How to start SME
Description

1. Explore the opportunity:

What do I need?

 You need to explore a promising investment opportunity available in key sectors like trade, industry, services, agriculture…etc.

Who can help me?

  • Council of Saudi Chambers
  • Riyadh Chamber of Commerce and Industry
  • Jeddah Chamber of Commerce and Industry
  • Asharqiah Chamber of Commerce and Industry
  • Abha Chamber of Commerce and Industry
  • Makkah Chamber of Commerce and Industry
  • Madinah Chamber of Commerce and Industry

2- select the opportunity

What do I need?

You should select the appropriate opportunity according to your strengths and weakness:

  • Experience
  • Seriousness
  • Value\ significance  
  • Challenges
  • Permanence

3- Feasibility Study

What do I need?

Conduct a fruitful feasibility study for the investment opportunity, whether domestic or foreign opportunity, that should include the assessment of the following:

  • The availability of products and services
  • The domestic and foreign market needs and wants (marketability)
  • Business competitors and their market shares

To view feasibility study template, please click here

4- procedures and process

Procedures and requirements to start your business:

  • Commercial register and permits
  • Approvals and requirements by concerned bodies

Who can help me?

  • Saudi Credit and Saving Bank
  • Technical and Vocational Training Corporation
  • The Centennial Fund
  • Human Resources Development Fund
  • Ministry of Commerce and Industry
  • Saudi Commission for Tourism and Antiquities
  • Saudi Industrial Development Fund (Kafala Program)

5- Identifying Resources

What do I need?

You need to identify the resources required to complete your business:

  • Financial resources: (personal finance, loan)
  • Human resources: ( employees, employment gaps, recruiting)

Who can help me?

  • The BADIR program for technology incubators
  • Bab Rizq Jameel (Abdul Latif Jameel programs for society)
  • Sultan bin Abdul-Aziz Science and Technology ‎Center ‎(Scitech)
  • Zamil Group Holding Company
  • Dallah Albaraka Group
  • The Arab Gulf Program for Development (AGFUND)
  • The National Commercial Bank
  • Bank AlJazira

6- Business Plan

The strategy

What do I need?

You should create a strategic business plan, including the following:

  • Define your business vision (where do my business be in the future). The vision  is a statement that includes the purpose, goals and values of the business
  • Define your business mission. It gives a description of the business, including what type of business it is and how you plan to meet the needs of your target market
  • Set objectives by using SMART approach
  • Determine the management style and structure
  •  Strength, weakness, opportunities and threats analysis (SWOT)
  •  profitability and liquidity

7-  Implementation and follow up

What do I need?

Implement your plan, keep following up and evaluate outcomes because if you do not the pan will not implemented well

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