What stops new businesses succeeding?<\/h2>\n
In 2018, the top cause was \u2018ran out of cash.\u2019 A close second, accounting for 35% of businesses that failed, was \u2018no market need<\/a>\u2019 (no market research). 20% were \u2018outcompeted\u2019 (no competitor research). If you want to give your new business a fighting chance, start here.<\/p>\n You need to know:<\/p>\n Let\u2019s understand this with an example. Suppose Mitch buys a waste haulage business in Sacramento. The numbers look good on paper, but can he get enough customers to show a profit? We can check.<\/p>\n Running tests for searches in the Sacramento area lets us see how many Sacramento residents and businesses are searching for a solution like Mitch\u2019s. If it\u2019s all businesses and he\u2019s set up for consumer operations, he might need to pivot. If there are hardly any searches, there are hardly any customers. It has to be local, because he can\u2019t haul waste from Minnesota \u2014 not without special equipment and licensing. <\/p>\n So does that mean that if there are a lot of local, relevant searches, there\u2019s a huge market out there for Mitch\u2019s new business and he\u2019s sitting pretty? Not quite\u2026<\/p>\n You also need to know if your competitors are already servicing the whole of your potential customer base. If they are, it\u2019s not the end of the world, but you will need to figure out how you can pick up customers somewhere else or poach your competitors\u2019 existing customers. You can also see how your competitors market their business, so you can see if there\u2019s anything you can use yourself.<\/p>\n Market research makes people think of marketing new products, but you should start by researching to find out if there\u2019s enough market for the business itself. <\/p>\n When we work with businesses to do this, we\u2019ll do keyword research to see if there\u2019s enough search traffic to sustain and grow your new business. Is anyone looking for search terms that relate to your business? We can get local numbers if you\u2019re a local business, national or global if that\u2019s where you\u2019ll be selling. <\/p>\n We use a mix of industry-leading keyword and business research tools to get a complete picture of your market, including:<\/p>\n Because the idea is simple enough, but putting it into practice takes time, tools, and skills. Most people who are seriously planning to start a business are already plenty busy. They don\u2019t have the spare hours to put into market research, even if they realize its importance. And without experience, it\u2019s a steep learning curve to usable results.<\/p>\n Which is where we come in. If you\u2019re planning to launch a business, we can literally double your chances of success by researching the market and scoping out what your competitors are up to. Let\u2019s have a conversation about it.<\/p>\n <\/p>\n
\nThat\u2019s 55% of all<\/em> business failures1<\/a><\/sup>.
\nThese businesses:<\/p>\n\n
Is there enough market to support your business?<\/h2>\n
![\"question](\"http:\/\/judinc.com\/blog\/wp-content\/uploads\/2023\/08\/question-mark.jpg\")
<\/p>\nAre competitors already servicing it? If so, how?<\/h2>\n
How can you find all this out?<\/h2>\n
![\"find](\"http:\/\/judinc.com\/blog\/wp-content\/uploads\/2023\/08\/find-out.jpg\")
<\/p>\n\n
So why don\u2019t more businesses know this \u2014 before they launch?<\/h2>\n