Turn your idea into a business
Stage 1: Target Market
Identify Your Target Market
Research your market – identify potential customers. Talk to them and find out if your idea is meeting a real need. Market research is an essential part of any business that wants to offer products or services that are focussed and well targeted. Good business decisions are based on good market research and intelligence. By researching your market thoroughly, you can minimise the risk to your business, identify new opportunities, while helping you communicate better with your customers.
· Do you know who your target market is, what their characteristics and behaviours are?
· Do you know who you competitors are, what their business models are and who their clients are?
· Do you know how to analyze the trends which could be affecting your current market and the trends which could happen in the future?
Chances are that you have considered a lot of the above but have not researched into each area in detail.
Stage 2: Competitor Analysis
1. Know Your Competition
Use business directories, web searches, local knowledge and industry associations to research your competition. You should be aware of each competitor’s:
- Products and services
- Age of business
- Number of employees
2. Know Your Competitors Advantage
Routinely monitor your competition and watch for any advertising, brochures or updates to website.
Use this data to observe who they are targeting and the techniques they are using and list the areas that you can and cannot compete.
Collect a list of the services, products and locations they are serving and observe whether you can compete with them in the same area.
Discretely buy from you competitors and find out what kind of experience you received as a customer and the quality of products or services.
Stage 3: Current and Future Trends
Indentify Opportunities and Threats
Are there technological opportunities for your business in the future? Is social media important for your business success? Are there technological threats looming on the horizon for your business? Are there electronic versions of your product or service that threaten your bottom line? These and other trend concerns should be researched when starting and operating your business.
Stage 4: Operations and Management
Assess the Average Costs and Revenues for Your Type of Business
Before starting your business it is important to understand the average costs and revenues needed to operate your business. It is essential that you identify and forecast these expenses and revenues accurately in order to stay on top of your operations and achieve success in your business.
Costs and revenues which should be identified and forecasted include:
- Wages and salaries
Harrison Hinchliffe Accountants can assist you with Stage 4 and beyond. We set up the best business structure for you, register for all taxes and correspond with the various government agencies on your behalf so you can crack on with your new business – That’s one load off!