So you think you have a Great Idea for a Business?

Having a great idea for a business is one thing but before launching full steam ahead it makes sense to have some evidence to support this, find out if other people think it is a good idea too.  People often think they need in depth analysis with lots of tables and charts, sector reports, customer demographics etc. etc.  In some cases this might be necessary but generally there are some basic common sense questions that we need to find the answers to.  

By carrying out market research we provide evidence that our business idea is viable; there are things that we need to know rather than taking a guess at, making assumptions is a dangerous thing to do.  We need to understand the market place, and our customers 

Seek unbiased opinions and feedback.  Family and friends will offer you feedback but this can go one of two ways.  Often they will be keen to support you and tell you all the things they think you want to hear, or, they may feel the need to protect you from disappointment and be quite negative as a result of them not being able to see how the business will work.  More to the point, they can’t see or believe that they could make it work, and if they can’t, surely you can’t either? Recognise that these are their self-limiting beliefs.  

The internet and use of search engines has made a huge difference to the way in which we are able to carry out research.  In the past it would have taken months if not years to collect, in fact it’s hard to imagine life without Google.  In addition to desk research it is also important to carry out some field research – talk to people, surveys, questionnaires, interviews, observations and test marketing are important too.

Based on the information that you collect you can see patterns forming, you will identify trends and begin to collect statistics which will help you to make predictions about the future.  Although we can make sensible and often pretty accurate predictions this research is based on historical information which comes with no guarantees for the future.  It is still down to you to make it all happen.

Your research is important; a business that understands the market, its customers and competitors and uses this information effectively will sell more.

Starting a new business can be quite scary, but having a  Mentor  or Business Coach to help support your thinking, challenge your ideas and act as a sound board will make a difference. Book a Coaching session to talk through your ideas, clear your mind and keep focused on what you can achieve.