How to research your start-up business

Fed up with your old job? Always had a great business idea, but been too scared to apply for The Apprentice? Maybe it’s time to look into becoming self-employed and set up that business by yourself. These things don’t come easily, so to make sure you have what it takes, you’ll need to do a lot of market research, build up your customers and client base, and develop a strong business plan to guarantee yourself some business success. Below are just a few things you should be considering when starting up your own business…  

1) What products/services do your clients need?
Never assume that you already know the answer to this. Keep finding out what it is the client is looking for and make sure you are able to provide it.  

2) Where is the market?
Make sure you know where you want to set up your business. Will it be local, regional, national or internationally based? It’s all very well wanting to become a plumber, but not so good when the blocked pipe is 300 miles away in Manchester!

3) What is the market size?
Find out if there is demand for your business. Not everyone will need your service, but is there enough demand to warrant starting your business all the same?  

4) What factors affect your market?
Make sure there isn’t any national or local legislation stopping you from setting up your business.

5) Who are your customers?
Whilst not everybody will need your custom, for those who do, try to understand them. What is important to them? What might seem small to you could be the clincher in the deal to the customer. 

6) How can you satisfy your customers?
Try to accommodate your customers as much as possible. Make deliveries as easy as possible. The harder, trickier or more difficult things are, the quicker the client will look elsewhere.  

7) Who are your competitors?
There is competition readily available, so don’t forget that your clients have a choice of where to go and spend their money. The trick is to know whom you are up against and how you can convince your customers that you are better.  

8) What is special about you?
It is important to come across as attractive to the customer – after all, it’s their business you’re after. As well as being cheaper than your competitors, make sure you also provide good, traditional customer service.

9) What is your pricing structure?
Research how much your competitors are charging and see if you can match it, or even better, provide a discount.   

10) How will you promote your business?
Try to stand out from the crowd. Learn who your target audience is and find out what they read and how you can approach them. Remember, you want them on your side, so the key is to be persistent, but not too pushy.

11) How much finance is needed?
All of the above will cost you money, so you need to work out your finances. Are there grants available? Word of mouth won’t be enough – you need to get out there and meet your target market!