The turn of the new year has everyone wondering what they should be doing in the future, and with big businesses struggling through all the lockdowns, there is more incentive than ever to start your own business. There is finally room for smaller businesses to grow, and it might even be a more stable position than bigger fledgling businesses, as demonstrated by the infamous Better.com CEO who hired 900 people in one fell Zoom call.
If you are considering starting your own business, be better than that, but also read our list of things you will need to look into before you get started.
Research your industry
Keeping an eye on the industry and what other people are doing will give you two basic insights: what are people doing that you can do too, and what people are doing that could be considered copying.
Going deeper, you will also have to look up government guidance and regulations, to make sure that your products and business practices are adhering to the national laws.
Find any local industry events and take a trip to start networking. Not only will you gain valuable insights from your peers, perhaps find a mentor, and gain acquaintances that can help you down the line, but you can gain lots of information from the speeches and workshops available from industry experts.
If you are thinking of opening your business in the United Kingdom with a potential of global growth, be sure to check RX to generate awareness and ensure presence at key industry events.
Research your product or service
If you have your idea and you’re ready to go, steady on. You will need to research your product or service to perfect your idea.
The most basic premise of most modern start-ups is that they solve a problem, like tights for dark skinned women or make up for men with natural style. Everything you can think of solves a problem. Cars are an easy means of travel, bleach is a superior cleaning product, etc.
The first step in researching your product, therefore, should be to check the reviews of similar products. Customers will be telling other businesses what problems they have with products and ideas to fix it. Not only will this allow you to come up with a product that will solve a problem, but you can also make sure that you aren’t making the same problem.
Research your customer
Researching your potential customer starts with creating a profile of your customer. You might have a very vague idea of who will buy your product, and they might even be obvious, but you will have to go deeper than that.
Sure, someone who needs to clean will buy your cleaning product, but who is that? Chances are you’ll start with “women of child-bearing age without a job” like Mad Men might have done, but the more information you have about these housewives the better.
How old are these housewives? Where are they in their lives? What are their priorities? What are they doing online? What are they doing day to day? What are their communities? Go as far as you can and tailor your product or your marketing accordingly.
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