Entrepreneurs who do their homework increase their chances for

I have spent the weekend preparing for my family holiday, treating us all to some new clothes and making sure all the necessary plans are in place to ensure we set off happy and relaxed. When you add it all up it can come as quite a surprise exactly how much time we spend planning and preparing for our hols. You start off months before hand carrying out research to find the best resort, you compare prices and travel companies to find the best deal available and that’s all before you even make your reservation.

So, it makes sense that when planning something as important as
setting new goals for your continual business development you carry out research to determine if your ideas are viable.

Lack of sufficient research is one of the fundamental mistakes that many small businesses owners make in the early days of setting up and running their own business. Likewise, it is also one of the reasons many fledgling companies fail.

Let’s imagine you have created a new product or service that you are certain to be a winner. But how can you be sure?


Firstly , ask yourself, is there a demand for the product or service you will be offering?

How big is the market?

Will the product or service you plan to offer be profitable?

Who else is offering the same or similar products or services in your area?

What will differentiate you from your competitors?

How will you make your business idea stand out?

Who are your customers? How will you find them? How will they
find you?

It’s not enough to just ponder these questions, you need to set
aside some time to sit down and focus on the answers. There’s no
time like the present, so commit now to starting your research by
answering the questions above.

‘Research is the process of going up alleys to see if they are blind.’
Marston Bates