Researching your market is essential before starting any business. Understand the dynamics that underpin your competitors and their marketing strategies, says Heather Wilkinson

THE BRIGHT IDEA

  • Coming up with a bright idea can be one of the hardest things to do. Think about your hobbies, values, and skills, and fundamentally what you really enjoy in life… look at industry trends and the latest innovative ideas. You might think of a few before you find the one that wins your heart! Starting a business is really hard work, so you have to love your idea 100%. For inspiration and trends check out Springwise and Trendspotters.

    • GET TO KNOW YOUR MARKET

  • Researching your market is essential before starting any business. Understand the dynamics that underpin your competitors and their marketing strategies, suppliers and how they operate, customers’ demands and industry trends. For an insight into market profiles check out Scavanger.

    • WORK FOR YOUR COMPETITORS!

  • It helps to have experience in your market. If you are starting a business in a completely new market in which you have no experience it might be worth getting a job with a competitor to understand how they operate and how you can do it better! You need to define your Unique Selling Point so you can distinguish your brand.

    • UNDERSTAND WHAT IT WILL COST!

  • All this research will inform the finance needed to start a business. Start to estimate the costs required for the infrastructure of the company, your supplies, an effective marketing strategy, and the human resources you will need. Be realistic, always overestimate your costs as it will always cost more than you imagine.

    • GET THE PRICE RIGHT!

  • Spend time getting your pricing strategy right, in line with your competitors, costs and consumer purchasing power. What is your break-even point and desired profit margin for the business and does it make sense to give it a go?

    • RAISE THE FINANCE

  • Once you’ve estimated the costs, explore the finance options available to you. Make sure you have sufficient finance to start the business, as it will be very stressful and hard without, particularly if you are financially relying on its success. If possible, maintain a reliable income until your business shows signs of sustainability.

    • BUILD A NETWORK AROUND YOU!

  • Invest your money in joining social and business networks from the beginning as they will help you build relationships with individuals who will underpin the success of your business. Networks will help you connect to suppliers, partners and clients, as well as connecting you with like-minded people to offer inspiration and motivation.

    • BUILD A TEAM AROUND YOU!

  • Invest your money in joining social and business networks from the beginning as they will help you build relationships with individuals who will underpin the success of your business. Networks will help you connect to suppliers, partners and clients, as well as connecting you with like-minded people to offer inspiration and motivation.

    • Running a business requires many skills and it’s impossible to do it alone. Make sure you focus your time on your strengths and delegate the rest. You can recruit new team members, volunteers, or professional experts to help you with the different areas of the business. Striding Out is an inspiring, fun and robust support service and community for entrepreneurs. Founded by Heather Wilkinson, an entrepreneur, strategy consultant and business coach, she launched Striding Out to attract and connect a group of like-minded entrepreneurs, in the belief that together we are greater than when work alone. Find out more at www.stridingout.co.uk