STARTUP – Ask the right questions: it’s important
In a world where we are confronted with information overload, we tend to think that all the information we will ever need must surely be found on the search engines of the World Wide Web. By Linda Botts
That could be true, however, if there is one thing any academic will tell you, it is the question you are asking that is, in most cases, more important than the answer you will get. How you search for information needs to be correct in order for the answer to be relevant to what you need to know.
For any new business it is extremely important to do the necessary research in order to make the perfect match between your product or service and the market you intend to serve. Research does not have to be formal or very expensive. In fact, from the information available on the internet, you can get a lot of answers that could help you with decision-making in the early stages of your Startup.
The type of information that you would need when starting up your business, could be:
- What is the demand for my intended product or service in the geographical area I am thinking of operating?
Every province is different in terms of customer needs, likes, and wants. The consumers in the big cities will not necessarily be interested in buying farming equipment or livestock, but there will most definitely be a market for it in the agricultural towns and communities.
- What could be a future demand for what I have to offer in my target market?
Some products and services are seasonal. Maybe the product or service you intend to sell is not available now, but it might be trending in a few months or years from now. Think of Tesla. Telsa started developing an e-car long before the concept of a vehicle that runs on electricity had even existed in layman’s language.
- Who else out there is offering my product or service, or a close competitor to what I offer, and what are they selling it for?
Healthy competition is always good. In fact, if you are offering something that someone out there is already offering, it could give you a head-start. The reason being that the consumer has already been introduced to a likely product or service and all you need to do now, is offer something bigger, better or cheaper. But let me warn you: there is a science behind deciding which one of the options to go with.
- Where is a gap in the market for which I can offer a product or service?
Look at it from the point of view of what the market wants – you may already have a product or service that just needs a tweak in order to meets market demand in your designated area – instead of creating a completely new product or service for which you need to go and research or find a market!
Research could make or break your Startup. Go ahead, Ask!
Contact Business Doctors North-West for more advice. http://businessdoctors.co.za/linda-botts/