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Tips From A Successful Business Model

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Possessing a powerful business idea is one thing. Commercializing the idea is something else.

Not many people can turn their entrepreneurial aspirations into reality. What stands in their way often is their mindset. The fear of potential risks can be enough to prevent the idea from ever seeing the light of day.

In this blog post, get a few tips from some experts on a successful business model.

Co-founders Alex Nicholas (CEO) and Siddharth Singh (CTO) set up UAE’s leading online real estate portal and operated as a JRD Group member. This group, a Dubai-based technology enterprise in the real estate arena in UAE, has since been bought by Property Finder.

According to the co-founders, the journey of the now-defunct JustProperty was challenging but also full of learning.

Since its incorporation in 2010, it became the region’s oldest and largest property search portal dedicated to delivering value to end-users in residential and commercial real estate markets.

The secret to its success was the highly sustainable business model. Like many businesses, it started via the big entrepreneurial dreams and burning desire of its co-owners. They turned the idea into a commercially viable and profitable enterprise. Here are the traits of the business that contributed to its rapid growth:

1. A ‘Lean And Mean’ Business Model

For any startup business, the first step towards success is having a ‘lean’ strategy in place.

JustProperty made it a point to satisfy the needs of their customers from the very first day while eliminating wastes in both processes and products.

It was launched when the real estate market in both the UAE and the MENA regions was experiencing a downturn. But instead of holding back, this pushed the business to adopt a lean model.

The company adhered to its budget strictly and emphasized its product and value proposition to reach its end goal, i.e. positive returns from customers. This helped survive the worst time of recession and ensuring its success in the long run.

2. Leveraging The Dynamic Ecosystem

Change is the only constant, and every business needs to be agile to outperform the rest of this vastly competitive market.

However, agility demands proper alignment with today’s dynamic ecosystem to make the business capable of formulating well-off strategies.

When JustProperty commenced, startup-hopefuls in UAE hardly had an environment to start, transform, and thrive.

Now, the startup scene has changed a lot. With the ever-increasing buzz about entrepreneurship, more and more opportunities are opening up for startups, small and medium-sized enterprises, and investors through events, meet-ups, and accelerators. Take advantage of an optimistic and encouraging environment.

3. Blending Technology With Innovation

Technology makes businesses smarter, while innovation makes them grow seamlessly. A perfect blend of these two can help a company meet the market’s ever-changing demands efficiently. Even though the initiative makes a business drive the change, it should be considered an amazing prospect.

Being the men of extraordinary vision, it was not tough for JustProperty co-founders to apprehend how adopting the power of the ‘Internet’ can transform the whole property search market. They made innovative technology the backbone and the primary ‘defining factor’ of the search portal to offer a unique customer experience. Apart from offering authentic, detailed, and high-quality listings through the web portal, the company developed an effective mobile app (Android and iOS). It also has made property shopping hassle-free by integrating an advanced mortgage calculator on the portal.

Needless to say, such technological innovations can take any business to a whole new level.

4. Accelerating Regional Expansion Drive

Expanding beyond the local market should be a dream of every new business as it allows them to flourish extensively rather than leaving them buried in the competition. As regions are considered a critical analytical unit for cross-border strategies, following a regionally oriented approach and local initiatives can significantly boost the performance of a company.

With the evolution of the market and business, JustProperty started thinking through its strategy at the regional level.

With an entrepreneurial mindset you can turn your business into an industry leader.

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