If you have yet to take the plunge with your business idea, it is vital that you allow yourself time to fully consider all that you are about to commit yourself to. Working for yourself is hard and usually requires more of your time than regular employment. It’s therefore essential that you have a conversation with yourself about what you want from your business, where you would like to see yourself in, say, five years time and most importantly, why you think your idea is a great idea?
A business needs to sell a product or service that their is an audience for. So before you take the plunge it is worth researching the market and possibly discussing it with a business advisor.
Research is a vital first step in giving you the answers you need to build a strong business. So make friends with your search engine and find out:
- Who wants your idea?
- Who are your competitors?
- How much do they charge?
- How are you going to sell it?
- Where are you going to sell it?
There is also an opportunity to test your business idea with potential customers to check if there is a demand for what you are going to sell. Market research can help you find out any problems you may face and allow you to fix them before spending too much time, effort and money.
A few suggestions could be to:
- Make a prototype of the product or service to find out how much it will cost and any issues you might face;
- Carry out a survey for feedback on your product or service and find out what customers will pay.
- Find out what might make your business different from the competition.
Once you have thought objectively about your business, identified your customer base and studied the market, you can work out how to make your business stand out from the crowd.