A fundamental step towards starting a business: RESEARCH
By Yvonne Ruke Akpoveta, OliveBlue Business Consultancy

You've got that great business idea, so what makes yours so different? Could it be that it's unique to you and only you have the vision to make it work, and are prepared to take that first step to making it work?

When God was giving the children the land of Canaan, he asked Moses to send out men to spy out the land… whether the people who dwelt in it were strong or weak, whether the land was good or bad, rich or poor etc.

Same principle applies to when you receive the insight to a great business idea, you research; research yourself, research your potential business partner, research the market you plan on entering and research the types of finances available to you. By researching yourself, you can establish whether or not you have the skills and experience towards starting and running your own business successfully and the gaps that exist for you to fill. By researching your potential partner, you find out the skills and experience they will be bringing to the business, how it complements your skills and most importantly whether you can work together.

The market research is one of the most important and not to be compromised research you need to carry out. Omitting to carry out this research, even if it is only preliminary to start with, could lead to very dire consequences. You could find yourself in a market that is dead to its bones or you could find a market more buoyant than your wildest expectations. In carrying out a market research you are able to establish market growth, trends or climate, your target market & its receptiveness and your competitors.

Carrying out a research can be quite easy and straightforward on one hand, while on the other hand; it can be very time-consuming and intricate. This research can often be carried out at the business library or on the Internet. If you are finding it difficult to carry out this type of research it might be worthwhile paying for the service to be carried out by a market research agency or business consultant that provides this type of service. Once you have had the market research done, you are now in a better position to know if and how to proceed. Don't despair that you are spending too much time or money on research at the beginning, as it is never wasted and will be a major input towards your business plan.

Starting a business always requires MONEY. Raising the finance to implement business idea can be achieved in one of the following ways: 1) Personal savings 2) Friends & family 3) Bank loan 4) Government grants & loans 5) Venture capitalist (VC). You will need to carry out a research on the various types of finances that may be available to you or the type of business you are hoping to start off. Again research can be carried out either in the library or on the Internet. Alternatively, you can contact your local business adviser, most times you can get free or subsidised business advice, do inquire. Raising finance from the bank, government, VC or other organisations will always require a sound business plan.

For more information on getting started or for your local business adviser, contact the Business Link. If you require a business consultant or market research consultant, check your local telephone directory or enquire from a business adviser or contact a consultant from OliveBlue