Tuesday, 17 February 2009

Market Research - Including Researching Yourself

Making money from you own business is difficult. It is something that should not be taken lightly. If someone asked what the most important thing was when it comes to starting up you own business, what do you think the answer would be? There may be many differences of opinion, but to my mind there is only one answer - The market research that takes place before you even start a business.

Going for the first business opportunity you see is foolhardy. Not putting any time or effort into finding out what business is right for you not just in term of suitability but whether that particular business will work is vitally important. So many new businesses are started and failed because the market research wasn't done beforehand. It's like diving into a swimming pool without check the depth of the water.

The best method to start is to write a CV. Be as accurate and honest as you can, imagine you are applying for a job. Put down all you skills, experiences and personal qualities yo have. Make an inventory of equipment you have at your disposal, even if it’s only a spare room, a computer or a car.

Take a good look at your current lifestyle and work out, realistically how many hours you can allocate to work. The demands of a family mustn't be underestimated, so bare this in mind when writing it down.

You must make sure that you are going to be content with whatever business you decide to do. It will totally defeat the object of working at home if you don't like the work and will create a hell hole. Not a silly as it sounds, as some people just set up a business to make money and end up with far more stress than if they were in a employee situation. Make sure you know what the work is like on a day-to-day basis before you committing yourself. Talk to other people who are already running similar businesses and find out the good, the bad and the ugly about this type of business.

Running our own business from home is not for all. If you look at what you have written about yourself honestly and get another person to evaluate your credentials for running your own businesses, you should listen to what they say. Sometimes it is best to just carry on working for someone rather that fall at the first hurdle losing money and self-esteem.

For those who pass with their CV analysis, it is time for you to look ahead and at your competition, if you are aware of these you will succeed and take action that is needed if the goalposts change.

If you research all the factors that will affect you and your family with your new business not only will you be in a good position now to go ahead with your business plan, but the stress levels will be lower knowing that you business will stand a goof chance of success with the ground work yo have done.

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