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Economic analysis of business ideas - the basis of its successful implementation

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Do you have a brilliant business idea, your imagination is already drew excellent results of its successful implementation, you have already begun to develop a business plan. Stop. First you need to check the reality of the success of your project? How to do it? The answer to this question is given in this article, it will help you to determine for yourself - whether you have enough information to start implementing your ideas. The success and quality of the implementation of business ideas depends on the preparatory work for the collection and analysis of information essential to the project. Looking around the open enticing prospects, potential entrepreneurs can not forget about the little things that can determine the success of the project, or vice versa ruin the viability of the idea.

Of course, sometimes it may seem that many entrepreneurs just successfully implementing a business idea, without any economic analysis. But this is not the case. Just because of lessons learned, such entrepreneurs are already at the stage of the birth of the idea, consider the available information on what and how could affect its implementation. And if this experience a little, or the scale of the business idea is so great that it is already impossible to effectively use all the information just mentally - here is where comes in well-documented economic analysis of a business project. So, making sure that the economic analysis is necessary to examine what is necessary to pay attention to its proper implementation. Elaboration of ideas begins with market analysis.

It is thanks to conscientious performance analysis and detailed plans can protect themselves from the serious mistakes in the way of implementation of the business project. Errors in the correction of which may require additional resources of time and money, sometimes quite substantial. At this stage, haste should not be, however, as the delay. Do not entertain the illusion that you already know everything about the market. Instead, collect and study the information based on facts. The embodiment of the idea should be based on the realities of the market, taking into account the dynamics of its development. Market analysis naturally leads to an understanding of what the needs of potential customers will be able to meet the implementation of your business idea and how it should be done.

Collection of information

Getting to the study of the market, you should understand that your goal at this stage - is the formation of a clear and objective way a potential customer, who can (or better, if you already want to) get the benefits of your product (it can be both products and services) . Conducted analysis should identify specific criteria that you can find his client. These objective criteria are: age, sex, income level, professional activity, etc. The resulting opportunity recognition client will protect you in the future, from unnecessary contact with people who do not buy your product. And this ultimately will pay for time spent on research.

Determining the image of your client should start by gathering information from Internet sources, specialized magazines and newspapers, statistical and analytical publications. In addition, you can receive interesting information in the public and business organizations. As a result, you should definitely hold a straw poll of people that match your chosen criteria. This method of market research, which is usually neglected, despite its simplicity, can give invaluable information. An important research tool is a list of questions that must be answered as a result of studies prepared by the phased plan.

To save time and to protect themselves from common mistakes is worth bringing to research experts in the field of research, and in the area of ​​your business ideas market. Staff can recommend the choice of the type of analysis and a list of questions, taking into account the features of your situation; prepare a reliable sample of statistical data and its correct treatment. In addition, the experts - it is an excellent source of objective information.

The analysis will help determine the readiness of the business idea to the realization, or the direction of its further development. The information collected must meet the criteria given by the type of products or services, as well as analysis purposes. It is also necessary to gather information for the analysis of other characteristics of the market and planning your actions on it. The information collected should help address issues such as: the definition of market volume (how many goods can be sold), a review on this product should be formed at the target customers as they assess the profitability for themselves using your product.

Particular attention should be paid to the collection of information on the availability and level of competition in your market area. Information about competitors' products is also important to study the properties of your product or service. Of particular can benefit trial presentation of the goods to representatives of the target group tracking reactions, both the product itself and on your description of it. The demonstration of the goods can be carried out even if there are no sample; for example, by creating a site that contains the product images and features description. The resulting reaction of the presentation will also help develop strategies and proposals form of goods to customers.

Analysis of competition should not be afraid of the presence of competition, it should be easy to analyze, of course, after having collected information about the opponents. The best way to gather information - to act as a client, ie, go and buy a product or service to a competitor. Pre-define what it is you should pay attention. In the process of acquisition or at the end can and should immediately communicate with other clients. Read their opinions about the product in general, and specifically about the competitor's product.

What do they like and what does not. What improvements in the product or service they are companion would like to receive. When research is necessary to determine what characteristics of your product and your company can act as a competitive advantage and, where possible, to strengthen them. It may be some new features, and can be an additional after-sales service.

The main thing is to remember that if this is an advantage or not, ultimately, determined by the market, ie, customers. Based on the collected and analyzed competitor information should make adjustments in the plans of implementation of business ideas. In addition, competition analysis can clarify the amount of your market share.