The beginning stage of a business is considered as the most challenging stage as it comes with many windstorms. However, most of the cyclones come in the initial period of any startup business are not pre-defined. So, it is impossible for you to predict most of the windstorms that are coming. You can only predict some of those cyclones that are likely to come in your way. This is an informative post with will be telling you an extraordinary way by which you can tackle the known portion of your business tempest. We are discussing, how you tackle the beginning tempest of your startup business. But yes, you will not get the answer to your question, why the initial stage of a business is considered as the most challenging stage, throughout this post. We are not even discussing the availability of business capitals or the providing agencies.
Market research & feasibility study is considered as a great weapon for dealing the beginning tempest of any business that is going to be established. It is necessary, too. Before you start a business, whether it is a product based business or a service based business, you must go through a feasibility study. While doing the research, you can include these ten factors.
1. Present & future demand
2. Projected gap
3. Market movement
4. Product acceptability
5. Competitor frequency & effectiveness
6. Availability of raw materials
7. Price feasibility
8. Transportation system
9. Availability of skill fullness
10. Customer volume
The involvement of expert minds is suggested to you if you want to study the market in a better way. You can even invite a third party if you are keen in projecting a small portion of your budget. At least, we suggest you invest some money in making a good market research, followed by the feasibility study.
Before you apply for a business loan to any lending agency, it is very important for you to know about the existing competitors who are dealing with the same product or service. The acceptability of your existing competitors will define the acceptability of your business which is definitely an important factor to know about. Another thing is the customer volume and their taste. Your business volume should not bigger than the customer volume. It is better if the delivered product or service is compatible with the taste and demands of your startup business customers. The decided price should not be higher than the market price. Do not prefer a low price, too. It should be uniform and compatible with the current market. Finally, a proper market research is really a safe way to tackle the beginning tempest of a projected business.