VERY IMPORTANT 8 LETTER WORD FOR ANY NEW START BUSINESS

[Michael Smith]

A very important eight-letter word for small businesses

Everyone thinks or believes they know what might sell, but in reality the majority of people haven't got a clue and plunge themselves headlong into a new enterprise or launch a new product with nothing more than a "hit and hope" strategy.

And then they can't believe their bad luck when their great idea doesn't find a target audience that's interested in it or prepared to buy it.

So what can you do to make sure you increase your chance of success? You can use that important eight-letter word, that's what.

Research.

Research your market, research some real live customers and prospects, research trends and developments in your sector, research the demographic characteristics and buying patterns of your target audience, research your competitors' activities and gaps they aren't filling, research newspaper and trade publications to see what's hot and what's not.

Research anything and everything, in fact, about your business idea, product or service and find out not only whether there is demand, but where it is, how much there is, how often people will buy, how much they will pay, and how much this might change in the future.

Fortunately there are hundreds of sources of information that will help you with this research if you know the right places to look. Try the following as a useful starting point:

A wide range of Government statistics for England and Wales can be accessed via the Office for National Statistics (ONS). The site includes details about key demographics, the labour market, economic changes, statistical digests, social trends and regional profiles.

If you're based in Scotland, go to the General Register Office for Scotland (GROS) website to find similar information and Scottish demographics broken down by local authority area.

For Northern Irish demographics, visit the Northern Ireland Statistics and Research Agency (NISRA) website.

Copies of UK legislation and accompanying explanatory notes are available from the Office of Public Sector Information (OPSI) website.

Several Government departments also publish sector-specific statistical information. For example, HM Revenue & Customs (HMRC) provides free trade data and statistics about UK imports and exports through its UK Trade Info website.

Almost every industry, no matter how niche, will have some sort of dedicated publication, trade magazine or periodical covering news and events in the sector. You can find a directory of all the magazines and publications in the UK at Mediauk.com. A list of trade publications is available at TradePub.com.

If you want to check out the competition, try out the UK Kompass database - sections include Products and Services, Company Information and Industrial Trade Names.

For hundreds of practical tips and techniques to help you find new customers and increase sales on a shoestring budget, check out The UK Small Business Marketing Bible.

All information can be found easily via the web..
Regards
Michael