Explain your business idea Make sure there is a market for your business Decide if your business idea will be a success You need to check your new business idea to see if it will work, and also to see if enough people will want it. You must look at your business idea as a […]
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20 Marketing Habits that are essential for small business success
Are you just getting started with a new business venture? Need some help in marketing your services to bring in more clients? A solid marketing strategy is essential for any new business, simply knowing how to provide your products or services isn’t enough to achieve success. Whether you gain new business by word of mouth, […]
Primary market research
Primary research is original information gathered through your own efforts (or on your behalf by a hired research firm) to respond to a specific question or set of questions. This information is normally gathered through surveys, observation, or experimentation. The following are examples of questions that can be addressed through primary research: Who are my […]
How to conduct market research?
First, it is important to establish clear goals for the market research activity you will undertake. You need to make sure you have defined what you need to know and why. Once you have established your goals, it is important develop a strategy and select techniques you will use to gather data. The two broad […]
When to conduct market research?
Market research is widely viewed as a component of the planning stage of a business. Indeed, market research is critical for new start-ups and should be a key element of any entrepreneur’s business plan. Market research data feeds into a number of areas of the business plan, contributing to sections on: Determining the sales potential […]
Why conduct market research?
The goal of doing market research is to equip yourself with the information you need to make informed business decisions about start-up, innovation, growth and the 4 P’s: Product Improve your product or service based on findings about what your customers really want and need. Focus on things like function, appearance and customer service or […]
What is market research?
Successful businesses have extensive knowledge of their customers and of their competitors. Market research is the process of gathering information which will make you more aware of how the people you hope to sell to will react to your current or potential products and services. Whether you are aware of it or not, as a […]
Guide to market research and analysis
This guide is intended to help you better understand market research and its importance. It provides information on how to conduct a market research project, specifying several options that are available to you regardless of your market research budget. What is market research? Why conduct market research? When to conduct market research? How to conduct […]
What resources do you need to get your business off the ground?
Developing a solid business plan is critical to the success of your business. A business plan will help you determine how much money you need to start your business. Also, a lender or investor will want to review it to determine your eligibility for financing. Your plan should clearly outline how you plan to make […]
Are there any government restrictions or obligations that could limit your idea?
Before you move ahead with your business idea, you may want to check to see if there are any regulations that may prohibit or limit the sale of your proposed product or service or the operation of your business.
