NEW BUSINESS START UP RESEARCH
Before you make that decision that is going to change your life, “Look before you leap”. Starting your own business and being your own boss is every business man’s dream. However, the casualty rate of new businesses is frightening. According to Dun and Bradstreet, 85% of new business collapse within the first five years of trading – that is seventeen in every twenty. One of the key reasons for this high casualty rate is lack of proper research from the onset. If you’re applying for a business loan or grant, one thing your bank manager or funder will ask you is “Have you done your market research?” This is one of the key drivers of any business plan. Market Research will help you identify:
- Whether there is a market for your product or service
- What is the size and profile of your market
- Who are your competitors
- Who are your customers
- What do prospects think about your business proposition
Make sure you’re one of the 15% of new start-ups that flourish and prosper after having been guided by the findings of your market research.
You’ll find that small investment in Market Research will either support your much larger investment or prevent you wasting your money.