Business is a pursuit which is energized by courage, determination and success. Before venturing into any business, there is absolute need for you to carry out proper business research, which means you have to plan properly to avoid unnecessary failure. Most business fails because of lack of quality planning at the planning stage after proper feasibility
Read Also: Setting Up a Standard Business Model For Interminable Income Generation
BELOW ARE THE SIX STEPS TO CARRY OUT PROPER BUSINESS RESEARCH
1. List your personal goals
Write what you want to do with your life. List your likes, dislikes, and goals (finance and family). Take a great deal of time with this and be honest with yourself. The more you are willing to admit about and subsequently to yourself, the more you can channel that energy into your business goals. Be certain to list where you are and what you strikingly want
to be in the next one, two, three or ten years. With this, I assure you of 30% success in your quest.
2. List your Business Goals
If you want to achieve success, I strongly advice that you write what you want your business to become in short and long-term. No business enterprise has ever succeeded without this, I had a good friend who simply overlooked this step. He did not consider listing his business goals as a priority, but after experiencing failure and breakdown in all his effort. He realized the significance of this step. I hope you won’t be making the same mistake.
3. Compare your goals efficaciously
Consider the compatibility of goals in item one with those seemingly in item or category two, and try to determine which business will most be able to satisfy your personal and professional goals. Often, your personal goals will dictate your professional goals.
4. Begin your Desired Business Research
In this section, try not to limit yourself to one category or type of business research, or possibly one source of information. Remember, you can never have enough or sufficient information at your disposal. Your research should be done to answer your questions, support your business idea,and provide you with complete information for current or future use.
5. Collect the Data and information
After you have research, gather your data together in one place and take some time alone or with your business partners to go over it. Remember, this information will not only help your business but also you as a business owner. Your research should provide concrete answers that soothe your nervousness or apparent apprehensions. And it will provide the framework for all your important business plan.
6. Re-Research your Business
Now, try to relax, after you have assembled relevant or vital information which you need. You may discover that you still need more facts or answers. Why? Because your research will inevitably raise new questions that definitely needs answers. Don’t be discouraged, this is normal.
Starting a business is bound to be somewhat complex and time consuming, so you must be flexible to allow the complexity.
Researching a business can be entirely complex, if you want to, but i see it as an easy pursuit. If you are researching your business, it can be accomplished in diverse ways and with different resources. We currently live in an ICT age (Information and Communication Telecommunication)
age, where the tapping of a few computer keys and the subsequent movement of the mouse can bring a wealth of information to your computer screen via the Internet, so information is at your computer screen via the Internet, This same information
is at your fingertips waiting to be tapped.
WRITING A BUSINESS PLAN
Before launching any business, it is highly imperative that you plan, Chart, and dream about its future. Without a vision, a business is blindfolded and will go round in circles until it finally collapse. Try to understand that your first business plan or feasibility study will be your blueprint for operations, finance, and growth.
This will provide a guide to running and managing your company, as well as marketing your goods and services.
However, before you write your business plan and/ proposal, consider how important it will be to your startup. Although the size of a plan may vary from a few to a hundred pages, you need not worry about how big it is, just how feasible it is for your needs. I recommend that you devote your time and energy, refining your plan since you may have to present it to a potential financier who can only be impressed by your professionalism and thoroughness in
building the plan.
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