How to Tell if your Business is Going to Work

Discussion in 'Articles & Tutorials' started by akashjshah, Nov 3, 2009.

  1. akashjshah

    akashjshah
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    Did you know, according to the U.S. Bureau of Labor Statistics, six in ten businesses shut down within the first four years of operation? Do you know what those four in ten surviving businesses did that separated them from the rest?

    Before you begin to develop and market your product to the world, you must adequately know your market.

    Starting up a company is a time-consuming endeavor. Many entrepreneurs rush into the development phase of their product or service prematurely. They themselves believe that their product or service is brilliant idea. But, then when they get to the market, they realize that this seemingly “brilliant” idea was not what the consumers wanted. Unfortunately, this happens more often then you would believe.

    I have developed a 3-Step Method to determine how well your business will do.

    Google provides great services for an entrepreneur looking to gauge a particular consumer base.

    One of the most important ways to gauge your market is through a survey. There are many ways to do this. You could simply go to a coffee shop and ask people about their tastes and preferences for a particular product related to coffee. But, in our Internet-savvy world, there is a much better way to gauge your audience.

    A brief overview of the 3-step method:

    1. Using Google Sites, set up a landing page, which describes your product or service, has at least three survey questions on it and has a contact email address.
    2. Using Google Adwords, make at least three ads that contain catchy descriptions of your product and have a link to your landing page created in Google Sites.
    3. Using Google Analytics and data provided in Google Adwords, analyze the data and results to see whether your business is viable.

    Read the introduction for Market Research here.
    Read about the 3-Step Method: Step 1, Step 2 and Step 3.

    Enjoy!
     
  2. akashjshah

    akashjshah
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    Does anyone have any suggestions to improve these guides?
     
  3. Fergal

    Fergal
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    The approach you outline is one way that you could do your market research. You might improve your article by suggesting other methods, such as visiting related forums and posting your market research questions or polls there. You might also suggest that people visit relevant blogs to get information on what is currently hot in the relevant industry. Does that help?
     
  4. OneLife

    OneLife
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    How to tell if your business is going to be a success

    These are good points. One of the ways you could do it is to see if you can buy a business that is already set up and making small revenue. I wrote an article here about some of things to look for if you wanted to do this:

    http://onelifenofear.com/2009/11/buying-an-online-business/

    As for starting from scratch your research is key, but the bottom line is that you must test the business out. One of the businesses that I had was difficult to research because there was nothing like it around. I set up a small office, set an amount of money I was willing to invest in the test period and pulled the trigger.... it turned out OK, but it could have easily gone the other way.

    Often people spend vast amounts of money on lawyers, business plans and research when that money could have been applied to running a real live test... of course it is horses for courses... but I am sure you get where I am coming from.
     
  5. Navida

    Navida
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    Market research is an essential tool for business successful process. Your business is not going to stable else there is research on your target market has done. Google adword is really important tool for making your product visible on internet.
     
  6. printingray

    printingray
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    Yes, marketing research can prove helpful in determining your business potential. You can understand the market by spending a few hours on the web, be familiar with industry associations and state agencies etc. There are a lot of other concepts that you can use to understand the market and it depends on your market situation, your area and nature of business. Its not a rocket science but requires some experience and strategic concepts about the business. You could never get an idea about your product visibility until you will not understand the market and your competitors.
     
  7. Sonia Whitehorn

    Sonia Whitehorn
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    The key is making sure that you have entered into the right niche market you are interested in. You have to be focused and not swayed by anything! Invest into positive resources ie. books, audios and magazines of interest. There are highs and lows in any business so just remain dedicated and create a website for your blogs. To your success :)
     
  8. firstchoicecar

    firstchoicecar
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    Never heard this news before, Thanks for the update. The key in all business is hardworking.
     
  9. harvestllc

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    My mother had just started her business, a small business retail. Despite that, her business is still profitable. It will always depend on how you run a business, good strategies.
     

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