Figures of the Month:
45%

of individuals from 18 years old would go about finding a dog walking...

47%

of individuals from 18 years old would rent a bike because it is...

79%

of individuals from 18 years old tend to buy desserts from a supermarket

62%

of individuals from 18 years old living in the UK celebrate Christmas...

40%

of people tend to go on holiday for a week to 9 days

38%

of men from 18 years old take part or play sport three times a week

Research Reports Account
Panellist Account
Entrepreneurship Network



Supporting UK Enterprise


Newsletter

Newsletter Subscription:


Social area



Small Business / Entrepreneurship News

What to do if you have a Great Business Idea
2012-12-17

business ideas, business success, target market, market research, primary market research, market trends, market share, research and development, competition, unique selling point, competitive advantage,

 

Entrepreneurs continually produce great business ideas, but it is hard to know which ones will be successful. Jason Green from YoungEntrepreneur suggests six ways that entrepreneurs can make sure their business idea will be a success;

 

 

See what else is on the market
Markets are getting more overcrowded each year, with each business idea being developed and diversified by other companies. It is therefore important to understand what is already available to customers, because the likelihood is that there is some form of it already on the market.

 

Understand your customer
By undertaking market research into your target market you can understand their wants and needs to determine their interest in your product or service. At Marketest we conduct primary market research for clients to help highlight customer trends and validate business ideas.

 

Know your value
There are other market research benefits other than understanding your customers. Market research can help you understand whether your product will be valuable to your target market; just because you would find it useful and valuable does not mean your target market will.

 

Understand your competition
It is important to know the key players in your market and how they operate; how did they grow to have such a large market share.

 

Find your competitive advantage
What makes your business unique? What makes your business catch a customer’s attention?

 

Ask for advice
Starting a business is difficult in any market, but it is especially challenging in a unstable economy. Ask as many questions as you can. It is wise to talk to both successful and unsuccessful entrepreneurs in your market; why have they been successful and where did they go wrong?

 

 

It is important to remember that all businesses, products and, services start out the same; as an idea. Let us know how you have turned a business idea into a reality by leaving a comment below. If you would like to know more about market research or the services Marketest can offer you why not ask us a question.

Post a comment