Home – New Forums New here? Share your story umm help!!!!! business plan driving me bonkers!!

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  • #987341
    Forgottenbeauty
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    😮
    Hi. I’m Rose, owner of forgotten beauty (or soon to be owner)

    I’m starting my first ever micro business and am working on the business plan.

    My Business idea is to up-cycle old household items into Jewellery and home wares.

    I’m stuck well drowning my be a better term in the marketing research.

    I am learning everything as i go as I can’t enter the NEIS so any and all advice is desperately sort!

    How do you do market research for a brand new idea that doesn’t really have competitors and is a start up so has no customers???:confused:

    Hi and thank you in advance

    #1162224
    Anonymous
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    Hi Rose,

    Welcome to Flying Solo :)

    In terms of market research, I recommend that you think about who your potential customers are if you don’t have any real ones yet. Ask yourself what you know about them (e.g. age, gender, income, sense of style), how much you think they might be prepared to spend on the kinds of products you’re making, and where they’re most likely to shop for that kind of thing.

    With regards your competitors, even if no-one is doing exactly what you do, you still have competitors – think again about how much money your prospective customer has to spend… whoever they’re spending it with now is effectively your competitor.

    Hope that helps – good luck with your research, and thank you for joining the forum.

    Jayne

    #1162225
    Tony Manto
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    Hi Rose, Jayne is right. You can pay market research companies for this type of information but all that will give you is how many people, what is the gender and age ratios. All important stuff, but doesn’t tell you what you want to know.

    You could try RP Data. There is a limited amount of free market stats on there but if you want more you have to pay.

    Just be carful with new ideas. I have seen many business owners think that their product is unique and they will make a fortune, just to find out there is no market demand.

    Start small and go from there. Create a handful of products and hold a little party plan night. See what response you get from your focus group.

    Focus groups can be I good way to determine the potential of your product. If you present your product range to 20 people and only 2 buy then you can assume that 10% might buy???

    Warning: this is only a guide and you show at least 100 people before you ever hope to get close to the answer.

    #1162226
    affgar
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    Sounds like a cool creative idea.

    Nothing like getting amongst the people with a survey form & asking people what they think & then documenting ideas.

    It sounds like your idea is a good one .. it would just come to down potential profit margins … where you aim to target your sell … & whether price expectation can line up.

    Good luck with your idea. :D

    #1162227
    pollypolkadot
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    You can still do the same course that people on the NEIS program do, if you want to! Cert 3 Micro Business Operations is what they do. I am currently doing it though a training provider as a stand alone, as I am not eligible for NEIS.

    Good luck!

    Polly

    #1162228
    Simply Money Honey
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    Hi Rose

    It is really hard to identify whether there is a market for a new product, especially if it is design related. People may love the idea but will they love the particular product you create.

    I would start small, create a few pieces and show them to friends and families, perhaps get a stall at a local market and test the market that way.

    You can use a free tool like survey monkey to create a formal market research survey which you could ask friends and family to complete to find out information like would they be interested in this type of product, how much would they be prepared to spend, would they by this type of thing as a gift or for themselves, how much would they usually spend on a birthday gift or housewarming gift for a friend etc. Beware friends and family are often much more supportive and enthusiastic about your idea than the general public.

    I think the best idea would be to start small, test what works and go from there.

    Good luck

    Gabrielle

    Good luck

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