Major corporations invest resources, time and finance to undertake extensive research before launching new products or services. And they do so for 1 very good reason; they want to avoid spending time, effort and money launching something that is unprofitable, creates the wrong precedence, or causes reputational damage.
As a business owner your approach should be no different. Your priority should be to ascertain whether there’s a market for your potential offering/proposition. What do you know of the existing competition? What are the key market trends and issues? What do customers ACTUALLY want? Setting out without considering these issues can be risky. The following questions could be a good starting point:
If a business owner approached you and they couldn’t answer a good proportion of the questions above, would you be inclined to invest in that business? The standards you expect from other businesses should also apply to your own.
Undertaking this type of research is essential to understanding what differentiates you from the competition, identifying your niche and defining your value proposition.
To get started why not try talking directly to your potential customers, competition and suppliers.
You can also use secondary sources including market research reports, media reports and business databases etc., available in designated business libraries.
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This content was supplied by Chiumento. Chiumento is an independent HR consultancy that provides a range of services including outplacement, HR recruitment and talent management. With a nationwide network of career coaches and comprehensive online support, they help people who’re looking for a new job or are interested in self-employment.