Challenge #4: Not Doing Essential Preliminary Research

Most people look both ways before crossing a road. Most people test the temperature of the bath water before jumping in. So why is it that most people running a small business don’t do even basic research before they leap in with both feet?!

This usually leads to non-existent or seriously flawed knowledge about:

  • What products or services to offer
  • Which market niche(s) to go into
  • Whether there is any competition*
  • Who the competitors are
  • And so on …

And if you haven’t thought of doing this essential research before, chances are that you won’t know where and how to gather this kind of information quickly and efficiently.

Not only that: when a Small Business doesn’t listen to its customers, the customers pay for ‘bells and whistles’ that they don’t need. Sooner or later this becomes obvious to the customers and they vote with their feet.

Solution: Do your ‘homework’ – look before you leap!

Thoroughly research what products and services to sell, who you are going to sell them to, how, when, where, and at what price. Know the reasons why your prospective clients buy. Focus on what works for the client!

Stick to your niche, where you best understand the customers’ needs. Continually communicate with them to find out what they want, go get it, then give it to them!

Like everything else, doing this research is easy – once you know how! If you’ve never done any research like this, or you don’t know where to start, or you are doing some research but you are not getting the results you want, I strongly suggest that you get appropriate help.

* If there’s no competition, this is probably not a good thing – in fact you’re most likely to be in trouble! But we’ll come to that later …

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