To start a business, you need Market research
Market Research is key to a new business becoming a profitable entity. It anticipates and minimises risk, identifies potential customers and helps ensure success. Only about half of new small businesses will survive 5 years. To ensure yours is a survivor, learn how to research your market, identify potential clients and have a strategy for attracting them.
Market Research, or Business Intelligence as it is sometimes called, is a vital weapon in ensuring your new business survives to become a strong profitable entity.
It is about anticipating and minimising risk, understanding your potential customers and so helping to ensure success for your new venture. Don’t skip this important step in the rush to get your product to market.
Finding customers is the most difficult part of running a business. So it is vital to research your market, identify potential clients and have a strategy for attracting them before you invest your time and money in a new venture.
Only about half of new small businesses will survive 5 years. Here are some of the factors that often contribute to a new business’s failure;-
- Lack of capital, often due to poor planning or unexpected costs
- Poor cash flow management
- Unexpected market factors-growth or reduction in market size
- Underestimating the competition
- New entrants to the market
- Technological problems
- Not having a strong business plan in place
- Lack of understanding of the market
- Poor advertising or marketing
- Weak product
- lack of selling and marketing expertise
- over trading or over expansion
According to First Research, a Dun & Bradstreet firm, the global market research industry produces about $50 billion in annual revenue.
Quality, professional market research helps you to ask the right questions for your business. Good market research reports will use a mixture of primary and secondary research to provide accurate information and conclusions.
Primary research is information gathered through surveys, interviews and other direct contact with industry experts and participants. For example by contacting industry leaders and canvasing their opinions.
Secondary research is information gathered from company reports, trade association documents and industry journals, and published market research reports.
It is a good plan to carry out both Primary and Secondary research. Then you should check out competition and assess your potential consumer base. This should give you a fair idea of the viability of your business.
If you commission professional advice, you can expect a report that will cover the following points;-
- Context/Background: This is a review of the recent history of the market; how it has developed into its current size and shape. It will also consider the market in the context of factors such as the economy, social and cultural changes, globalization, and technology, and consider how these factors are affecting the market.
- Detailed Market Data: While context and analysis are critical, this section will look at hard numbers. It will use whatever data is available.
- Competitor Information: Players, products, profiles, competitive analysis and other information on the market.
- Trend Analysis: This will look at what the data indicates about the health of the market and opportunities for future growth. It should cover emerging markets, and new forms of competition.
An understanding of the market potential should be gained from the information above. The size of the market and its possible growth will determine the viability of opening up a business in the sector.
So from this report, or from your own research, you should be able to consider the following types of questions.
- Assume your intended business is selling potted plants:-
- How many people buy potted plants?
- What is the market value?
- What is your cost price?
- What is the likely gross profit you could make selling a potted plants?
- How many potted plants must you sell to run a successful business
- Is this a realistic number for your business model?
- Is the market already saturated or near saturation?
Can you enhance your business model-for example can you offer other products, services, sell online, open other outlets?
Market research should answer key questions, expose risks, and will probably throw up other questions. Professional analysts who study markets, products, industries, sectors, and consumer demographics are trained to provide unbiased factual information, clearly stating the risks associated with a market.
If you plan to conduct your own research rather than commissioning a professional Market Research project, be careful that you don’t seize on information and data to back up what you are hoping to find – that your business is a great idea!!
But take care to be open to market realities and factors that may even enhance your business plans. Keep a look out for niche markets that may present better opportunities than mainstream, where there is more competition.
Carefully assess market factors. There are many factors which can affect the size of a market and its pace and direction of growth. They include:
- Regional economics, politics, culture, geography and weather
- Seasonal and cyclical trends
- Fashionability and trends
- Customer wants and needs
- Competing markets
- Technological advances
- Educational opportunities
- Regulatory requirements
- Financial incentives, grants and programmes
- Company schemes and productivity.
