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Starting a New Business? Do Your Research.

Updated: Aug 13, 2022



Starting a business is not an easy task. There are many things to consider for sustainability and profitability. If you are thinking about pursuing business, here are three tips to help you get started:

Self-Inventory

Ask yourself if you are up for the challenge. Keep in mind to invest in your 3T’s: time, talent, and treasure. It takes a lot of effort to ponder on these things. My suggestion: do not rush! You can create a business timeline of what you want to do and be committed to it.

Think of it as your calendar. That timeline will give you a lot of motivation to accomplish more. Support your initiatives with consistency so you can win!

Idea

What kind of business should you start? Do not just go with the hype as you see it on social media. You will need a lot of “me” time if it’s just you, or “us” time, if with a partner. Think about what kind of services you can relate yourself to. Yes! You should know your products.

If you have an in-depth understanding of your business, it shows when you cater to questions or issues about it. Consumers can tell whether you know what you are selling. Your knowledge assures them that you are an expert in your product or service. Remember, expertise is the key.

Identify Your Market

Out of the three, this is the most crucial part. Identifying your market is more than just your typical homework. Let us say you have an idea in mind; try visiting a competitor. Be a customer. Note the things that you like about their services or products. How can you add value to it?

Make your own analysis by doing your research. When you study your business, you layout every detail you get outside. The data will help you spot your target market, hit the mark, and dominate the competition.

But wait, what exactly is market research?

It is simply the study of your future business. With market research, you allow yourself to discover the potential of your business. You get to know your customers by using their feedback about a product or service.

Doing research can be done in a lot of ways. You can do surveys, FGDs (focus group discussions), even product testing. You or a third-party company can do the study. The catch, you hear what the consumers have to say in a real-time business scenario.

Once you have the data available, use it to assess the overall viability of the business. You will get the hang of these four areas: strengths, weaknesses, opportunities, and threats, or what we call SWOT. You will never go wrong with this business strategy.

Why Is Market Research So Important?

Set Better Goals

If there is one thing any business owner would want to know—is to see the future. Of course, you want to stay on top of the game. But how can you do this? Are you about to introduce something new? Will you be developing something that is already on the market? What are your potential customer's needs? With market research, you will have a clear idea of the demand in the marketplace.

As you learn to understand consider your goals, plan your next steps. Make a checklist. Celebrate small wins. And always keep moving forward!

Make Important Business Decisions

As you move forward, you are bound to make decisions on one or more occasions. When you make decisions, you want them to be what is best. The same goes when you are starting or running a business. The big question is how can you make the best possible decision?

While experience may be the best teacher, research, and data allows you to gain knowledge of the decision-making process to assess potential risks.

Understand Your Customer Better

Craft effective marketing messages for your target clients with market research. When you connect with them, you get to know who they are, where they are from, and what satisfies them. It is as good as speaking the language of your prospective clients.

Customers always think about WIIFM or What's in it for me? When they come to you for a product or service, will it bring value to them?

The best way to understand the customer is through feedback. Feedback can spark ideas that can help develop and make the business sustainable. And what your customer has to say can make or break your business. Your takeaway: Behind every successful business is a happy customer!

Final Thoughts

Venturing into a business can be scary at times, especially if you do not know where and how to start.

Do your homework: market research. When you devote time to study your business, the results are boundless! You get to set what you want to achieve, decide what is best for you or your partners, and reach the target audience.

Ultimately, you can leverage the information you have gathered through market research to propel the course of your business. Knowledge is power! These insights will contribute to your growth as you embark on a business career.

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