As a business setup consultant at times, I come across a funny breed of wannabe entrepreneurs. They want to start a business in the Middle East owing to their immense growth potential. So they end up picking the most popular regions: Dubai and Abu Dhabi. They go for it at first, then return crying about the:
- Stiff competition,
- Expensive talent pool,
- Out of budget requirements,
- Saturation of certain markets, etc.
In such cases, I turn their attention towards an underrated business hub, Oman. Like Dubai and Abu Dhabi, this place’s economy is also no longer dependent on oil alone. Over the years the Omani government has taken effective measures to set it up as the next big business hub. Initiatives like:
- Vision 2040, aims to make Oman a diverse economy. Along with it an efficient government, and making its citizens skillful and employable.
- Allocating OMR 3 Billion for developing the tourism sector. This includes setting up modern infrastructure and improving the ease of traveling.
And there are many more to name. The point I am trying to hit home is, Oman does offer a plethora of business opportunities. So in this article let us deep dive into some of the rewarding opportunities you can explore. I will be quoting businesses you can start at a low budget.
1) Online Marketing:
As internet penetration is going up, all businesses are looking for means to go online. From setting up a website to social media marketing, running paid ads, etc … the list is endless. Many entrepreneurs aren’t able to take their business online due to a lack of knowledge. This is a big reason why Digital Marketing is gaining so much traction as a career option. You have a plethora of options to explore:
- Helping businesses gain visibility in Google searches and social media platforms.
- Creating high-converting marketing funnels for generating leads and sales.
- Taking care of a company’s online reputation, etc.
The options are immense. If you’re considering setting up a company in Oman on a low budget you can start a marketing agency.
2) Educational Services:
You read earlier how the government is investing to make its countrymen job-ready. You might have any particular expertise like:
- Hospitality and Management
- AI and Machine Learning
- Public Speaking
- Data Analytics, etc
But if you feel you are good enough to teach these skills to someone, then this opens up another business option. With internet penetration rising, work from home is also increasing and so is “study from home”. People aren’t getting time to enroll in an institute, they want access to courses at the tip of their fingers. So build an in-depth course around your expertise, and make it a profitable profession.
Many Edtechs are setting up their branch office in Oman to milk this opportunity. This is a sweet reminder of the immense potential this place holds. But as a beginner, don’t get bogged down by the big players, remember there is enough room for newcomers.
3) Information Technology (IT) Services:
One of the sectors which is getting the most attention from the government is: Technology. The Omani government is leaving no stone unturned in evolving the digital infrastructure. This is now creating many opportunities like:
Cyber Security services: With the increase in digitization the threat of data leaks, and fraud is also increasing. This is an underrated opportunity for entrepreneurs. Register your cybersecurity firm, and … analyze the products of other businesses for bugs you can fix. Create a case study and do a cold reach out via email. Get onto a call with their founders and try pitching your services. This step requires you to develop good negotiation skills.
Software Development: Many organizations appoint software firms to develop and scale their products. This includes large-scale firms like the MNCs. You need to be up to date with the technological changes happening across the globe. If you have any particular expertise which you can offer as a service you can end up making a fortune. A pro tip will be to work with the product companies. These are high-paying and will strengthen your profile.
4) Event Management Company:
Oman is famous for hosting large-scale events every year. Here are some key events:
- Muscat Festival: It is for promoting the Omani culture through traditional music, and art exhibitions. It takes place every year in January and February. This festival gives a big push to the food & beverage and hospitality industry.
- Salalah Tourism Festival: It is like the Muscat festival. There are cultural performances, local crafts, and cuisine on display for the tourists.
- Comex Technology: An exhibition highlighting the latest innovations in the technology field. This is a great platform for startups to promote their products and brand names.