Preparation is important in most areas of life to some degree or another. But in business it is crucial. If you’re thinking about, starting out or growing a business then one fundamental is to do your research. If you don’t then it may be you - not you’re hoped for customers - who’ll pay the price.

We’ve all heard the statistics and horror stories of businesses that fold within the first few years of trading. Whilst there can be a number of factors for this, a lack of adequate planning and research is one thing.

Very often this is a lesson that many entrepreneurs learn along the road. In my own case whilst I had all the training and I had done some market research and customer research, I could have gone into a lot more detail. And planning and research will remain important at various stages in your business’ growth and as your market changes.In fact I’ve been astounded how much the business landscape has changed in the years since since I’ve been running my coaching and motivational speaking business.

Whilst it can be a little dull and dry - it’s worth it in the long while. One of my clients has been spending ALL of his free days working at the British Library to get his new business venture right.

Some key factors

* Know what your strengths and weakness are
* Know what you want & need from your business; personally, financially and professionally
* Research your market, the competition and tastes and trends
* Ensure that you have the relevant qualifications, training and legal compliance
* Gather both qualitative (direct/ real people) and quantitative (stats & facts) research
* Spend time talking to people who’ve been there and done it - a mentor and coach may help
* Market segmentation: break down all your different customer types, their pains, problems, interests, location,
preferences and why and when they buy
* Gather a strong, skilled real or virtual team - perhaps set up an advisory board for example
* If you have innovative designs, products, ideas or name then look to have them protected
* Get in professionals to help you as and when you need it
* Keep your eye on the ball - the business world is continually changing
* Above all talk to your prospective and real customers… this is the best way to gain/ retain business.

Want help with research: Probably the best single place to help is the British Library’s Business & IP Centre. Not only can you access market data, reports and journals and databases for free - but there are also a range of inspiring events and additional support available. www.bl.uk/bipc