Starting a Business - Doing the Research 2 Step
Starting a business can be one of the most exciting times of your life.
Some people are so eager to get their small business started that they don't do their homework and research, inevitably setting themselves up for failure.
By doing your research this increases your chances of success because you have vital information about your competition.
Research can mean the difference between succeeding and failing in your new venture so it is vitally important that you invest as much time as needed to collect, review and analyze the information before you jump in and start the venture.
How are you going to make sure your business succeeds and doesn't drown in the huge wave of competition? 1.
First, you need to research your competition.
Visit the company websites you are competing with.
Figure out exactly what sort of products and services exist on the market that are similar to what you are going to be selling.
How many other businesses are you competing with? What are the average prices? What is the demand in your particular market or region? 2.
Visit forums about your particular market.
Whatever your market is-be it hair care, dating tips, skin care or toys - chances are there is a free forum you can join where real people discuss issues and concerns of that market.
Often times, you can find a post looking for a solution to a problem faced in your market.
People may post certain products they have bought that address the problem-but they may acknowledge the shortcomings of the products they recommend.
Once you answer these questions, you need to dive even further into the world of research.
Don't just understand your competition on a surface level; really examine your competition.
What products and services are solving what problems? How well do those products work? Look for holes that your competition has yet to fill.
Read the Frequently Asked Questions sections of the websites you visit.
Is there a common question asked that your competitors don't seem to be able to answer adequately? If you can, solve any problems that your competitors are either ignoring or are unable to solve.
Find a way to offer quality products or services that are reasonably priced, then you will gain customers quickly and be sure to set up your new business up for success.
This process I have just laid out to you could be what enables you to capture and develop a new product, service or possibly an entire market, so be patient and do your research.
You'll be glad you did.
Some people are so eager to get their small business started that they don't do their homework and research, inevitably setting themselves up for failure.
By doing your research this increases your chances of success because you have vital information about your competition.
Research can mean the difference between succeeding and failing in your new venture so it is vitally important that you invest as much time as needed to collect, review and analyze the information before you jump in and start the venture.
How are you going to make sure your business succeeds and doesn't drown in the huge wave of competition? 1.
First, you need to research your competition.
Visit the company websites you are competing with.
Figure out exactly what sort of products and services exist on the market that are similar to what you are going to be selling.
How many other businesses are you competing with? What are the average prices? What is the demand in your particular market or region? 2.
Visit forums about your particular market.
Whatever your market is-be it hair care, dating tips, skin care or toys - chances are there is a free forum you can join where real people discuss issues and concerns of that market.
Often times, you can find a post looking for a solution to a problem faced in your market.
People may post certain products they have bought that address the problem-but they may acknowledge the shortcomings of the products they recommend.
Once you answer these questions, you need to dive even further into the world of research.
Don't just understand your competition on a surface level; really examine your competition.
What products and services are solving what problems? How well do those products work? Look for holes that your competition has yet to fill.
Read the Frequently Asked Questions sections of the websites you visit.
Is there a common question asked that your competitors don't seem to be able to answer adequately? If you can, solve any problems that your competitors are either ignoring or are unable to solve.
Find a way to offer quality products or services that are reasonably priced, then you will gain customers quickly and be sure to set up your new business up for success.
This process I have just laid out to you could be what enables you to capture and develop a new product, service or possibly an entire market, so be patient and do your research.
You'll be glad you did.
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