Market research is perfect to help you if you have an idea for a new business but no clue where to start? Ensuring you research your product and service correctly and thoroughly is vital to the success of any start-up.
There are many big questions you need to ask yourself before you get going. While many of the answers may already be in your head, market research will confirm or contradict them. It’s just about being honest enough to answer them and face up to the challenge you have ahead.
Check the market
Does your town really need another hairdresser? Are there already dozens of accountants fighting for business? You need to know what you’re up against – and there’s no harm in moving on to a new location. Just by relocating a few miles could mean the competition isn’t as fierce or where you may have more chance of attracting customers.
Speak to potential clients
Back in the day, you’d have gone around with a clipboard or made some cheeky enquires down at the pub. Today, it’s much simpler and quicker, and way less sneaky.
The Internet is here to help, and online surveys are great ways of finding out what’s out there, what people want and what others are willing to pay. The beauty of surveys is that a lot of the time, they are anonymous. Although the truth can hurt, at least you know what you’re dealing with when someone is brutally honest.
Modern survey websites even produce graphs and charts for you, and many of the surveys are free. They’re easy to use, too, so try something like Survey Monkey and send it out to your friends, family and contacts on social media.
Check out the competition
We touched on this earlier, but you really need to know what you’re up against. Check out the websites and social media of all your local competitors. See what’s working for them, see what isn’t, You can learn from their strengths as well as their weaknesses.
It might even be a good idea to try and view their accounts from Companies House and see what kind of money they’re pulling in. It will help you manage your own expectations and if your competition is doing well and making more money than you imagined, see this as a challenge, not an obstacle.
Make connections
Although physically seeing people may be a challenge right now, you can still connect.
Get online to business forums (most are even free at the minute), chambers of commerce get togethers and other corporate online gatherings. When you connect with people and other businesses – even if they work in completely different fields – you will be amazed at what you can learn.
You will pick up trends that apply across all sectors, you’ll find mentors and you’ll talk to businesses whose resources you might be able to share. What if you can help one business and they can help you with no money being exchanged? That could be useful at a time of tight finances when you’re launching.
Do your digging, find out what’s going on, know who you’re up against and get going. And don’t forget to believe in yourself. With the right research, your idea is going to fly!
If you want help setting up in business or information about market research, we can help. Contact us to find out if you are eligible for free business support via our PEAT Project.
