There is no way around it: Do Your Research!

If there was one piece of advice I could give my younger self, it would be to research my target market better. It is something which is often overlooked, especially by small start ups that don't have the funds to allocate, but it is as vital for the success of a business as knowing your flight details before catching a plane!

You may think you have the greatest of ideas, a unique and extremely necessary product or service, but if you don't market it well then it won't sell. If there isn't a demand for it, it won't sell.

Take Segway; a futuristic product which was created to replace the motor vehicle in city centres. No doubt that it is ten times cooler than walking, but also comes at a hefty price. So hefty in fact that was it not for its client base of police forces and city tours, it would have been a total flop. Back in its research days the team believed they had an incredible product, but their market research was not done well. One reason might be that they didn't ask all the right questions.

Before starting your market research, ask yourself these questions:

1. Do I know who my target market is?
You might know this from beforehand and if you do, that's great. The results of your research should confirm this information or it might point you in a different direction.

If you do not know who your target audience is, then guess, to a certain realistic point. An invitations maker can, for example, guess that the target market are young adults 20-35 who are soon to be married and parents, 25-40 who are planning children's parties. Therefore the invitations maker will focus the research on these age groups. This can vary depending on your business, area and culture.

Where can I get in contact with the greatest number of people from my target market?
This will help you identify the best option to carry out the research. Taking the invitations maker again, one place where many brides- and grooms-to-be congregate is on dedicated Facebook pages. If travellers are your key market a safe bet is that you'll find many at an airport. Every group of people has something in common and probably a meeting place, virtual or physical. The key is finding the right place where you can, with little effort, find many people from your target market.

What answers are vital to show that the business, product or service will most probably succeed?
Ask the right questions, get the right answers. Sounds easy enough! Remember that it takes time to carry out research and then to decipher it. It also takes time for the respondent to answer you, therefore you cannot ask too many questions.

Get straight to the point. Would the respondent use your product or service. What price (offer different options) would he/she be ready to pay? How long would they be ready to wait? Do they use a similar product or service? What is missing?

How many people should I interview?
Ideally, all your target market! Realistically though, as many as possible. The more answers you have the easier it is to build the recipe for your product's (or service's) success.

It is also a very good idea to give respondents a special discount or a freebie in exchange for their contact details so that when your product or service launches you would already have a mailing list ready and waiting.

When you feel the World is Crashing Down on You

Being an entrepreneur is fun, but that does not mean that there are days where you feel that everything is against you. Days when you feel that Mother Nature got in touch with Father Time and the entire human race and together they are finding ways to create obstacles to all your goals and dreams. Such days do exist, but there are things which can help.

To get you through these times just remember these 3 truths:

1. Everything, good or bad, cannot last forever.
Then it is not a matter of if, but when your misfortune will end. Believing that it will end will allow your subconscious to start figuring out how to get to that point quicker. You might not find a solution immediately, but your brain is probably already working on it and will show you in due course. You must believe this.

2. Sometimes, it's just how you look at things.
Very often, a problem you are directly involved with for which you cannot find an immediate solution keeps growing bigger in your head. Eventually you can see this problem as taking over all your life. Take a step back and re-evaluate the problem. It might help you to list the negatives of this problem. Then also list the possible positives, yes, that's right, positives.

One time we were very close to finalising a considerably large order with a client. This order would have gone a long way for us to reach the turnover target. At the last minute the client lost funding for the project and the order vanished, overnight. At that time seeing the positive was difficult. We were intending on getting a short term facility from the bank, incurring fees and interests. This was no longer needed - a small consolation. This loss eventually led to a change in policy within the company which required the client to pay a deposit up front with sizeable orders. When the time came soon after for another large order we didn't require the bank's assistance and saved a bundle in fees.

3. You are probably not a Superhero, speak out,
though I could be wrong...you might actually be a superhero, in which case please get in contact with me!

For the rest of us, problems immediately seem smaller when we speak to other people about it. Choosing the right people to speak to is important. In business, your friends or partner can listen to a problem, but might not be able to offer any guidance. An experienced accountant or mentor might be a better solution. However it is better to speak to someone than to keep the problem inside of you. If nothing else is available speak to your pet or your plants as this has been proven to help.

You are also most welcome to speak to me, if you would like to discuss any problems you may be facing. Just comment on the blog below.

Stop spending Money your company Doesn't Have

One of the major hurdles to overcome when you want to enjoy being an entrepreneur is achieving financial independence. In simple terms, it means not having any debt and an almost certain income for the foreseeable future. It is a goal that all business owners aim to reach and succeeding involves a lot of self-discipline, determination and patience. Today I will focus on self-discipline.

