Starting a new business or entering a new market

Starting a business can be one of the most exciting and challenging things we do in our professional lives. The highs and lows of business ownership can be quite extreme, but the ultimate pleasure of running your own business under your own control can be very fulfilling. A lot of time in the first few weeks will involve setting up the logistics to support your business, on top of trying to market and sell your products.

In some respects entering a new market or growth area is a lot like starting a new business, even if you have been established in business for years. You probably don’t have to worry so much about setting up your business infrastructure but you do need to work out a comprehensive business plan justifying (probably to yourself) why you are investing in this new market.

Whatever you are trying to achieve how best can you quickly understand your market and what resources are there, in addition to the Business IT Guide, available to help you realise your dream?

Know your market

The fact that you want to start a new business or enter a new market area probably means that you can see an opening or an opportunity to provide a better service than existing companies. Whatever you decide you need to understand your market place and you would be expected to become an expert in your business and your competitors.

The internet is a great tool to use to look up your competition.

Often you will be able to down load competitive prices lists and product descriptions and see how you can do a better job or add more value. If you don’t know the names of your competitors use a search tool such as Google to search on a particular market in your area, for example “soft toy manufacturer in Norfolk”. You should then be able to see your potential competition. Try and be creative in your searches – if you need help using the search tool then you can access a help guide here;

Google Help

As well as search engines and competitor’s websites consider browsing any relevant online forums as these can often give you an instant view of a market place and can help you gauge the current issues customers are facing. Websites such as Facebook have also been known to host groups of customers either complaining or complementing product suppliers.

Research services

Business associations and professional bodies sometimes provide a research service as a benefit of membership. With these organisations you are able to telephone or email your request and get a professional in that area of expertise to help you out. This may be especially useful if you are considering expanding abroad where new legislation and cultural differences can be a real issue. International banks often provide services for UK based customers looking at expanding overseas.

• Institute of Directors

• UK Trade and Investment

 

It is possible to pay for research services. These are typically charged on a time basis but can give you access to top level experts cost effectively. A good use of this service could be to get hard facts and figures on a market or competitive company.

• British Library Research Services

• Business Advantage

Whatever route you take, start initially with the free services as it is surprising how much information is available on the internet free of charge.

 

Commercial suppliers

We do not recommend specific products or suppliers; instead we provide you with a representative sample which covers the range of suppliers/products available. You may choose to look at these suppliers or products but this is entirely at your discretion.