89.2% of the survey participants believe social media and digital marketing are the prime factors to make a business successful.
Washington, March 06, 2024 (GLOBE NEWSWIRE) -- GoodFirms, a universally renowned B2B ratings and reviews platform, released its recent survey research report-"How to Launch a New Business?" The survey aims to gather valuable advice to launch a successful modern business, along with the strategies, vision, challenges, technological readiness, sustainability, and trends for 2024.
The survey by GoodFirms was able to find out a few crucial factors to consider while planning to launch a new business: about 93.8% of the participants believe feasibility of the business idea, 89.5% of them said the target audience for the business, 75.9% stated scalability/potential, 63.1% added competition, 61.5% mentioned brand identity, 59.7% believe economic conditions and much more.
Insufficient planning (83.1%), failure to understand the market demands (79.5%), inefficient market strategies (78.5%), lack of knowledge (69.2%), recruiting the right people (67.7%), raising funds (36.9%) and tough competition (29.5%) are the challenges faced by the business owners while launching a new business.
According to the survey participants, the basic requirements to start a new business are an online presence, a business plan, thorough market research, financial requirements, license/permissions, proper customer service, legal structure, insurance, legal documents, and office space.
GoodFirms survey also reveals a few prime reasons for the failure of new business: 81.5%, lack of 76.9% marketing efforts, 71.6% leadership failure, 67.7% lack of strong team, 52.8% dependency on a few customers, 44.8% scanty finance and 23.1% trying to expand too quickly.
Further, the GoodFirms survey highlights the several factors that are fueling the changes in the business landscape for 2024, which are generative AI, automation, blockchain, demanding customers, adaptable workforce, changing business models, crypto payments, etc.
Social media/ digital marketing, AI/machine learning, tools, remote/virtual teams, cloud computing, blockchain, and cryptocurrency are highlighted as the technological trends that can help a business grow in 2024 and beyond - GoodFirms Survey.
GoodFirms also attempted to find out from its survey participants if they intend to launch their business exclusively online, and surprisingly, 70% of the survey respondents favor launching their business online. However, around 9.4% of the survey participants said that the decision must be made based on the products and services the business deals in.
When questioned about their preference of platform to be online, around 72.8% of the businesses prefer their own website, while 37.9% noted LinkedIn as their choice, and 31.7% preferred to own an eCommerce website. YouTube, TikTok, Facebook, Instagram, and Snapchat are also believed to be the best options for launching a business online.
Key Findings:
- Around 79.5% of surveyees said understanding the target audience can be challenging when launching a business.
- According to 81.5% of the surveyed businesses, inadequate market research can lead to the failure of the business.
- 76.9% of the survey participants consider that a lack of marketing efforts could lead to the failure of a business.
- Almost 70% of the surveyees said they would want to launch their business exclusively online.
About Research:
GoodFirms Survey- "How to Launch a New Business?" queried several businesses for their insights on the topic, to understand the trends, and to share the challenges, technological readiness, and sustainability that help entrepreneurs launch a new business, brand, or service.
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About GoodFirms:
GoodFirms is a Washington, D.C.-based B2B review and rating platform that delivers rich, original, and in-depth coverage of IT products and services to B2B service users. Both service seekers and service providers benefit from the reviews, ratings, and research insights delivered by GoodFirms.
CONTACT: Sophia Jayden (sophia@goodfirms.co)
