Introduction
Market research is the compass that guides businesses through the ever-changing landscapes of their industries. It plays a fundamental role in shaping your business plan, providing the necessary insights to make informed decisions and increase your chances of success. In this blog, we will explore the critical role of market research in the development of a comprehensive and effective business plan.

Understanding Your Target Audience
Market research helps you gain a deep understanding of your target audience. It allows you to identify their needs, preferences, and pain points. By collecting demographic, psychographic, and behavioral data, you can create detailed customer personas that serve as the foundation for your marketing and sales strategies. This understanding ensures that your business plan aligns with the specific needs of your ideal customers.

Assessing Market Viability
One of the primary purposes of market research is to assess the viability of your business concept. Is there a demand for your product or service? What is the size of your target market, and is it growing or shrinking? By answering these questions, you can determine if your business idea is worth pursuing and if it has the potential for sustainable growth.

Analyzing Competition
Market research helps you identify and analyze your competitors. You can learn from their strengths and weaknesses, understand their market share, and uncover opportunities to differentiate your business. This knowledge is essential for creating a unique value proposition and positioning your business effectively in the market.

Validating Pricing Strategies
Effective pricing is crucial for the success of any business. Market research can provide insights into what customers are willing to pay for your product or service, helping you set competitive and profitable prices. By studying pricing trends in your industry, you can make informed decisions about pricing strategies that will maximize your revenue.

Refining Marketing and Sales Strategies
Market research informs your marketing and sales strategies by revealing the most effective channels to reach your target audience. It helps you understand where and how potential customers consume information and make purchasing decisions. This information can guide your advertising, content marketing, and sales tactics to reach and convert customers more effectively.

Mitigating Risks
Starting or expanding a business involves risks, and market research can help you identify and mitigate potential pitfalls. By understanding market trends, customer behaviors, and competitive dynamics, you can make more informed decisions that reduce uncertainty and increase the likelihood of success.

Supporting Financial Projections
Market research provides the data and insights needed to support your financial projections in the business plan. It helps you make realistic revenue forecasts and estimate market share, which are essential components of your financial planning. Investors and lenders will closely examine this section to assess the viability of your business.

Demonstrating Preparedness
Including market research in your business plan demonstrates that you are well-prepared and committed to the success of your venture. It shows potential investors and partners that you have done your homework and understand the market forces that will impact your business.

Conclusion
Market research is an indispensable tool for entrepreneurs and business owners, and it plays a pivotal role in shaping the success of your business plan. It provides the data and insights necessary to make informed decisions, validate your business concept, and position your business effectively in the market. By incorporating comprehensive market research into your business plan, you increase your chances of attracting investors, securing funding, and achieving long-term success in your chosen industry.

Remote Work – Start Your Business

Considering the time and era we are in, it is no surprise that remote work is starting to gain more and more notoriety within our society. Starting a business is already a challenge in and of itself, but with a home business, you can get started and launch your business from the comfort of your own home. A home business offers the flexibility to use your home as an office and build your company from the ground up without any need to rent a space for operations. Whether you’re a student, a stay-at-home parent, or simply prefer to work alone in a comfortable environment, setting up a home business offers many benefits. So, what are some remote jobs to look into today?

– Personal/Virtual Assistant

Are you an organizational guru? Do you have incredible time management skills, a knack for planning, and a talent for multitasking? Put your skills to good use as a virtual assistant. Maintaining calendars, booking travel, email correspondence and more, can all be done remotely – all you need is a computer. If you’ve already worked successfully as an assistant, your previous references will do wonders for getting your business off the ground. If you need to develop a clientele before starting your business, UpWork is again a useful option for getting your feet wet.

– Freelance Writing

Writing is a great skill to have because it’s needed somewhere in every industry. If there’s an area you have expertise in, such as fashion or technology, maintaining a blog on that subject allows you to have a personal portfolio to show off your work and start earning paid projects. The good news is that you don’t have to start off entirely on your own, there are plenty of freelance writing websites where you can find paid work, such as UpWork, that you can use to build a client base before going off on your own.

– Consignment Shop

If you have an eye for fashion and know how to put together an eye-catching ensemble, then you might have what it takes to start your very own online consignment shop. You can find great, affordable items at your local thrift store, pieces that people might otherwise overlook, and use your skills to create one-of-a-kind outfits that go from drab to must-have. You can model the outfits yourself, or involve friends and family by asking them to model your looks and show off a variety of styles on different body types.

Starting your own business comes with many challenges, but with these home business ideas and of course, your customized bargain business plan, you’ll have the tools you need to hit the ground running. What are you waiting for? Get started today!

Corporation Tax

In the same way that loan capital is subject to a financing cost, the profits generated by a business are subject to a cost; corporation tax. The charge for corporation tax is based upon the level of profits recorded and the tax rates in place at the time of calculation. Company yearends and tax yearends rarely match. Therefore companies must estimate their tax liability at the end of each accounting period and record an appropriate estimate of the liability likely to be paid. These estimates are unlikely to be entirely accurate and as such companies tend to either over or under estimate the provision for corporation tax, which is adjusted for in the following year’s accounts.

It is unlikely the actual charge will match the estimated liability so the tax liability account will be left with a closing balance carried forward. This needs to be removed as the debt has been settled (i.e. there should not be any carried forward balances because the tax authorities have been paid the correct amount).

If there is an over-provision in the prior year (i.e. estimate was greater than the amount paid) there will be a closing credit balance carried forward.

