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Tuesday, 3 October 2017

ENTREPRENEURSHIP: DOING A MARKET RESEARCH FOR YOUR STARTUP - 2



In our last post on this topic, we discussed 6 areas to address while doing a market research for your startup. In this post, we shall be looking at other aspects you need to consider.

7. COMPETITION:
a. How will your products or services compare with your competition? Get out the benefits of your products and services that will better address customers’ needs, as compared to your competition.

b. Use the following yardsticks, in tabular form, to analyze your major competition: Market share, Location, Strengths, Weaknesses, Services/products, Business hours, Average monthly sales, Years in business, Number of staff, Company reputation, Types of facilities, amongst others.

c. What will be your major competitive advantage? What do you think will give you an edge over your competition?

d. What are the areas you think your competition will do better than you? 

e. Compare each of your products/services to that of your competition, in tabular form.

8. LEGAL ENVIRONMENT:
Which of the following will your business require? License, Permits, Trade Mark, Patents, Environmental regulations, Workplace permit, Insurance coverage.

9. PERSONNEL:
a. How many employees will be required for your business per time?

b. What type of skills will be required (skilled, unskilled or Professional).

c. Where and how will you find the right employees?

10. SUPPLIES AND INVENTORIES:
a. What kind of inventories will you keep: Raw materials or finished goods?

b. Identify your key suppliers of raw materials, good or inputs.  Use the following yardsticks in tabular form: Supplier, Unit cost and address.

c. Write a detailed list of equipment to be acquired. In tabular form, state the specifications and sources using the following yardsticks: Equipment name, Description/specification, Cost, Sources/Suppliers.

11. RISK FACTOR:

Every business/industry has risks.  List the major risks you anticipate for the business. Ensure you know the risks involved in your business, so as to make the business more real to others that might be interested in partnering with you.  

CONCLUSION: Doing a market research for your startup, no matter how small, shows how serious you are with your idea.   It may not be as stated above, but do something about knowing the market you intend to operate. 

Note: This is not a comprehensive market research format, but can be used for a startup business plan that may need funding from external sources.

END.





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