Excited about starting your own business but it's important to do your market research and strategy plan. This can help kick start your business adventure.
Knowledge is power, the more research and information gathered in your industry/market the more you will be prepared for the challenges ahead. Market research.
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This checklist can help make sure you don't miss any steps along the way so you can become successful.
Market Research and Strategy Checklist
Research Your Market
Get to know and understand the market from customers perspectives and suppliers.
Research helps avoid making mistakes in the future.
- Online research: Google service/ product then read the first two page results. Competitors, what they offer, keywords, marketing and price range.
- Talk to people in the industry: No need to reinvent the wheel get first-hand insight. Set up costs, regulations, requirements for production and problems incurred.
- Walk-in customer’s shoes: Customer journey acting as a potential customer understand your target audience.
Who would seek your product or service? Understand the market you will be targeting and operating within.
Knowledge about your market better equips you to identify opportunities that are most relevant and profitable to your business.
- Who is your audiences?
- Define why they will use you business over others?
- Identify their demographics, needs, and how they use your product.
Unique Selling Proposition (USP)
What sets your business apart from your competitors?
That unique attribute which will appeal to your entire audience.
USP helps focus your business because you can’t be everything to everyone.
- Price: Compared to competitors.
- Quality: How well it resolves pain points.
- Experience: What experience customer has.
How to spend money strategically.
Plan how to maximise earnings while minimising costs. Business budget a 12-month plan.
- Initial investment to launch the business?
- How much it costs to run the business?
- How much you need to earn to cover costs and provide an income?
Engage an accountant, book keeper or use an accountancy software to help manage finances.