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RISING WOMEN EXPERT ADVICE...
Bringing Concept to Reality
My experience as a graphic designer has introduced me to many individuals who
have taken the plunge and started their own business. I have been approached to help
create marketing materials for businesses as diverse as dog walking ventures and
women's-only fly casting schools. And as much as I know my job is to play detective and
create a requested brochure, business card, advertisement or what have you, I still find
myself secretly in awe as to how many people jump in to business and expect success
without taking the basic steps.
One of the most important steps to backing the decision to start a
small business is 'Market Assessment'. This pertains to researching existing, similar
markets and demographics to get a solid idea as to whether your business concept is
marketable and to forecast your chances of success. Simply, if you put out a
product/service without knowing the needs of your consumer, you will soon find that you
are out of business.
There are many resources available that can quickly and inexpensively
assist you when researching your market, including business resource centres, the Library
and the Internet. It is also important that you become familiar with what other similar
businesses are doing. You can request mailed or faxed information or even talk directly
with these similar businesses. Unless you are directly competing with the same
product/service, most are very receptive to help.
Networking is another important step to take when researching. Talk
about your ideas, ask others what they think, ask if anyone knows of someone who would be
willing to mentor you. Gather ideas, reactions and opinions.
Points to consider when assessing your market:
• What type of customer will appeal to the product/service you
plan to provide? i.e. Why would they purchase it? - necessity or luxury. Will they be
seasonal? - tourism. What is their age group? Who your customers are initially sets the
standard as to where, when, how and why you will present your business concept in a
particular fashion.
• How will you reach your customers? i.e. What is the most popular
form of awareness media THEY are using? - TV: find out the viewer statistics for different
channels. Tradeshows: what type of people, age, interests, etc. are going to the various
shows. Make the effort to attend different events and request available media information.
Also, know your demographics. Where does your targeted customer live, work, frequent, etc.
• Who are your competitors? i.e. Where are they located and how
many similar businesses are in the same vicinity? How long have they been in business? How
are they presenting or offering their product/service? How many are relying solely on one
particular product/service and if they offer others, why?
Also, consider those who aren't direct competitors but who might nevertheless
compete against you. i.e. Why would a client buy your salad dressing if it is more
convenient to pick one up at the grocery store while buying other food products?
When researching your competitors, go down to their stores and present
yourself as a customer. Find out for yourself how they present themselves and offer you
service.
• How will you be positioned in the marketplace? What makes your
product/service unique from your competitor? Will you compete with existing businesses
head on or will you try to find a special niche? From having a solid idea of what similar
products/services are popular, you can determine how your approach, whether it be customer
service, quality, quantity, etc., will stand out from the rest.
• How much should you charge for your product/service? This is where it
is crucial to know what level of products/services are being offered by your competitors
in comparison to what you level you will be offering. This is where you begin your
research on suppliers.
• Who supplies the required products/services you will need to
build your business? Who are your competitors using? Do they import or use local? Also,
ask the different suppliers who they service.
Market Assessment will give you invaluable knowledge that can help mold
your business plan from determining the feasibility of your idea to your budget. Deciding
to go into business is easy. Making it a successful business takes effort.
Written by Illiki Rai, owner of Rising Women Magazine.
media@risingwomen.com
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