ADVICE FOR RESEARCHING AND DEVELOPING A POTENTIAL MARKET FOR A BUSINESS START-UP

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Start-up flow chart.

Points to consider.

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•Back to 'flow chart' page. •Look for a business service.

In detail:

•Formulate your products/ services. •Consider the competition. •Attracting customers. •Choosing your premises. •Business Equipment. •Your local Business Link. •Employing staff. •Your 'business plan'. •Your 'cashflow forecast'. •Limited Company, Sole Trader or Partnership. •Choosing an accountant.

Formulating products / services.

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Flow Chart. ||

Next.

Think hard about your business idea.
Formulate your product or service & identify your market.

Your Product / Service.

What is your product / service?
How will you be able to supply your product / service to your customers?
What is your (Unique Selling Point) e.g. what makes your product / service more desirable than your competitors'?

Your market.

Conduct research on the market trends of your industry.
Your local Business Link, Training and Enterprise Council or Enterprise Agency will be able to help you get the information that you need. See below for links to other useful research aids.
Is there a feasible market for your product or service?
If not, how can you improve on your business idea?
Discuss your ideas with friends, family and potential customers.
Who will buy your product? Try to identify their sex, age, address, occupation and other important characteristics.What are their needs and desires?

Sources of information for Research.

Sectors of industry:

If you are looking for 'facts and figures' on a particular type of industry you may find a great deal of information at www.uktradeinvest.gov.uk this UK government website lists information on all sectors of the economy. Also, you could identify and subscribe to the appropriate trade magazine for your industry. You will find a magazine to cater for almost every type of business that you can imagine.

Government e-petitions:

The UK government has a website for people to put forward petitions for the public to vote on. This is a good source of public reaction and it shows the number of votes cast to indicate popularity. See: http://petitions.pm.gov.uk/

Licenses for trading:

To see a list of where to find information on trading licenses... [click here]

Legal and statutory requirements:

For particular aspects of your business such as; health and safety issues, your legal responsibilities regarding polution etc. try visiting our useful links page which has links to most of the major governmental organisations and quangos which regulate them.