As the company overestimated, the charge for the following year is reduced by the appropriate amount so that over the two year period the correct charge has been recorded.

If there is an underestimate in the prior year (i.e. estimate was less than the amount paid) there will be a closing debit balance carried forward.

As the company underestimated, the charge for the following year is increased by the appropriate amount so that over the two year period the correct charge has been recorded.

Remember and note: The liability in the statement of financial position= the estimated amount payable for the current year. The tax charge in the income statement = the estimated amount payable for the current year – last year’s over-provision.

Provision

As for provision, a provision can be defined as a liability of uncertain timing or amount.

For example; a business is facing legal action for breaching health and safety law. The likely repercussion is that they will be fined. The timing and severity of the fine will be decided by criminal court at some point in the future. The key question is should the business attempt to reflect this cost in their financial statements?

These are all questions you should be asking and discussing with your business consultant. We are ready to answer any questions you may have and even offer a free consultation! Contacts us today.

COVID-19 has brought a drought to businesses all over the U.S. Approximately 25% businesses have shut down permanently. This is detrimental for many business owners and families. Costs become higher without money being cashed in, which causes great difficulty. So, how can you cut costs for your company?

The key is to set reasonable goals at this moment. It is important to remember that a pandemic is taking place, meaning many businesses have even gone bankrupt due to poor decision making. Work around these facts and maintain focus. Do not be blinded by overexaggerated targets, chances of a really daring goal succeeding right now are zero-to-none, so be smart and logical. A few things to expect are:

Your consumer list may be decreased.
The usual monthly sales will not be achieved in some cases.
Merchandise might cut back on being sold.

But this shouldn’t deter you away from it all. For every problem, there is a solution. If the merchandise is overflowing, cut down on the manufacturing.

It is important to remove aspects that are not necessary for your company. You’ll come to realize that a lot of the services are not useful and are only stacking up in rent/pay/debt. Make use of the resources you already have. A few things that many start-up businesses spend excessive money on are:

Business travel: Though now, a lot of travel bans and restrictions have been placed globally, this shouldn’t be as much of a worry. Sure, some travel may be essential but if it can be done over the computer, then there is no need to board an aircraft.
Excessive employees: Hiring 100 workers when in reality you may not even need half of that can cause you to quickly overspend. Only hire the required amount needed for your specific organization. If all needs and services are met with 10 employees, then there is no need to splurge on more.
Marketing Insufficiently
Loans: Most of the time, they are essential to build/fund a business on, but they can easily be abused. This is one of the easiest ways to build debt as loans have lots of interest. The more interest = the more money you have to pay. Be wise on when you need a loan as opposed to when you want one.

If you’re in business, you are already constantly seeking opportunities to learn about the market and industry. It is important to refine your craft, and obtain every bit of information that takes your entrepreneurship to the next level. TED Talks are a great source of inspiration, practical advice, and storytelling that millions of entrepreneurs and small business owners all over the globe turn to.They are told by people who have life experience in all matters, whether it is business, or psychology. Here are some of our favorite business TED Talks:

Educating Young Entrepreneurs | Cameron Herold

In this 2011 TED Talks video landing the first spot on our list is Cameron Herold’s thoughts, reasons, and ideas for incorporating entrepreneurship into the education system. Herold, like many successful entrepreneurs, didn’t quite fit into the standard doctor, teacher, lawyer route being preached to him. He brings practical ideas that can be used to encourage students who have a natural tendency towards entrepreneurship. The video gives an important note: teach your children how to become bosses, not employees.

https://www.youtube.com/watch?v=blILB8ExRi0

What They Don’t Tell You About Entrepreneurship | Mark Leruste

Leruste talks about a side of entrepreneurship that few are willing to recognize or accept. The simple fact is it’s not only lonely at the top, the journey up can also feel isolating. While your friends are out partying, you’re up late at night monitoring your online business. This level of business advice is confronting but also reassuring. You have more confidence to step up.

https://www.youtube.com/watch?v=f6nxcfbDfZ0

4 Ways to Build a Human Company in the Age of Machines | Tim Leberecht

Emotional intelligence and face to face interaction are the backbones to successful small businesses. No one knows that better than Tim Leberecht. Humans have the capability to bring the surprising, the unique, the beauty in every task. Leberecht’s message focuses on work being done beautifully over efficiently. Tech gurus–listen up!

https://www.ted.com/talks/tim_leberecht_4_ways_to_build_a_human_company_in_the_age_of_machines?language=en

Creative Problem-Solving in the Face of Extreme Limits | Navi Radjou

Navi Radjou shares a testimonial styled lecture about growing up in a developing country. While some emphasize how this struggle makes your humble and patient (which it absolutely can) it also helps you to become creatively resourceful. Thinking outside of the box has never been more crucial for entrepreneurs who seek to set the trend instead of following it. “...Peppering his talk with a wealth of examples of human ingenuity at work, Radjou also shares three principles for how we can all do more with less.” This video is a fantastic representation of creating opportunities for yourself, regardless of your place and setting. It comes down to you and your creativity. Stepping outside of boundaries gives you the opportunity for you to create a pedestal. Sure, it will definitely be intimidating, almost like a chick hatching out of the eggshell, you’re coming into a new world and trying to find stability.

https://www.ted.com/talks/navi_radjou_creative_problem_solving_in_the_face_of_extreme_limits/up-next?language=en

News

The Role of Market Research in Your Business Plan

Remote Work To Look Into