By Troy Gary franchisor of Destination for Men and TV Presenter
When I first looked into starting my own business I quickly realised the importance of market planning and research, and how essential this is to succeeding. It’s imperative that you know about market competition, salary costs, product requirements, determining a target audience … and the list goes on and on...but before you get knee deep in logistics, it’s important not to forget the basics when looking to start your own business. Research is a powerful tool when it comes to succeeding in a business environment.
Too many businesses fall short when it comes to a long-term financial commitment. They tend to get caught up in all the excitement but forget the necessity to conduct appropriate research. At the set-up stages of starting a business you must gain an insight into the industry you want to invest in. Realising that there was a gap in the market I was aiming to target (male-grooming), I began looking into what already existed in this industry, the trends and future of the industry, and whether or not this industry was a viable market to enter. The results were very positive! In a global context, the ‘beauty and wellness’ industry has hit $500 billion, which is “possibly the biggest growth industry of the 21st Century”. I now find myself in the early stages of franchising and my business Destination for Men has forged a reputation as the ultimate male grooming and relaxation destination.
This is a great way to:
Yes, it is true, travelling for research purposes does require both effort and money, but it serves to reinforce your inspiration to succeed. Most importantly, the information gathered first hand became vitally important to the growth of my business and provided me with a variety of fresh and innovative ideas.
Before travelling I knew one thing for certain, I was determined not only to establish a business in a booming and growing industry but as most entrepreneurs set out to do, I wanted to achieve this in a unique way. It goes without saying that originality is one of the key components to highlight the difference between your business and your competitors. Once an industry starts growing, don’t be fooled it’s never a secret for long! With many business entrepreneurs looking to potentially invest in your chosen market it is essential to create ways to separate yourself from your competitors. When looking to start or expand your business, don’t be afraid to devote adequate time to research - you know what they say, fools rush in!
Starting a business without knowing your target market will prevent you from reaching objectives such as increased sales, market share or brand awareness. Research told me in simple terms that individuals purchase products or services for two fundamental reasons:
Using these points, develop a marketing strategy that allows you to achieve a variety of objectives. Trying to determine the best marketing campaigns and tools for your business can be overwhelming, but be sure to maintain focus in order to discover an option that best suits your requirements – don’t make yourself fit the shoe, make the shoe fit you!
Remember, research isn’t just crucial when starting your business, it is something you should continually undertake for the duration of your business life.
Owning a business can be stressful at times and it’s hard to always please everyone (even yourself!). Extensive research highlighted that business, especially in its infancy, can be tough. Don’t dwell on the negatives, stay motivated, embrace feedback and constructive criticism, and surround yourself with like-minded people. Don’t get caught up with negative individuals, as they tend to fill your head with a million reasons why you can’t achieve something!
Whether you are the boss of many or the boss of few - you will need others to become successful. Even Bill Gates, who runs Microsoft, was wise enough to realise that he wasn't an expert in everything. In the early stages of starting up his business Gates surrounded himself with people that made up for his own deficiencies and weaknesses. Gates is actually a good example of someone that gained the cooperation of a lot of other people to build an organisation as large as Microsoft.
When I first started my foray into the business world as an inexperienced “first-timer”, it was important to seek the advice and expertise of others in order to fast-track my success. Never be afraid to ask questions! Over the years, all the advice and feedback I have received has proven invaluable. Some of the best ideas for my business have come from the mouths of other people!
DFM - http://www.destinationformen.com.au/myspace.htm
