When it comes to conducting a successful business, it is always vital to be one step ahead of the competition. But how exactly do you accomplish that – especially as a newcomer to the market?
This is where GSM Business solutions can help you bridge the gap. Our market research team will seek to help you answer the following questions:
Is the product/service you are offering unique or has market saturation been reached?
How big is your potential market? Will this market grow or shrink in the future?
Can our potential customers afford our products, and what is their earning potential/income range?
Where are your potential customers located, and can your business reach them efficiently?
If the products/services you are offering is already present in the market, what are potential customers paying for them?
When conducting your competitive analysis, it is vital to understand that your competitors are just as hungry as you are. Therefore, important factors to consider about the competitive landscape are:
Market share that is already been claimed and what remains available.
Strengths and weaknesses of your competitors
Your window of opportunity to enter the market
The importance of your target market to your competitors
Any barriers that may hinder you as you enter the market
List of indirect or secondary competitors who may impact your success
THE BUSINESS PLAN:
A business plan is a strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs focus on the specific steps necessary for them to make business ideas succeed, but it also helps them to clarify and pursue short-term and long-term objectives. Additionally, a well-thought-out business plan can open up opportunities and attract new business partners. A good business plan is essential to convincing investors that they will see a return on their investment, and that your company is a profitable, safe choice for their investment.
Calculate your business start-up costs before you launch
Identify your start-up expenses
Estimate how much your expenses will cost
Add up your expenses for a full financial picture
Use your start-up cost calculations to get start-up funding
Thoroughly calculate how much funding you will need and then decide if:
you can fund your business yourself
you want to try and attract and bring on board investors
you can apply for and take out a small business loan
Please consult with these websites for more resources about planning: