Basics and Products

Is there a Market for Your Products?
A market is a place where you find people, businesses or organisations that will buy your products and services. That is, a market is where your customers will be. The success of your business depends on whether there is a market (or customers) available for your products and services and whether they will want your products and services.

Your market share depends on how desirable your product is compared with those of your competitors. Most businesses know who their competitors are and how they are doing. By knowing the approximate total size of the overall market, it is possible for a business to work out their share of the market.

Identify and Protect Your Ideas or Products
Every business should carefully identify and record the assets that their business develops. That is you must look at protection for any ideas or products you have that amount to Intellectual Property.

The IP is not necessarily there at the start of the business, because the majority of IP will be part of what the business works on.

"Your intellectual property can be the key to your success ..."

For example, if your company is developing business software and your staff is employed in the various stages of that development, even if the software is sold to generate income in its own right, there exists a right of ownership to that intellectual property. It is the company’s intellectual property and it is valuable. It must be protected.

These valuable assets are often floating around in the marketplace unprotected because the business has not taken the time to appreciate the value of it and outlaid the cost to have it protected by registration or by other means.

Your intellectual property can be the key to the success of your company and if you let others use your intellectual property without proper protection it could be a huge loss of advantage to you and a considerable gain to your competitors.

Feasibility of Your Proposed Ideas or Products

You must do some homework, including working out the figures to see if your business is going to make a profit. That is, it has to be feasible. Doing the exercise on feasibility will determine whether you should start your business or not.

It’s no use starting up a venture that you find later on fails and you lose money. The whole idea of going into business is to make a profit and increase the value of your business to make a capital gain. If along the way you can enjoy what you are doing, that satisfaction is a real bonus.

Being independent and creative are as important as making a profit. Other important things are your health, family, the ability to enjoy your friends and whether you can take a break now and then. All these things come into the general mix of starting and running your own business.

If you are looking at a proper feasibility study you have to bring everything to account, so that business as well as non-business factors is weighed up, to arrive at your final conclusion.