Plan Your Business

Before starting your business, it is essential that you consider the four "Ps" of business: product, price, placement, and promotion.

Product	Discover what your target market really wants and needs. Areas to focus on include functionality, appearance, customer services and warranties.
Price	Conduct a competitive analysis to consider the prices that are already offered in the marketplace. Consider the common profit margins in your industry. Research the price your target market is willing to pay.
Placement	Decide where to set up and how to distribute a product. Compare the characteristics of different locations and the value of points of sale (retail, wholesale and online).
Promotion	After identifying the particular market segments you plan to target, determine the best ways to reach each segment, in areas of advertising and publicity, social media and branding.

Market research helps to:

• Understand your customers and their preferences
• Identify opportunities to grow and increase profits
• Recognize and plan for industry and economic shifts
• Monitor the competition in your market
• Mitigate risk in your business decisions

Market research plays an integral part in your business development.

• Determining the sales potential of your products and services
• Attracting customers to your business
• Selling to customers and earning repeat business

Want to learn more about how to register your business, organize your business, and how to hire and manage employees? Contact VBEC today to schedule a free one-on-one business consultation or to attend an upcoming seminar! Tel: 905-832-8526 or Email: VBEC@vaughan.ca