What start-up business owners often overlook

There was a record number of new businesses launched during the pandemic, as people were forced to look for new ways to earn an income, and as exciting opportunities/gaps in markets presented themselves to potential entrepreneurs.

To someone who has never run a business before, it may appear overwhelming, the amount of information they need to know in order to avoid pitfalls or problems further down the line.

Whilst it may seem natural in most life situations to ask for help, some new business owners can seem reluctant to admit defeat so early in their entrepreneurial journey and try instead to fathom things out for themselves.

Here are some elements they commonly overlook, misjudge or fail to apply…

Market research

Whilst many new business owners happily carry out market research within their defined target audience before launching their product or service, there are just as many who make the leap blindly. They believe their offering will sell, but wait until they’re in business and relying on the income of their enterprise before they find out whether this is true (or not).

You need to know if there is demand for what you provide before you supply it.

Market research does not just concern your customers; if you don’t assess who your competitors are and the market share they hold (and why), you could become unstuck. If customers are happy to buy from your rivals, why would they come to you? You need to study your pricing and that of other people who offer the same thing you do; you need to ascertain your USP and how you can differentiate from them; you need to work out all the hurdles and objections your customer may have/hold that could prevent them parting with their money.

There’s a lot of fact-checking and study to be done prior to launch, if you wish to start a viable business.

Having a plan