# Advice on launching a business in a new market space Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-09-27 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Expert Advice for Successfully Entering a Competitive Meta Description: Discover expert advice on navigating tough business climates, setting realistic goals, and believing in your product to ensure success in competitive markets. URL: https://financedigest.com/advice-on-launching-a-business-in-a-new-market-spacehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/ux-indonesia-pqzrfbhd9r0-unsplash-1736815146461-compressed.jpg) ![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/suzanne-mahoney-450x628-1736815146454-compressed.jpg) _By_ **_Suzanne Mahoney,_** _co-founder of_ [_LiBi_](https://libiloves.com/) **The current business climate in the UK** According to research conducted by [iwoca](https://www.businessleader.co.uk/almost-80-new-businesses-created-every-hour-across-uk-in-first-half-of-2021/), one of Europe’s largest small business lenders, almost 80 new businesses were created every hour across the UK in the first half of 2021. This surge continued, with the end of the [financial year recording 810,316 new businesses](https://www.financedigest.com/financial-advice-for-starting-your-own-business.html "Financial advice for starting your own business"). It is predicted that an influx of start-ups will continue to infiltrate the [market](https://www.financedigest.com/adnami-appoints-senior-executives-in-french-and-german-speaking-markets-as-hiring-spree-continues.html "Adnami appoints senior executives in French and German speaking markets as hiring spree continues") as we continue to venture through changing times, which begs the question: How exactly can we enter new market spaces that are already inundated with products and services? **Advice for [entering a new market](https://www.financedigest.com/partnerships-to-be-the-focal-point-of-enteral-nutrition-market.html "Partnerships to be the focal point of Enteral Nutrition Market") space** The unprecedented outbreak of Covid-19 saw entrepreneurs jumping at the opportunity to build [innovative start-ups from the comfort of their own homes](https://www.financedigest.com/taylor-fay-homes-recruit-cordant-projects-for-innovative-property-initiative.html "Taylor Fay homes recruit Cordant Projects for innovative property initiative"), and the great resignation shift has added more fuel to that fire. However, whilst innovation is commendable, many new [business owners did not consider the challenges](https://www.financedigest.com/the-maserati-100-one-hundred-business-disruptors-challenging-the-establishment.html " ‘The Maserati 100’ One Hundred Business Disruptors Challenging The Establishment") that could come with that – such as market overpopulation, copycat communication messages and cultural and societal challenges that can torpedo what seems like a good idea. Entering a newer market space is a smart [business move](https://www.financedigest.com/4-ways-moving-office-can-bring-your-business-roi.html "4 ways moving office can bring your business ROI"), but tricky waters still need to be navigated in tough climates. Original thinking alone doesn’t guarantee success, however, it’s important for budding entrepreneurs to not lose faith – it can be done! Last year, we entered a new market space when we [launched a first-of-its-kind eCommerce platform](https://www.financedigest.com/seenthis-launches-creative-platform-to-boost-performance-and-reduce-co2-emissions-in-digital-advertising.html "SeenThis launches Creative Platform to boost performance and reduce CO2 emissions in digital advertising"), ‘LiBi’, which allows hotel guests to buy products they see, try or interact with during their stay. To encourage others to take a leap of faith, I have compiled a list of pointers and advice for [launching a new business](https://www.financedigest.com/credit-agricole-launches-china-ma-and-investment-banking-business.html "Credit Agricole launches China M&A and investment banking business") into a competitive marketing space. **Believe in your business!** First and foremost, you must believe in the product or [service your business](https://www.financedigest.com/semiconductor-assembly-and-testing-services-market-top-scenario-swot-analysis-business-overview-forecast-2027.html "Semiconductor Assembly And Testing Services Market Top Scenario, SWOT Analysis, Business Overview, Forecast 2027") is offering. Ask yourself: Has it been born from a real world experience or insight that you have seen or been inspired by? Would you use its services? Have you built values that you and others can believe in? Would you genuinely recommend it to a friend? Hopefully, the answer to all of these questions is a resounding yes! If you aren’t fully invested in and passionate about the product you’re competing to sell, then it’s unlikely that anyone else will be. [**Set realistic goals**](https://www.financedigest.com/norways-wealth-fund-tells-firms-to-set-net-zero-emission-goals.html "Norway’s wealth fund tells firms to set net zero emission goals") Know what you are aiming to achieve and map out both long and short-term objectives for the [future of your business](https://www.financedigest.com/marketing-communications-is-a-business-critical-pillar-now-and-in-a-post-pandemic-future.html "Marketing Communications is a business-critical pillar now – and in a post pandemic future"), alongside making them SMART (Specific Measurable Achievable Relevant Time-bound). [Spend time really exploring](https://www.financedigest.com/brits-spend-less-than-a-quarter-of-their-holiday-exploring-the-destination.html "Brits spend less than a quarter of their holiday exploring the destination") the ‘whats’ and, even more importantly, the ‘whys’ behind questions such as: - What market does your business really serve? - Why will people say ‘no’? (as much as why they will say ‘yes’) - What timeframe will you [set your brand](https://www.financedigest.com/big-brands-set-to-miss-plastic-sustainability-targets.html "Big brands set