So you're finally living your dream and opening that business you have always talked about. You have your location, name and business idea sorted but have you thoroughly researched into your target market?
Planning is essential when it comes to a new business as I'm sure you're aware with having to produce your business plan but have you really done enough? There isn't really a concept of too much research; the more you do the better. The more you know about the business industry that you are going into and the type of people that will use your business you more chance you are giving yourself of being a success.
Good business planning is the ability to asses your strengths and weaknesses, good marketing is the ability to identify the selling points for your products and good sales skills is the ability to know who your target market is and being able to sell your product to them.
Many businesses fail because they have not spent enough time researching th! eir business idea and how they fit into the market with it. How much market research you carry out depends on the time and funds that you have to do so. There are many ways in which you can do this such as look at aspects that have and haven't worked previously in the industry you want to start business in. monitor your competitors progress; by doing this you will get an idea of the sort of business practices that work and the ones that don't so you know which ones to apply to your business. You can also ask customers who use your area of business what improvements they would like to see and how the industry could be bettered.
As well as finding out about your industry and what people think of the current state of the industry you also need to research and figure out how your business is going to fit into the industry and what unique features and offers you can present to possible customers to make them use your business over the competitors. Examples of how you can e! stablish this are:
• Does your product or service sat! isfy or create a market need?
• Can you identify potential customers?
• Will your product or service outlive any passing trends or capitalise on the trend before it dies away?
• Is your product or service unique, distinct or superior to those offered by competitors?
• What competition will your product or service face - locally, nationally and globally?
• Is the product safe?
• Does your product or service comply with relevant regulations and legislation?
• Can you sell the product or service at a price that will give you sufficient profit?
There are a lot of considerations that you need to think about when starting up your own business, which is why research is so important, you need to understand every aspect of your industry and every aspect that you want to achieve with your business; the easiest and most reliable way in which you can achieve this is by thoroughly researching into your business idea to ensure t! hat you have every possibility sorted.
Helen is the web master of Angel Start ups, specialists in all aspects of Business Start-up
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