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A business that understands its customers and their buying habits can: 

• sell more effectively 
• compete with other suppliers
• target new customers
• identify new opportunities

Avoid the following market research mistakes to give your business a better chance of success.

Lack of in-depth market research

Lack of proper market research is one of the key problems for new businesses. It's easy to get carried away with a business idea and set up a business without testing its viability.

Accurate market data will help prevent over-optimistic forecasts - see market research and market reports.

It is also important to consider what your audience or customer needs are and to use market research to test them. You should factor feedback into any products or services you are designing - see user-centred design.

Keeping your business idea to yourself

Failing to share your business ideas with people you trust means that you will miss out on objective feedback.

Brainstorm with colleagues to give you valuable perspective. Note any good ideas you get from brainstorming and use them when developing your business.

Ask potential customers what they think of your plans or allow them to examine a prototype. This can help you find if your product solves customer problems or if it's new and unique and they would buy it.

For further information see research and develop ideas, new products and services.

If you want to keep your ideas secret, consider using a non-disclosure agreement. It is also known as a confidentiality agreement - see non-disclosure agreements.

Not researching your marketplace or potential customers

Insufficient research can lead to targeting the wrong audience. It can also cause misunderstanding your marketplace. To avoid this: 

• research and use information, such as free government data or your own network of contacts
• carry out field research to explore customers' profiles and discover buying trends
• swap ideas with people in the same sector

For more information, see market research and market reports and understand your customers' needs.

Invest Northern Ireland's provides free access to market research and company databases to help local companies develop their product or service and find new customers. 

Watch a video explaining market research and what it involves.

Financial planning is extremely important for most new businesses. Insufficient capital, lack of a contingency plan, and reluctance to seek professional advice can all bring major problems.

Business capital

Having enough capital is essential for the survival and success of your business. It's a key indicator of your business's health.

Creating a high-quality business plan is important. It will help you attract and secure the right finance for your business. A business plan can:

• outline your business objectives and how you plan to achieve them
• be used as a tool to structure the financial side of your business
• be updated and changed as your business grows
• help to provide realistic expectations for what the business can deliver

For more information, see write a business plan: step-by-step.

Contingency planning

Without a contingency plan you your business is vulnerable to unexpected events. 

Factors such as interest rate hikes, transport strikes, and political instability can affect your business and cash flow. While your business can survive periods where there are no sales or profits, it cannot survive without cash. Building up cash reserves will ensure that you can trade effectively and develop your business.

For more information, see cashflow management.

Professional advice

Failing to seek professional advice will make any financial troubles worse. Few new business owners have expertise in all areas of their business. An accountant or financial adviser can help you borrow and manage money cost-effectively.

For more information, see choose and work with an accountant.

Enterprise Northern Ireland 91香蕉黄色视频s entrepreneurs to help them start, grow and develop a business -.

It is important to make realistic forecasts about your business' potential. During the start-up phase, it can be easy to make over-optimistic forecasts, however there can be serious consequences for your business if your projections are not realistic.

Unrealistic forecasts about market size

Inaccurate forecasting of market size is a common mistake when starting up.

Many businesses overestimate market demand for their products or services leading to overproduction, excess inventory, and wasted resources, which can harm business finances.

It can also result in unrealistic growth expectations and difficulty in gaining a significant market share. 

Inaccurate forecasting is often linked to poor market research, so it is essential to get your research right. For more information, see market research and market reports and cashflow management.

Overtrading

A common mistake for new businesses is to focus too much on growing the sales volume or size rather than profit.

Overtrading occurs when a business expands faster than it can 91香蕉黄色视频 financially. This often leads to cash flow problems and trouble meeting short-term debts.

Rapid growth without enough resources can strain operations. This strain can lead to lower product quality and customer satisfaction.

For more information, see forecast and plan your sales and avoid the problems of overtrading.

Diversifying too soon

Diversifying too soon can reduce your business鈥檚 focus, leading to a loss of competitive advantage.

Entering new markets or launching new products without thorough research can raise business risk. Especially during the vulnerable start-up stage, it can result in significant losses.

Poor planning

Poor planning will increase your chances of making business mistakes and will reduce the probability of achieving your goals.

Drawing up a high-quality and realistic business plan is essential. A business plan will help you get funding. It will also pre-empt problems and measure your business's performance.

Writing a marketing plan will also ensure that you consider your target customers and marketing objectives. It will help you set goals to address these.

For more information, see write a business plan: step-by-step and write a marketing plan.

During the busy start-up phase, it can be easy to forget to set aside enough time to monitor the competition. However, you should be ready to respond to competitors in your marketplace and to new developments.

What is a competitor?

A competitor is more than just another business that might take money away from you. It can be another product or service that's being developed that you should be selling or looking to license before somebody else does.

You can get clues to the existence of competitors from:

• advertising
• press reports
• exhibitions and trade fairs
• questionnaires
• searching on the web for similar products or services
• approaches reported by your customers
• flyers and marketing literature that have been sent to you - this is quite common if you're on a bought-in marketing list
• planning applications and building work in progress

For more information, see understand your competitors.

The risks of ignoring the competition

If you ignore your competitors, you risk losing customers to them. Alert and adaptable competitors can quickly seize opportunities and attract your customers.

Without knowing what your competitors are doing, your business can slow down and become less appealing to customers who want the latest products.

Not keeping track of competitors can create gaps in your business strategy. Decisions made without considering competitors' actions can lead to mistakes and poor planning.

Failing to act on competitors' information

Failing to use information gathered about your competitors will weaken your position in the market.

Feed any useful information into your marketing plan. Your marketing plan and research will help you set realistic targets and deadlines and allocate appropriate resources.

You can then choose to focus on building relationships with your current clients or you can try to attract new customers.

