Tuesday, May 31, 2005

"Don't Let Your Small Business Become a Statistic"

Everybody knows that most small businesses fail. It’s a simple but harsh reality. Reasons include lofty overhead, substandard management or poor production. But the one that I often hear and really get frustrated by is “not enough customers.” The truth is, if lack of customers is your downfall, then you deserve to fail, because you never should have opened shop.

How can you avoid such a fate?

The answer is simple, market research.

Through market research you can gain insight on incredibly useful information about the market for your business. Data can be collected on who potential target markets are, where they are located and even their preferences and opinions on subject matter relevant to your business. This information will directly result in the best possible decisions for your business.

And you can aquire all this information before the grand opening!

When taking on such a huge risk it only makes sense to do your homework. Would you invest in a stock without researching the company? Would you invest in real estate without seeing the land? Of course not and you can't invest in a business without researching the market.

All too often small business owners overlook market research and learn this information after they have invested their time and money. Don't make the mistake of thinking you know the market better than you do, or that market research does not make the budget cut. You will pay in the end.

If you have any questions about market research and how it can serve your business, please contact me at mnassick@royallmedia.com and I will be happy to assist you in developing a plan.

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