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    Small Business

    Question

    What is the first thing you need to do when starting a small business?
    How long do you have to research your market? How do you know if your idea will work? Can you contact people who would be your "competitors" for advice?
    a few seconds ago 5 Answers

    Best Answer

    Research - this will be key. there is no limits on how long you do research for, it's more about what you do with your findings. i would definitely suggest contacting your competitors, perhaps posing as a potential customer if possible, so you can experience their customer services etc as well as getting vital info about how they operate. also do research on your possible customers, ie a survey/questionnaire, and make sure you analyse the results and draw conclusions otherwise it's pointless doing the research! good luck with your venture, x
    a few seconds ago

    Other Answers

    • you won't get any advice of off future competitors, however you can always contact them pretending to be a potential customer to get an idea of their prices and how they operate!

      by ben - a day ago

    • First thing you need is a business plan. What will you sell? How will you sell it? Where is your market? How much will you charge? Will the price cover all your expenses? What are your expenses? Things like that. Never ask your competitors for advice. That's like asking a guy for tips on how to date his girlfriend. Rather ask people in similar lines of work. You want to sell shoes, ask someone who sells hats or other apparel. You know the basic questions. How do you know if your ideas work? I don't know, in my experience you never know for sure until you try. But ask a few friends that are interested in your products what they think. They'll give you some idea of the feasibility.

      by wdy_67 - a day ago

    • if you live in wales you can go to the WDA they will help you in all aspects even pay for certain courses that are essential to your job, give you a personal adviser, but if you don't live in wales just do your home work go ltd this way you wont loose your home should it fail good luck

      by scubs - a day ago

    • Think... Plan... Do!

      by Xan - a day ago

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