Also look carefully at competition:
- Is there a lot of competition in your market?
- Who are the players?
- Is the market dominated by a few large companies or is it mostly small operators?
- What are the strengths and weaknesses of your competitors?
- What is the market scope of your competitors?
- How profitable are they?
- What types of problems do they face?
- What is your Unique Selling Point (USP)? What can you offer customers that your competitors do not?
Finding customers is the most difficult part of running a business. But without them you don’t have a business, so do some demographics research as well, to establish who your customer is.
Make sure you know as much as possible about who will be buying from you.
For example, if you’re marketing to consumers:
- What is their gender, age, marital status, religion, ethnicity
- Where do they live?
- What is their economic status?
- Do they already buy the product or service you’ll be offering?
- How are they purchasing these products or services?
- What issues do they have with your competition?
- What do they like about your competition?
- How much are they paying now, and will be willing to pay for your products or services?
- What do they do for a living?
- What are their lifestyles like?
- What do they think of your product or service?
- Why will they buy from you and no one else?
- How will you tell them about your business?
Knowing the answers to these questions will help you promote your business much more effectively.
Then you need to consider marketing and advertising .How will you attract consumer’s attention, get them to purchase your product, and come back to you for repeat purchases.
- What is your USP –how should you transmit that message?
- What can you do to assure customer retention?
- How can you exceed customers’ expectations?
- Can you offer some type of guarantee?
- What are the best advertising routes to reach customers?
Some of the more common advertising routes include Websites, Social networking sites (such as Facebook), Radio, Television, E-mail marketing, E-bay, You Tube, Internet, magazines, newspapers. Trade magazines, Forums and Billboards.
Social media advertising, blogging, and use of other online social forums, has rapidly become one of the biggest platforms on which to advertise your business.
What type of advertising will work best for your business depends on who you are trying to reach, your budget, and your product. You need to find the most cost effective method for you.
All of this information will be valuable in formulating your business plan, which we will discuss in another lesson. Having all this information at your fingertips will give you an edge over your competitors, an understanding of your client base and will improve your businesses chances of survival.
Marriage God’s Way
Nobody gets married without the highest of hopes that this is going to be one of the finest, friendliest, most congenial, most satisfying relationships that anybody ever had. And that is a possibility. It is possible to live that kind of life. However, we need to stop and consider what goes into a relationship that will guarantee happiness and contentment and satisfaction.
Sometimes it seems as though a long-lasting marriage is determined by chance or circumstances or just plain old luck. However, there are some steps that will enable you to establish your marriage on a solid foundation that will help you stay in it for the long haul.
Todd Turner was in trouble: for the third time, his wife had threatened to leave him, and this time she meant it. And all over a dog—or so Todd said.
Todd was away from home much of the time and had bought Tracy a dog for company before the birth of their first child. After the baby’s arrival, Todd wanted to get rid of the dog.
“If the dog goes, I go, too,” Tracy warned.
“All right, go ahead,” he told her.
All too often our feelings or emotions can override the truth of a situation and cause us to make bad decisions. When our lives are firmly rooted in our relationship with God and His Word, we view our feelings from a proper perspective and biblical choices become natural to us.
The articles below will help teach you how to behave obediently. (Note: Each article will open in a new browser window. To return to this page after reading it, simply close the new window.)
It’s remarkable how differently people respond to the same set of circumstances. Reactions involve your inner life. The management of your inner life is an issue of vital importance. Every day you will either reveal or conceal feelings, emotions, attitudes, intentions and thoughts stimulated by people and events. Either way, whether you reveal or conceal them, there they are, coming from within you.
Kay Ripley was an attractive woman, well poised, a good conversationalist. Yet she wanted to know why she was a social failure.
Peter’s parents had always been strict, but to obey them was his second nature. He knew that to step out of line would displease them and invite the wrath of God. So he tried hard to get all A’s in school and he never ran with a gang or took part in questionable pastimes.
