Asses your idea
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To determine the viability of your business idea, market research is crucial. This entails studying the industry, analyzing competitors, and consulting with potential customers. Conduct a SWOT analysis to identify the strengths, weaknesses, opportunities, and threats of your concept.
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There are professional organisations out there ready to help you, get in touch with any of the ones below for more advice:
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WA Small Business Development Corporation to access the feasibility of your business idea
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Local Chambers of Commerce in Karratha, Onslow, Newman, Port Hedland and Tom Price
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IBISWorld reports covering more than 500 industries can be viewed by contacting the Small Business Development Corporation to request access.
Work out if there is a demand?
Before moving forward with your idea, it's important to conduct initial research to ensure it hasn't been done before. If it has, consider the success of the previous attempt and brainstorm ways to differentiate and make your idea stand out from the competition. Show that your approach is unique and unlike any other.
Identify and research your customer
Is there a market for your product or service? Would people be willing to pay for it? Conducting research to identify your ideal target customer can help you assess the feasibility of your business idea and improve your marketing efforts by targeting the right audience.
Find out who are your competitors?
When starting a business, it's crucial to identify your competitors. Conducting desktop research on them is essential. You should analyze the quality of their products or services, their pricing, their reputation, and their marketing strategies. This analysis will help you identify opportunities and determine what makes your business unique.
Working out your finances
To ensure the success of your idea, it's crucial to have proper financial planning and advice. It's important to calculate the initial investment required to start and the ongoing operational costs, as well as determine the break-even point. It's vital to understand your pricing strategy, research your competitors' prices, and evaluate whether customers are willing to pay the amount required to break even. Starting off on the right foot with these considerations can make a big difference in reaching your goals.
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