Cascades or waterfalls are formed in precipitous or steep topographies. They tend to occur over bedrocks, that seem to impede the flow of the water stream. Nevertheless, when the stream courses over these resistant bedrocks, erosion causes the water to flow slowly over the underlying rock layers until the water plunges into a pool at the bottom. In order words, those resistant bedrocks actually help the water flow into a more settling position.
As entrepreneurs, there are certain steps we have to take that may seem like a resistance to our flow or progress. Taking these steps takes time, cost money and energy but in the grand scheme of things, they are beneficial to your progress. For example, writing a business plan before starting your business may take time and cost you money but, in reality, it would save you time and money as it would help make the right business decisions.
In the same vein, doing proper research takes time, money and energy. Nevertheless, it is a very important step that needs to be taken before embarking on any journey, venture or into any business. When properly done, research helps you prepare for the known and the unknown. Any contingency plans you have to make about your business is based on your research.
When starting or growing a business, there are certain topics that you definitely have to do proper research on. These topics or areas form the core of your marketing strategies. They include:
Your Industry: You need to find out what industry your business or brand belongs to and what are the current trends in that industry. Who are the big dogs in your industry? What are they doing well and where have they failed? What can you do better than your competitors? How much do your competitor charge for products or services? How can you beat those prices but still maximize quality?
Your Target Market: Your product or service may be good for everyone but not everyone will buy your products or pay for your services. You have to figure out those individuals or clients that are most likely to buy your products, pay for services or be attracted to your brand. As you market your brand, products, and services, you should pay more attention to potential clients who make up your target market.
Your Brand: Brand Identity refers to how clients perceive your business. You want to be able to control or manage your brand identity. Figure out how you want your business to be perceived. What visual impressions do you want to leave in the minds of potential clients? What words, colours, and fonts do you want to associate your brand with?
Your Financial Capacity: You are going to be making some investments as you start or grow your business. You need to make sure you are making the necessary investments first. So, figure out what you need to pay for or invest in to get you started or take you to the next level of your business. How can you minimize costs but maximize quality and time? How much do you have as your starting or working capital? What can you do with that capital?
Doing proper research on these four key topics will get you started as you prepare to start or grow your business.
Likes bedrocks in a cascade, research work may seem like an unwelcome resistance to your progress as it costs time, money and energy. However, just as each bedrock helps the water in a cascade flow to its next level, good research propels you as you start or grow your business.
Developing a good business plan involves doing proper research: horoma business consultants are well equipped to find valuable information about your industry, brand, target market and financial capacity that will make you better prepared for your exciting journey of being a successful entrepreneur.