Page 10 - THE NOTICEBOARD AUGUST EDITION 61
P. 10
Page 10 August, 2020
Page 10 October, 2008
STARTING A BUSINESS? ........Read this ..... · You'll also want to
STARTING A BUSINESS? ........Read this .....
keep up with the latest
research lets you reduce small business trends.
risks even while your It's important to gain a
business is still just a gleam sense of the specific
in your eye. market share that will
G a t h e r d e m o g r a p h i c impact your profits.
information to better You can do market
understand opportunities research using existing
and limitations for gaining sources, or you can do the
Ato Tandoh customers. This could
Chief Consultant research yourself and go
Dilton Consult
“If you fail to plan, you include population data on direct to consumers.
a g e , w e a l t h , f a m i l y ,
plan to fail.” First thing to Existing sources can save
interests, or anything else
do when contemplating you a lot of time and
that's relevant for your
starting a business is to e n e r g y , b u t t h e
business.
PLAN. This is done information might not be
through: Then answer these questions as specific to your
audience as you'd like. Use
to get a good sense of your
1. Market research it to answer questions
market.
a n d c o m p e t i t i v e that are both general and
· Demand: Is there a
analysis quantifiable, like industry
desire for your product or
Market research helps trends, demographics, and
service?
you find customers for household incomes.
y o u r b u s i n e s s . · Market size: How
many people would be
Competitive analysis helps A s k i n g c o n s u m e r s
i n t e r e s t e d i n y o u r
you make your business yourself can give you a
offering?
unique. Combine them to nuanced understanding of
f i n d a c o m p e t i t i v e · Economic indicators: your specific target
What is the income range
advantage for your small audience. But, direct
and employment rate?
business. research can be time
· Location: Where do consuming and expensive.
Use market research to your customers live and Use it to answer questions
find customers. Market where can your business about your specific
research blends consumer reach? business or customers,
behavior and economic · Market saturation: like reactions to your logo,
trends to confirm and How many similar options improvements you could
improve your business are already available to m a k e t o b u y i n g
idea. consumers? experience, and where
It's crucial to understand · Pricing: What do customers might go
your consumer base from potential customers pay instead of your business.
the outset. Market for these alternatives? Here are a few methods
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