4 Conversations You Should Have With Your Daughter
When you have a baby girl, it is important for you to explain and tell her some few things. What are some of the few things we need to know?
Self-love must be taught from childhood and needs to be reinforced in the adolescence of children. It is up to parents to remind their daughters that before they desire a boy to have an interest in her, she must have self-esteem, knowing her own values, defending her virtue and respecting herself.
So she will be brave enough to let people into her life, but when she does, she will let them go without allowing herself to be destroyed, for she will always know of her worth.
It is the responsibility of parents to teach sex education to their daughters, perhaps this is not such a pleasant subject to be taught, however, it is essential in their lives.
It is the hardest and most complicated things to be taught and learned that will become precious in a young woman’s life if taught from childhood by her parents. These lessons will help you to value and preserve your body, avoid illness or an early pregnancy.
3. Solid values
It is the duty of parents to teach their daughters to say “no” to drugs, liquor, illicit sex … If they are not taught, these daughters will be consumed by these evils that are destroying the lives of many young people, as it destroyed the girl’s life Of the above story. Values need to be solid, these values are learned in childhood and last for a lifetime.
The teachings of parents need not be composed of eloquent words or long speeches, it is enough that words are simple, sincere, kind, true and concrete, so they will penetrate the heart and mind of their daughters and make them remember constantly How valuable they are.
Preparing a daughter to make her own choices is challenging, perhaps this is one of the great difficulties of the parents, if not the greatest. Looking at the daughter and allowing her to make her own choices, even parents being aware that she is making the wrong choice, can be painful, but it is necessary for her growth.
We humans are benefited by the use of agency, so we can make choices for our progress or for our destruction, it will all depend on our actions.
I, Oladiti Lateef Ayeni, just want to say thank you to those well wishers and those who believe in me. Those who acknowledge my platform on how to change the world for better.
Just want to say once again, thank you and God bless you.
Keep reading my blog and remain blessed. Our conference is on its way titled ‘Do Exploits’. Date, Time and Venue will be published soon..
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AT YOUR SERVICE… WE ARE FOR YOU
There are certain habits you have to stop or prevent doing if you desire to bring out the best in your child. How you behave as a parent is very important if you want your child to be the best. Below are seven things parents must never do in the presence of their children.
- DON’T fight when your child is there. No matter how you are provoked don’t fight people in front of your child. Doing this will make you lose respect and it serves as an example to your child they can always fight back.
- DON’T fight your spouse in the presence of your children. it gives them a wrong picture of marriage and can set the wrong foundation for their own marriage in the future.
- DON’T dress indecently in public. Dresses revealing your cleavage, backside, putting on what is not acceptable publicly will be the example your child will follow if not checked.
- DON’T Speak roughly to your child’s teacher in the presence of that child, your child may never regard or respect that teacher after the issue is resolved.
- DON’T insult your spouse when your child is around. When you do this, it shows the child he or she can also disrespect their parent. It doesn’t end at home alone but such children can go out and insult elders.
- DON’T lie. When you lie to your child or tell lies in the presence of your child you are teaching that child indirectly to be a liar.
- DON’T teach your child to extort money from your spouse. Some parents use their children to get extra money out of their spouse. This is a very wrong act that should be stopped because your child may start doing the same to you in future and to outsiders.
Amazing Health Benefits Of Golden Honeydew Melon
Honeydew melon is a pale yellow fruit, which belongs to the cultivar group of the muskmelon, i.e. the Cucumis melo group. It originated in France, and is the sweetest of all melons. It is a fruit which has a smooth white rind and a greenish or a whitish luck and does not possess a musky smell. The flesh of honeydew melon is green in color, but its peel may vary, from greenish to yellow. It is the yellow honeydew melon.
