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Common Mistakes When Starting a Business

Starting a business is not for the faint hearted. There are so many things to think of, decisions to make and all of them involve your hard earned money or money you have borrowed to set up your business. Seemingly, there are many ways to spend money! The key is to spend your time and dollars wisely and ideally not make costly mistakes.


Do You Know the Basics of Market Research?

We all know that good marketing research will give your business a picture of the marketplace you operate in, let you know what your customers think, what their needs are and more importantly what their current and future expectations are. Look for trends so you can spot business opportunities and threats. Once done, assess whether you need to change, improve, replace or expand your services or products.

Statistics and other market research information is available to help you make informed quality business decisions. The question is, do you know how to do market research?


Defining Your Market Research Goals and Objectives

Thinking carefully about your goals and objectives will help you design a research project that gets the accurate, useful results you need. This way you can make well informed marketing decisions. Being clear about your research objectives, as they will also influence the methods you use. You can either set your goals from where you are now, or imagine yourself already having achieved them and then work backwards on how to get there.


What Are Your Competitors Up To?

Benchmarking and comparing your business to that of your competitors is a way of measuring your performance and determining any strengths, weaknesses, threats and opportunities (SWOT analysis). Do you know what your competitors are up to, and what your competitive advantage is?


Does Your Business Have a Parental Leave Policy?

Parental leave allows your employees to take time away from work for the birth or adoption of a child and covers a number of legal entitlements or obligations. The positive impact of extended or extra leave entitlements is well documented and recognised. As a small business owner is this something you have considered?