When it comes to businesses in the Mediterranean Sea, Dubrovnik is Croatia's most successful cities that offer prominent tourist destinations. Dubrovnik is a tourist destination with the world's most spectacular coastlines.
As an incentive and congress venue growing every year, Dubrovnik offers endless possibilities and leisure for businesses, such as conference venues and hotels.
In this post, you'll learn four ways of how market research firms can give Croatia an edge.
1. Determine the Best Type of Croatian Business
Market research involves studying the target market's demands, strengths, and weaknesses. In Croatia, the four types of businesses include Udruga, D.O.O., J.D.O.O., and T.O. With market research, you can utilize the best strategy to know the best type of business for you.
Here are the details of the different types of businesses in Croatia:
Udruga: It's good for non-government and non-profit organizations or charities. Its primary function protects freedoms and human rights, including humanitarian, environmental, cultural, informational, national, educational, pro-natalist, social, sporting, professional, technical, scientific, medical, or other goals and beliefs. You need to have a minimum of three owners to start an Udruga.
Drustvo s Ogranicenom Odgovornoscu (D.O.O.): It's equivalent to a limited liability company, which is the most common business type in Croatia. This type of business can be owned by one or more individuals. It takes 20.000 kunas (currency in Croatia) as start-up capital for this type of business. For non-EU nationals to use the company for a residence permit, 200.000 kunas or more is the start-up capital.
Jednostavno Drustvo s Ogranicenom Odgovornoscu (J.D.O.O.): It's similar to a D.O.O. This type of business is for companies with limited capital. The start-up cost is 10 kuna.
Using market research, you'll determine if this is the best business for you, most especially if you want to start an online or eCommerce business with low upfront start-up and overhead costs.
Trgovački Obrt (T.O.): It's not a company in the traditional sense but connected to a specific craft or specialization. Carpenters, hairstylists, and locksmiths fall in this category.
A T.O business can employ workers as a company does, but the company dies with the person. In short, the business cannot operate if the registered owner passed away.
When it comes to starting a business in Croatia, you need to have a solid plan. Never rush starting a business without deep dive analysis or market research. Thankfully, a market research Minneapolis firm can help aspiring business owners make a final decision as to what type of business is suitable for them.
2. Use the Best Market Research Strategy
Market research firms use different strategies to gather data needed to provide the greatest benefits to a business in Dubrovnik. Whether you have a small, medium-sized business, or a big company or corporation, market research will give you an edge from your competitors.
Here are the most common market research strategies that can benefit your Croatia business:
Observation: It's the most affordable type of market research strategy that allows you to gain insightful ideas about your target audience and your target market. However, with this technique, you can't get inside the mind of your target audience.
Interviews: This technique involves face-to-face interaction with your target audience, allowing you to read customers' non-verbal cues. You'll get the experience, ideas, and suggestions about your product through face-to-face interaction or video conferencing.
Surveys: It's a commonly used market research strategy that involves answering questions delivered through email or delivered as an on-screen questionnaire.
Focus Groups: This market research technique involves a trained moderator initiating and leading a conversation surrounding the product, service, and sales and marketing message to gain valuable business insights.
3. Help You Set Your Business Goals
Before setting your next business goals, it's important to analyze your strengths and weaknesses. A market research firm can help you make an informed choice so that you can set specific business goals that are realistic, time-bounded, and measurable.
4. Plays a Major Role in Business Planning
Business planning is a crucial aspect of any type of business. Whether you're a local or an expatriate who wants to start a business in Dubrovnik, market research can help you make sound business decisions as to the next steps you can do to attain your sales and marketing goals, such as introducing a new product line or target market.
Market research firms give businesses in Croatia an edge. Market research firms also help business owners identify their strengths and weaknesses and business opportunities, including opening a new product line or target niche.
With market research, you can create sounder business goals and budget planning.