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Content of this unit
Market risk
Consumer habits change regularly, and one day your product (or service) may be in demand one day and the next it’s old news. Many businesses fail to factor this into their costs and assume that what’s profitable now will be profitable for a long time.

If you are creating a product that is on trend right now, it is important to capitalise on your current customer base by creating other products or services that they may need in the future. Capture their data and understand their habits to get in touch with them for future purchases and increase the value of each customer.

To be at the forefront of what customers want, you need to monitor the market on a regular basis and keep track of consumer trends. This allows you to create products before they become the ‘in thing’ and stay one step ahead of your competitors.

5.1 Setting up your micro enterprise
5.1.1 Step 1: Do your research 5.1.2 Step 2: Write your business plan 5.1.3 Step 3: Plan your finances 5.1.4 Step 4: Choose a business structure 5.1.5 Step 5: Pick and register your business name 5.1.6 Step 6: Get licenses and permits 5.1.7 Step 7: Choose your accounting system 5.1.8 Step 8: Set up your business location 5.1.9 Step 9: Get Your Team Ready 5.1.10 Step 10: Promote your small business
5.2 Skills for setting up a micro enterprise
5.2.1 Project management 5.2.2 Finance and accountancy 5.2.3 Leadership 5.2.4 Presenting and communication 5.2.5 Delegation and managing people 5.2.6 Sales and marketing
5.3 The cost and risks of setting up a micro enterprise
5.3.1 Product or service risk 5.3.2 Market risk 5.3.3 Financial risk 5.3.4 Health and safety risk 5.3.5 Poor management risk
5.4 Educational film
5.5 Additional resources
5.6 References