You're just starting your company, or perhaps you got a new cash injection, the future looks bright! You're planning what to do with the funds and your mind, almost inevitably, encourages you to present your company better than the competition. Whilst this is normal, it can cost you a large part of your funds.

Before we delve in further I want you to remember something; the money which you have for your start up or have received from other third party sources (such as investors, loans, etc.) does not belong to your business, but is only a loan. Your company only has money when it starts selling products or services and starts making a turnover. Until then, the money in the company's account is all debt.

Keeping this in mind will help you make an important distinction; what is a necessity and what is a luxury. Here are a few examples, although they may vary depending on the business type and client base.

• Instant coffee in the office is probably a necessity, having an espresso machine that uses expensive capsules is a luxury.
• Having chairs in the reception area is a necessity, whilst having ergonomic leather sofas and a large LED television is considered a luxury for many start ups.
• Whilst providing employees with a decent area to enjoy their break time (such as a small canteen) is a necessity, having a playground of the Google headquarters type is most definitely a luxury!

By making smart choices on how to use the money you will not only help your business grow faster but also show the entity which provided you with the funds that you are responsible and can think long term.

The money you have must be invested in your business in a way that will generate or increase turnover. If your business sells goods, then consider expanding your stock variety or quantity. If you offer services then get better equipment to provide better services. And let's not forget marketing, which is also an important investment.

Having self-discipline when it comes to spending or investing money your company doesn't own can make that all important difference.

If you're Aiming for a Busy Day, then you've got the Wrong Target

It's the end of a long day, you get home and relax with a warm drink or a glass of wine. You think back at all the work you did, all the hours spent in meetings or answering emails, all the calls you took and all the documents you read through. Now ask yourself this question; did everything you did today significantly help your business grow or improve?

If the answer is no to any degree, then you need to aim your attention on being more productive. Surprisingly, to succeed you need to do less, not more. Before starting any task or agreeing to meetings, think about how what you're about to do will help you or your business do better. If you cannot think of anything, then skip the task. If you have a list of tasks choose the one which has the highest success/time ratio (meaning which task has the highest potential of success for the least expenditure of time) and start with that.

When carrying out a task remember to also consider time, location and the company you're with. Find out when and where you are most energetic and focused to carry out different tasks. For example I am most creative when I am at a quiet cafe with a view (I am in one as I write this post). Don't lock yourself in the office and force yourself to focus, your body will fight you all the way and you'll waste time.

Choose your company carefully too. Sometimes that means being alone, without distractions. Other times it means having someone with whom to bounce ideas off and get the creative process going. Other times still it means having a well groomed colleague stand by you and give you the confidence you need to close a deal with a client.

Don't worry if you suddenly find yourself with a lot of free time. You're an entrepreneur, which means your mind now has time to think of your next product, to plan your next business and to see how to have fun.

What TIME, LOCATION and COMPANY help you be more productive? Leave your comments below. 

Introductions are in order

Hi there!

My guess is that you are reading this a while after it has been posted and therefore I am talking to you from sometime in the past. Let me tell you some things about entrepreneurship in the year 2015.

Almost everyone has, at some point in their life, considering opening up their own business, probably even you have, perhaps that's why you are reading this blog right now. Entrepreneurship is not simply about opening a shop and making a profit, it is about improving the way things work, even if by a little bit. Not everyone wants to be the next Richard Branson or Donald Trump and that's ok, but every entrepreneur should seek success by improving a product or service, or make a profit by helping the envoirnment.

Entrepreneurs are business owners with a conscience and a creative mind.

At some point in the process of you being a successful entrepreneur, you will be hit by the reality of the high amount of paperwork, risk, challenges and utter nuisances that exist around you. You might be excused to think that the world seems like its ready to throw everything at you to stop you reaching your dream. BUT DON'T DESPAIR!

This blog is intended to discuss any issues that you have and hopefully to help you connect and network with other people facing the same problem so that together the problem can be solved. Just as important, this blog is also here to remind you about the fun that you should be having as an entrepreneur. If you're not having fun, you're doing it wrong.

My story is quite a long one and to try and give you the whole biography into one paragraph would be impossible to say the least. Let me just introduce myself as Sergio, co-founder of industrial automation supplier, FIN Ltd.. I am Maltese (Malta is in Europe) and am currently based on this rock. I've owned my own businesses since 2010, though the business bug has been inside of me since the very young age of 13 years when I started selling second hand computer games in the school yard.

I look forward to hearing your story, I promise to reply in kind.