Making good decisions for your small business or start-up using market research

You've come up with a new product or service idea and you have decided to turn your idea into a business. Congratulations on making this first step! However, there are a few other considerations before launching. Are you aware of the following statistic? 41% of new UK businesses fail to make it past the 3-year mark.* It is not enough for the owner of a start-up or small business to be passionate about the idea or be a hard worker. The reasons for failure can be many. However, two critical reasons are: - Failure to get market acceptance of the idea. - Lack of good understanding of the operating environment. Hence why the gathering of market research is an important stage in your process. Market research can help with all of the following: - Gauge if your business idea has market acceptance (e.g. is the competitive landscape attractive enough for you to launch, willingness of potential customers to pay for your product or service, who are the ideal buyer personas that you should target, etc.) - Create effective and realistic strategies to help plan the future of your business in order to lower your business risks. - Set realistic and attainable targets for your future business - Justify/support your loan and funding requests to third-parties (should you decide to seek funding or loans). If you would like to explore as a small business owner how market research can help you make better decisions, get in touch with Decision Monday on support@decisionmonday.com to find out more. *Source: ONS analysed by Ormsby Street