Having been involved in a few businesses in my past, and watched a few local businesses fail over the years, I have often considered ‘what does it take to create and sustain a successful business in Noosa?’
Many of us have watched smart business men and women invest quite a lot of money and time into a new business, and we are all secretly hoping that they do actually survive.
On the surface the business may look to be a winner. For example, nine times out of ten, the business idea/delivery is unique and the people are talented, well trained and adhere to good business practices. So what then is the problem?
Market research is the problem, it is the missing link. I’m not talking about the regular vanilla style market research, but a deep dive into the vagrancies of Noosa customer behaviours and patterns.
Business concepts that have worked elsewhere do not necessarily mean they are going to work here in Noosa because we have a unique residential demographic combined with seasonal tourism trends.
Understanding the Noosa customer is critical for success. Truly know if you are targeting tourists, residents or other businesses. Know the ‘type’ of tourist/resident/business and their preferences.
Once you have a grip on your ‘typical customer’ then model both customer numbers and frequency of purchase for various seasons, factor in both the good and the bad times.
Test your assumptions. Don’t just assume that if you advertise they will come. Ask the hard questions of current business owners. Seriously, most local business owners will be willing to help out if you are not in direct competition.
If more people were more thorough with their market research specific for the Noosa area I believe we would have more successful business start-ups and a more vibrant economy to benefit all.
The piece above was recently penned by my wife Anne Lawrence and published in the Noosa Journal on Friday 19th of November
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