05 Researching the Market

performing market researchMarket research is essential to business success. You must know what is happening in the market so that you can position your business strategically to capture the trade. You must identify

  • your industry or industries.
  • Who are the players?
  • How does it work?
  • What changes have happened recently?
  • What trends are impacting on your possible product or service?
  • Who are your competitors?
  • Why should I buy from you?

Think of market research as the foundation of your business. Without it, you may have a short spurt of success but don’t plan on being around too long.

This section of your plan is where you identify the opportunity and PROVE that there is a REAL business.

You must also prove that you have the skills, knowledge and attitude to meet the identified business opportunity, and that there is a growth potential for the business. Well documented research will prove a business concept and along with proof of capability of owner will provide grounds for funding. Learn about the laws of the market place, check out the laws related to your industry, fit your product or service to the needs of a target group.

We look at a simple layout that includes where you are now (market research, identification of opportunity, and a SWOT analysis that identifies your strengths and weaknesses in relation to the opportunity as well as areas of possible growth for the business) ;

Learning how to research is a skill in itself so once we go through some research fundamentals you’ll then finding out what is really happening in the market place. Documenting your research is how you prove your competency in this module.

This will no only validate your idea and strategy so it helps the entrepreneur with clarity and vision, but it’s also a very powerful tool when you are looking for investors or partners.

What’s Next

Small Business Marketing Strategy and Training

The Small Business StartUp Course sets some clear, well defined and documented assumptions and forecasts, confirmation of compliance and risk management tasks to start your business and research that confirms the potential. Although the StartUp Course covers aspects of marketing your business the Marketing Strategy and Training goes into more detail as well as step-by-step tasks to begin your marketing and provide resources to automate tasks and perform them cheaply and efficiently.

Read more about the Small Business Marketing Strategy and Training..

Small Business StartUp Strategy and Training Summary    Register Now

 

 

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