Monthly Archives: August 2017

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The Best Market Research Methods for Your New Business

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It may be tempting to jump right in with your new business idea. Full of confidence, we often don’t see any way in which our new idea can fail. This can be a great advantage, keeping our confidence high. However, it is important to put in the hours of market research to back up our faith in the new idea. Here are some methods you can follow to ensure you conduct effective market research.

Identify Your Customer

The first step in conducting any worthwhile research is identifying the correct target market. There is no point in conducting research on an unrelated market, unless you enjoy wasting time. Your market can be somewhat subjective based on current offerings or your own vision. Just be sure you can impart these visions to your potential market successfully if you plan to think a little far outside the conventional box.

Use a Variety of Mediums

When conducting research, your goal should be to engage as much of the target market as possible. This will assist you in developing a clearer conclusion. Be it by targeted email campaigns, seminars and coffee evenings or simply the old fashioned, feet on the ground approach, ensure that you use a variety of strategies to collect the most diverse cross-section of information possible.

Put in the Time

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This task in particular is one which can be labor intensive. Not only that. It can be tedious and vastly time consuming. Stick with it and be patient. Remember your end goals in collecting the information, the success of your future business. Resist temptation to take shortcuts. This would ultimately distort the data and could likely have a negative impact on your future business. Invest the time now to reap the reward in the future.

Consider the Results Fairly

Of course, it is extremely tempting to view the results of your market research in ways which favor your own desired outcome. In this case, that is most likely to be, brushing over negative feedback and giving increased weight to positive responses.

It is necessary to analyze the collected data in the most objective and impartial manner possible. This may slow down or indeed halt your progress on a particular plan, but will always prove to be beneficial in the long run. It can also provide you with the necessary information to go back and tweak some aspects in order to improve your idea.

Final Thoughts

The task itself may not always be the most appealing and the results may also be an unfortunate let down on some occasions, however, true and objective market research is priceless to the future of your business. Not only new businesses but also existing companies.

By investing sufficient efforts and using the above steps as a guideline, you should be well on the way to implementing a successful market research campaign. Unless you ask, you will never find out.

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Choosing the Correct Business to Start for Your Future

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So, you’ve taken the plunge and finally decided to become your own boss. Opening your own business for the first time is a momentous achievement. A step on the road toward self-fulfillment for most of us, yet, it can equally be one of the tumultuous times in ones life. There are so many choices and decisions to be made. The fist is, which business is actually going to work the best for you and your future. Here will outline a few key steps when it comes to making the correct choices.

Identify Society Needs

This is key, you want to engage in a business providing a product or service which people actually need or desire. To help you on your way, in-depth market research should be carried out to identify the current market situation. You need to ensure that your market research methods are effective for collecting the data you need to make a good decision.

Consider Your Costs Carefully

No matter how much potential a business idea has, you need to be sure that you possess the capital required to fund your new enterprise. In some cases, the start-up capital required for a certain new business may be too great. This is OK, don’t worry. It is better to start with a safe financial buffer than be under immediate pressure to make a profit. How you finance your new business will also play a pivotal role in this respect.

Analyze Your Competition

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Entering a market already saturated with competitors or dominated by a very powerful competitor is almost always a recipe for heartache. It is vital that you conduct an effective SWOT analysis on the prospective business. You should be both thorough and honest in your assessments. It may be tempting to overlook the true power of your competition or over-estimate your own strengths, however, this is ill-advised in the long-run.

Identify Barriers to Entry

It is important to identify any stumbling blocks you may encounter when entering a particular industry. Competition, as outlined, is one such barrier. Others include any certifications which should be attained or trainings which have to be undertaken in order to gain accreditation in an industry. Taxes and any tariffs or quotas impressed upon an industry should also be considered.

Understand your supply chain

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This may be an overlooked area, but it is the lifeblood of your business. Be certain that any necessary suppliers of your stock or raw materials are available to provide service to your new venture and are willing to do so. In many industries, certain suppliers may be locked in contract with particular retails on, in specified locations.

Conclusion

There are various key steps to ensuring that your business idea can reach the next level and actually become a reality. With so many complex areas to investigate, it is recommend to do your due diligence before getting too carried away with any particular business idea. It is better to be safe than sorry.