to miss plastic sustainability targets") to launch? - How will you go about [acquiring the market](https://www.financedigest.com/innovation-to-trigger-the-hospital-acquired-pneumonia-prevention-market.html "Innovation to trigger the Hospital Acquired Pneumonia Prevention Market")? - What is going to make people listen, and what’s the head turning insight you have? Many start-ups focus primarily on the short-term objectives, but it is vital that a 5 to 10-year business plan with key phases on the journey is developed to [ensure](https://www.financedigest.com/2023-supply-chain-trends-for-businesses-to-ensure-a-more-efficient-supply-chain-strategy.html "2023 supply chain trends for businesses to ensure a more efficient supply chain strategy") the business is financially sustainable and viable — and perhaps investable in — in the long-term. **Have boundless courage and patience – be able to adapt to change** Once you have established the product or service you wish to sell and have set realistic and measurable goals, boundless courage and patience must ensue. Delving into a new [market space takes resilience](https://www.financedigest.com/spains-labour-market-resilient-as-unemployment-drops-in-nov.html "Spain’s labour market resilient as unemployment drops in Nov"), and you will no doubt be confronted with challenges, failures and adversity along the way. Learn what works, and what doesn’t, then pick yourself up and get back out there again. The reality is that you will be in a test and learn state pre-launch, during launch and post launch. What you might see as a failure or a problem can actually be a [learning or pivot point to making your business](https://www.financedigest.com/tripling-the-size-of-my-business-in-the-pandemic-the-mistakes-made-and-lessons-learned.html "Tripling the Size of my Business in the Pandemic — The Mistakes Made and Lessons Learned") more robust. See knock-backs as things to review and adapt around, while taking negatives as springboards for tinkering. It’s okay to acknowledge and accept the occasions when a specific approach is not working. Budding entrepreneurs must be open-minded to new possibilities and make adaptations and necessary changes to their [business and marketing strategy](https://www.financedigest.com/food-flavour-enhancer-market-outlook-cover-new-business-strategy-with-upcoming-opportunity-2022-to-2032.html "Food Flavour Enhancer Market Outlook Cover New Business Strategy with Upcoming Opportunity 2022 to 2032") as and when required. Some really interesting brands and products have been discovered by mistake, or by following an almost enforced ‘plan B’. **Don’t skimp on** [research for your market](https://www.financedigest.com/consumer-electronics-and-automotive-industries-to-drive-demand-for-li-ion-pouch-batteries-persistence-market-research-study.html "Consumer Electronics and Automotive Industries to Drive Demand for Li-Ion Pouch Batteries: Persistence Market Research Study") It’s [essential to combat potential challenges arising and to build convincing sales messages by conducting extensive research](https://www.financedigest.com/3-essential-types-of-stock-research-tools.html "3 Essential Types of Stock Research Tools") on the market you seek to enter. This is a crucial area where time and resources will deliver reward. Without data to back up your argument or pitch, it’s just your opinion you are sharing. Without looking at mindsets, what matters to your audience and what is missing from their world, it isn’t logical to introduce a brand-new idea. Data and statistics should support your argument, and if they don’t, perhaps you should consider changing your idea. There is no shame in the latter — only greater proof of strength. **Be clear on your** [target market](https://www.financedigest.com/spains-santander-reaffirms-targets-in-face-of-recent-market-turmoil.html "Spain’s Santander reaffirms targets in face of recent market turmoil") Knowing who benefits from your offering will help you [create a defined marketing strategy](https://www.financedigest.com/how-to-create-a-pr-plan-and-link-it-to-your-business-marketing-strategy.html "How to create a PR plan and link it to your business marketing strategy"). With LiBi, we acknowledge that hotel guests will be using our eCommerce product, but our target customer is the hotelier, the resort [manager and the brand owner whose products will fuel](https://www.financedigest.com/marine-fuel-management-market-to-observe-strong-development-by-2026.html "Marine Fuel Management Market to Observe Strong Development by 2026") the site. Surface doesn’t cut it — you [need to walk in the customer’s shoes to look at things](https://www.financedigest.com/5-key-things-you-need-to-know-before-hiring-your-first-employee.html "5 Key Things You Need to Know Before Hiring Your First Employee") from the perspective of what matters most. It’s so easy to fall in love with our ideas that failure to understand the real audience’s needs can result in missed make or break stages. **Surround yourself with the right colleagues** Hire people smarter than you. Find shared values. Have colleagues you enjoy spending time with. And make sure everyone is prepared and [resilient for what may be tough times](https://www.financedigest.com/building-economic-resilience-in-tough-times.html "Building Economic Resilience in Tough Times"). When everyone is hunkered down and working together on the breakthroughs, it’s the mix of brains and culture that will make it successful, and the battles experienced along the way more rewarding to tackle. **_About the Founder:_** _Suzanne Mahoney is the co-founder of_ [_LiBi_](https://libiloves.com/) _, a new eCommerce platform that partners_ _consumer lifestyle brands with a network of hotels and resorts, enabling guests to buy_ _products they get to see, try and interact with when [away from home at the click](https://www.financedigest.com/global-economy-collapse-just-one-click-away.html "Global economy collapse just one click away") of a_ _button._ --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---