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As important as it is, and as much as it impacts my business, my eyes usually glaze over the minute anyone mentions “government budget.” Wading through any kind of government filing requirements is an administrative nightmare, as far as I’m concerned.
Enter the accounting equivalent of a knight in shining armour, Eben Louw of Meyers, Norris, Penny. Last week I found easy-to-read and easy-to-understand summaries for both the federal and BC budgets in my email inbox. Not only could I read them, I actually did.
MNP Federal Budget Summary [PDF]
MNP BC Budget Summary [PDF]
By liz gaige, March 12, 2010 · Filed under Articles, Marketing - General, Newsletter
LWL Lessons from a Serial Entrepreneur
Monday, March 15
Kimberly Wilson, author of Tranquilista and founder of yoga studios, eco-clothing line, and a non-profit, will share her 10-year journey as an entrepreneur, highlight lessons learned along the way, and provide takeaways on how you CAN have it all — a successful business and positive social impact. More…
LWL Have You Got a Book in You?
Thursday, March 25
Always felt like you’ve had a book in you, but don’t know how to make it happen? Peggy Richardson of Humanus Publishing and Wizard of eBooks is here to enlighten us on how to successfully write, publish, and market your book or e-book. More…
Dress for Success Vancouver presents Stand Up! Leveraging Business Knowledge & Personal Passions, an opportunity to participate in an intimate chat with community leaders discussing the value of philanthropy and leadership in business. 100% of proceeds to Dress for Success Vancouver. Full details…
By liz gaige, March 12, 2010 · Filed under Events, Newsletter
The term “market research” can be intimidating, especially if you’ve never done it and don’t know what it really means. What’s worse, it can be a huge waste of time if you focus your energy on gathering information that doesn’t end up being useful.
In addition to doing a market research project, I recommend business owners keep a folder handy in which to capture bits of information as they come across it on an ongoing basis. It’s a great habit to get into, and will help you keep an eye on trends and stay up-to-date on customer feedback.
Here is a summary of a few kinds of market research you can gather.
- General Industry Information – Take some time to learn about the industry your business will fit into and what companies with a similar product or service are doing both locally and in other regions. The Internet, newspapers and magazines can all be used to begin your market research project.
- Trends & Growth – It’s important to learn about emerging trends, as well as challenges facing your industry. This may include information on pending changes to legislation, recent innovations, market shifts, and financial or economic factors that industry insiders would be aware of.
- Industry Statistics – Statistics are valuable in providing a sense of where your business fits in the big picture. They are great for providing perspective, but will not on their own tell you whether or now, or how, to proceed. They do provide a backdrop to the other research you will gather.
- Interactive Research – This category encompasses many types of primary research, the kind you get yourself. It can include online or written surveys, focus groups, and even verbal questions, such as “How did you hear about us,” at the checkout counter.
Related posts:
Be in the Know
How to Research Your Market
By liz gaige, February 24, 2010 · Filed under Marketing Tips, Newsletter
Market research always sounds to me like something a very serious professional with a stern face, large glasses, and clipboard should be doing. But not enjoying. Admit it, it does sound just a little bit dull, doesn’t it?
There are a multitude of things you’ll want to become knowledgeable about before you launch your business, including many operational, financial and legal considerations. Even before you start digging into the details on those very important logistics, however, you need to know that there is a market for the products and services you are thinking about offering.
Solid Business Foundation
I frequently remind entrepreneurs that a business idea without a clearly defined revenue stream is simply a hobby. You need to be able to answer some key questions to know which you have on your hands.
First determine the basic business concept:
- Have I identified a need that isn’t being met?
- Can I clearly articulate a benefit my business offers which meets that need?
These questions lead to a few more you’ll need to answer to resolve the hobby vs. business question.
- Who are my direct and indirect competitors?
- What makes my business different?
- Who are the people who will purchase the benefit I’ve identified?
Each of these questions is important and must be answered. No shortcuts.
Well, you can ignore me and skip them now, but you’ll only need to come back and answer them later. And trust me, that is a HUGE time-waster. Not to mention, money-waster.
Like any journey, you can only make real progress
when you have a clear destination in mind.
Whether you’re just starting out, or have been at it a few years and need to adjust to meet market shifts, be sure you can easily answer these questions. Remember, what you uncover will determine whether you will have a viable business and not a hobby.
I urge you, do not wander! Instead, play the game smart and start out right. Then you can hit the ground running instead of playing hit and miss.
Related posts:
Tips & Tricks of the Trade: Market Research
How to Research Your Market
By liz gaige, February 24, 2010 · Filed under Articles, Newsletter
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