Your marketing can then be turned into sales by selecting your sales methods - see write a marketing plan.

Common mistakes for new businesses include setting up unsatisfactory credit arrangements and not taking due care when choosing suppliers. It is important to choose carefully as your business' profitability and reputation could be at stake.

Setting up poor supplier contracts

Finding a reliable and competitively priced supplier can be vital to the success of your business. This is because you rely on your suppliers to provide you with the goods and services your business needs to operate. Getting the best deals can have a significant effect on your business' profits.

When selecting your suppliers, price is an obvious concern. However, other factors such as value for money, quality, reliability and service must also be taken into consideration.

Establish exactly what you are looking for in a supplier. Carry out a credit check to ensure that the supplier can deliver what you need. Once you have identified your chosen supplier, you can then discuss terms and conditions and draw up a formal contract.

For more information see: 

• choosing the right suppliers
• negotiate the right deal with suppliers
• manage your suppliers 

Setting up poor credit arrangements

If you are dealing with a potential new customer, it can be tempting to offer credit without carrying out checks. But this can leave your business exposed to delay or non-payment. You may find that you cannot pay your suppliers or bank on time. In turn, they may withdraw their supplies or funds, putting your business at risk.

To avoid potential problems with customer payments, you may want to:

• carry out credit checks on new and existing customers
• check bank references, trade references and online credit ratings, from a credit reference agency
• ensure that your customer is aware of your credit terms (for example they must pay within 30 days) and that the payment terms for your debtors are longer than the terms you offer your customers
• motivate customers to make early payments by offering discounts
• investigate legally enforceable ways of encouraging prompt payment

See how to ensure customers pay you on time.

Poor stock control and over-investment in fixed assets can mean your capital is tied up unnecessarily.

Poor stock control

Efficient stock control (inventory) will mean you have the right amount of stock in the right place at the right time. It ensures that capital is not tied up unnecessarily, and protects production when there are problems with the supply chain.

You need to put systems in place to keep close track of stock levels and values. Taking control will allow you to free up cash, while also having the right amount of stock on hand.

There are a number of ways you can approach stock control. You can:

• re-order when stock reaches a minimum level
• carry out regular stock reviews
• use just in time (JIT) delivery to avoid excessive stock build-up

See stock control and inventory.

Over-investing in fixed assets

In the early years of your new business, you need to limit drawing on your cash reserves unnecessarily. Over-investment in fixed assets, such as office furniture or computer equipment, can be a problem. Acquiring fixed assets outright gives you ownership straight away, but you have to pay for the full cost upfront, which drains cash.

The alternatives include:

• Leasing assets - at least while your business finds its feet. This allows you to spread payments in regular instalments over a fixed period, thus freeing up more cash. You may be able to upgrade equipment without having to buy more up-to-date models.
• Hire purchase - you own the asset at the end of the payment process. This is not the case with leasing.
• Buying second hand - for office furniture, fittings, etc. You can find second-hand furniture in a number of places. For example, check your local press and local auctions.

See decide whether to lease or buy assets.

A large part of your new business' success will be determined by the quality of the people you recruit. Hiring people always means investing in your business and it requires careful consideration. Taking this investment seriously can make it more valuable and improve your chances of success.

Ensuring that you hire high-caliber people with the right mix of skills is not easy, but it will pay dividends. 

How you employ new people will depend on your business needs. For example, it will depend on whether the work is constant, how long it will last, and the number of hours available.

You need to explore all the options available to you. These include:

• recruiting permanent staff on a full or part-time basis
• fixed-term contract employee
• temporary staff
• freelancers
• consultants
• contractors

While employing relatives and friends might seem easy, they may lack the right mix of skills needed. Additionally, personal relationships can complicate ending employment.

For more information, see recruiting staff.

The Labour Relations Agency provides .

Failing to delegate

Being your own boss may be a key motivator to setting up your own business. However, delegating the right task to the right person is important for both you and your business. Failing to delegate could mean you take on too much and increase your stress levels.

A good way to tackle delegation is to identify a few key tasks of your own that are very valuable to the business. Hand over the rest to your team - see skills and training for directors and owners.

Launching a small business may involve some risk, but with an awareness of the most common challenges, you will have the potential to be a great success. Follow our six tips for new business owners:

1. Do market research

Lack of proper market research is one of the key problems for new businesses. Research and planning are vital to ensure that your business idea is viable. Make sure your pricing strategy is competitive and provides an adequate return. Understand your market, identify your target audience, and assess the demand for your product or service.

2. Secure finance

Having sufficient capital is essential for the survival and growth of your business. A well-crafted business plan is key to attracting and securing the funding you need It is also important to have a plan for unexpected costs or problems. Set aside a fund to help you navigate unforeseen challenges.

3. Be realistic

During the start-up phase, it can be easy to make overly optimistic forecasts. Common mistakes include inaccurate forecasting of market size, focusing on sales volume rather than profit and expanding into new markets too quickly. Conduct thorough research to develop realistic business projections and set achievable goals for your business's growth.

4. Choose suppliers carefully and perform customer credit checks

Many new businesses set up unsatisfactory credit arrangements and do not take care when choosing their suppliers. It is important to carry out credit checks on new and existing customers. Similarly, choose reliable suppliers to maintain a steady supply chain.

5. Manage stock control

Overspending on unnecessary stock can harm your cash flow. Implement systems to check stock levels and values accurately. This will help you keep the right amount of inventory and freeing up cash.

6. Hire the right people

Employing relatives and friends may appear an easy solution to staffing issues, but they may not have the right mix of skills that you need. Taking on people will always mean some form of investment for your business and requires careful consideration. Make sure you hire people with the skills and experience your business needs to succeed.