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Tradesman Insurance: Market Research for Tradesmen

Whatever your trade, if you've decided to become your own boss and go it alone (or with a small team) then there are several things you'll need to consider to help get your business up and running and keep it on track.

Customers

First up, have a think about your customers. As a tradesman, it's important that you understand who your customers are and what they need. What makes them tick?

Who are your customers?
What are your customers' needs?
Where are your customers located and can you get to them?
How will you make customers aware of your service?
What benefits will your service bring to customers?

Competitors

Next, consider your competitors and understand how they work. What's the secret of their success? Is there anything you can do the same, differently or better to improve your competitive edge?

Who are your competitors?
What services do your competitors offer?
Where are your competitors?
What are your competitors' payment policies and prices?
What are the strengths and weaknesses of your competitors?

Suppliers

If your trade depends on using suppliers then ask yourself the following questions.

Who are your suppliers?
Where are your suppliers?
What payment terms do your suppliers offer?
Which suppliers do your competitors use?

The market

Apart from getting to know everything about your potential customers, competitors and suppliers there are some more general things you'll need to consider as well.

Is there a demand for your trade and how big is the market? Does the market need you? Is there actually room for you?
Is now a good time to go it alone?
What are the general trends in your trade and how do they affect you?
What social or technological changes are taking place that may affect demand for your service?
How does the economic climate affect your trade?
How does the law affect your business?
What are the most effective ways of marketing your service?

Before going it alone it's important that you find out as much as you can about your customers, competitors, suppliers and the general market. Everyone wants you to succeed so it's worth doing this hard graft now so that you can profit from it later.