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Does Business Success Require Research?

April 30, 2019

 

Everyone knows that running a successful business is the key to financial freedom, but knowing it and making it a realisation are two entirely different things. 

 

Most businesses fail within the first twelve months, and many that do make it past the twelve-month mark, fail within five years. The percentages of businesses failing is so high, it’s no wonder so many are too scared to even try running a business. The employee status does bring a level of safety.

 

To go out on your own is certainly a risk, with many varying factors. But, is the risk really that high? Or, is it more a lack of market research and belief in oneself that makes it a high risk venture?

 

Often people think that opening a business in a ‘well known’ location means their business is destined for success, but, is the well known location a successful location? 

 

These well known locations usually come with extremely high rents and Council rates. The weekly turnover required to cover such costs, may not be feasible for a new business to sustain. High overheads, means you need to charge your customers or clients high prices.

 

Are you offering a product that people will pay top dollar for? Is your business offering a necessity or a luxury? And, if you are offering a luxury, how high is the demand for what you are offering? Do potential customers avoid coming to this well known location, due to the assumption everything is over priced? These are all things to consider before starting any business. 

 

Another important factor when starting a new business (that many fail to do), is to do your market research. How many other businesses near you, offer a similar product or service? Is there too much competition for your new business to thrive? If there is a lot of competition, what is going to set your business apart from the rest?

 

Advertising can be another bone of contention. Is advertising going to advance your business? Or, is word of mouth going to be a better driving force? If relying on word of mouth (which can take time), do you have the capital to see you through until business picks up?

 

In fact, starting any business without having capital behind you, or another source of income for the first six to twelve months, will almost guarantee your business to flop. Businesses do not become successful overnight, and you need that financial support until the business has a chance to stand alone.

 

Something else that is a huge factor in businesses not succeeding, is personal belief in your ability to succeed. Do you have the right mindset? If you don’t believe you can succeed, or you’re too fearful of failing, chances are, that fear and lack of belief will manifest into reality.  

 

People can sense your fear, it often shines through as desperation, and that desperation will drive people away from your business. You must believe in yourself, and the product/service you are offering. If you don’t know, no one else will!

 

Starting any business always comes with risks that are outside of your control. But, if you don’t invest in the area’s that are within your control, those risks, the fear, the failure, will undoubtedly become your reality.

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