How feasible will your new business be?

When you decide to open a business, it is important that you learn to separate your emotions. The heart and reason are not always connected; a feasibility study is the perfect mediator.

One of the main obstacles faced by entrepreneurs is the love for their own brand. Here are some of the main research tools you can use to get a much clearer picture of your market:

Affluence Counts.

Installing cameras at strategic points near your business location project will help you know the number of people and vehicles that will be exposed to your brand. Obviously not all are part of your target market, but it will help you in a referential way to understand your business potential. This information will help you to generically dimension your market.

Surveys.

Knowing your prospects’ opinions, will help you understand the acceptance of the new concept, the reasons of pleasure and displeasure, the frequency of purchase, the average expense per time, as well as key issues for your decisions to be successful. The key to success lies in the design of the questionnaire from sequence, length, phrasing. It is important to rely on a specialist and do not always expect positive responses.

Consult Reliable Sources.

Much of the information you need is already available in different media. There are also private companies that put at your disposal data from other studies that may be related to your turn. Be careful with reading data and not overloading with useless metrics.

Mystery Shoppers.

Evaluate the attention, customer service, products, payment terms of your competitors, prices, among other things, it will facilitate you to better understand the current offer and to develop your competitive advantage. The weakness of most companies can be the differentiator that leads you to success.

Qualitative Sessions.

The data you collect in the other points will certainly simplify you to make statistical inferences, although, it will be very important that you deepen to the maximum in your clients’ opinions. There are many tools like doubles, triads, creative sessions, in-depth interviews or Focus Groups that can help you have a brainstorming to build an attractive and powerful brand from the creativity of your target market.

It is important to mention that each one of these tools helps us to know a key part of our market, but it will not be until we cross the different variables that we will see the complete marketing photography, and we will be ready to make decisions.

If you want to transcend your business dream do not cry for what goes wrong, rather smile for that new inspiration that is born every day in you. The truth does not lies in multiplicity and confusion of things but in simplicity.