The Golden honeydew melon has a similar shape and texture to the common honeydew. Its most obvious difference is its bright golden-hued skin. When ripe its skin is firm, thin and smooth. Its flesh is succulent, velvety and sweet. A faint aroma and a slight opening at its blossom end will also indicate ideal ripeness. An overripe melon is soft to the touch and it will develop a bitter flavor in its flesh. Like other honeydew melons, the Golden honeydew is relatively large, weighing an average of 4 to 8 pounds.
The one fact that makes honeydew very special is that it continues to ripe even after it is picked. This makes it a different fruit.
Honeydew melon is a nutritionally rich fruit. It is a complete fruit; which has almost all the nutrients in adequate proportion. It is relatively less rich in Sodium. It does not contain any amount of saturated fat in it. Yet t is a good source of vitamins, folate, potassium and vitamin C.
- Honeydew melon is very good for a diabetic patient.
Owing to the fact that this fruit is cholesterol free and contains no fat at all. Although it is sweet, yet the percentage of fat is zero. This implies that a diabetic patient can enjoy this sweet fruit, without the fear of any further increase in the body sugar level. It is totally free of cholesterol, yet it provides the essential energy to the body. It also has a low glycemic index. Even the carbohydrate level is low. Therefore it is very good for a diabetic patient.
- Good for skin:
Massage with melon for moisturizing and calming effect. It is especially recommended for bright skin tone and elasticity. For a faded or irritated skin can be made light massages with fresh yellow melon juice. You can make thin slices of the fruit and keep them on the skin for 15 to 20 minutes.
- Boost the immune system.
Melon contains a serious amount of folic acid, which improves the immune system. Relieves stomach diseases and improves mental disposition. Help to regenerate tissue, detoxify the body, constipation, gout and rheumatism.
- Controls high blood pressure.
The combination of its high water content and potassium levels make honeydew melon effective at maintaining healthy blood pressure levels.
- It Hydrated the body.
The melon fruit family is known to contain high amount of water. This fruit is not just 90% water but is also rich in potassium that assures the body has regular water levels. That is why this fruit is popularly juiced on summer and on hot sunny days because it keeps the body hydrated and also effectively quenches thirst at the same time. It hydrates the body on a cellular level.
- Improves eye health.
Some of the most important phytonutrients needed by the eyes are lutein and zeaxanthin which happens to be present in honeydew melon. Lutein and zeaxanthin improve the overall eye health resulting in better vision and reduced risks of eye related disorders such as cataracts, ARMD or age-related macular degeneration, age-related blindness and the likes.
7.Good for pregnant women.
During pregnancy, the body demands a higher level of vitamin and mineral intake. This is the period that your body should receive utmost nutrients because immunity tends to be weaker than normal. The body should get as many nutrients more than ever. Honeydew melon fills the body with various nutrients, especially during pregnancy. It is high in potassium that maintains healthy heart condition. It also has Vitamin C that strengthens the immune system. If you want to be healthy to give birth to a healthy child, it is highly recommended to eat honeydew melon as much as you can.
In conclusion, Honeydew melon makes a refreshing treat on a hot summer day, but it’s also a low-calorie and healthy choice any time you need to feed a craving for sweets. Whether enjoyed fresh or added to a fruit salad, honeydew delivers iron, B vitamins and essential nutrients.
Its so annoying seeing people not doing the right thing for themselves and the people around them.
Although, most of them do it out of ignorance which we all know is a disease. But, what about those that knows their right hand from their left? Its one thing that we can’t avoid because some people will choose to remain stagnant, thinking their current status on attitude, manner of approach, recklessness and carelessness is just the best.
One thing is that, I have learn to always learn new things everyday, that is why I get to improve in all areas of my life.
HOW CAN BEAT OUR FORMER SELF TO A NEW SELF
- Always make sure you learn something new everyday and anywhere
- Prepare for the worst thing
- Don’t be over joyous over good things because, good things are limitless
- Be humble and show respect to everyone you meet
- Because you show respect, don’t be a push over
- Move closer to God