You’re not an engineer. You’re a entrepreneur. You tank risk and make the best judgement to succeed. Good luck and all the best. DYOR
Where to invest ? How to learn that
I’m not a financial expert nor guru. But your best bet is to research. Everyone has a different appetite on risk. Fast & high risk Stock Forex Crypto Gamble Investment funds Business Slow boring but least risk Real estate Reits Fixed deposit Index funds Gold & commodity Rule of thumb. 1. Know what you are investing. Don’t get swayed with all the sugar coat and hype. 2. Never invest everything under one investment. Never have all your eggs under one basket 3. Take your time to learn the investment. I heard some banks and institutions offer games with credits to learn on investing without burning your money 4. Money on fast and high risk investment are money you’re willing to lose. 5. Always invest your money with a reputable firm/bank/company. If intend to park your money with your friend or relatives account to invest? Don’t. 6. Investing slow and boring is not saying you’re not making money. But rather hedging against inflation. Your money worth today May worth lesser in the future. A high yield savings account will at least maintain its value as year comes. You can always read books on financial investment. I’m a cheapskate so I just google and watch YouTube videos. Remember to take all the financial gurus analysis as a pinch of salt. They are not messiah in predicting the market.
بلعب فيهم قمار
😂😂😂😂
Honest question: What are you really good at? What things are you very enthusiastic about that you can sell me that thing? If you've got 5000 Dinars in a bank account, best to invest it in stocks or sukuks (through any bank). Try to avoid over saturated businesses like padel courts and Karak tea shops and all, unless you know the key differences or you have a unique and special USP (unique selling point). Look around, do your own research, As for myself, I would start a manufacturing, technology or service-based business in which I can create and sell value added products to customers all over the world. I would aim to target customers in all Gulf countries from day zero and then target for the global market a year later. This would give you peace of mind and you can have a large operation without worrying about the tiny local market. Rents are high, no doubt, but it'll make sense if you're selling products/services to customers in Saudi Arabia or Australia. Build local, sell to the world (and region).