Bigham Design featured by Franklin University. This article was inspired by the feature of Bigham Design by Franklin University by their marketing department in conjunction with the research team of the library services. View featured post
There are many free resources out there the business owners can use to update or create your business plan. Having a business plan is vital to your business. Not only does it help you better understand your business and where it is going but it can be used by banks and other financial institutions to help you gain access to capital.
“We really wanted to get solid market research when updating our business plan, using the resources that Franklin University provided us with important statistics for our plan.” – Bruce Bigham, account manager.
Below are some of the top tips for conducting market research for your business:
1. Ask for help
It is important to ask for help from alumni resources, your local SBA, your local library, other businesses you know, and friends and family to help you with your research.
2. You don’t know all the answers
The good news is librarians and research experts are out there who do. They live and breathe the stuff and can offer valuable insight to your customers and your business.
3. Prepare to be surprised.
Not all of your original assertions on your customers or market will come true. Prepare to be surprised when it comes to market research as the data will tell the story of your customers and market.
4. It takes time and multiple sources
Don’t expect to knock out all of your market research in a day or two. These things can take weeks. It is important to compare your sources and take your time to analyze the market to weed out the unnecessary information. Plan ahead, and set aside a few weeks to have the research done.
5. You don’t need a masters in marketing but should understand your industry
Analyzing your Industry takes some assertions. First, you need to ask many questions to and up in the right place. Don’t be afraid to ask different questions even some that seem outlandish could lead you in the right direction.
6. Start off big not small
You might go in with the idea of wanting specific details about your location but that is not realistic. Most market research surveys and statistics are done on the national level. It takes some work but it is possible to narrow your scope to regional or even state level.
7. Use free resources
Contact your local SBA office for insight and help and even templates to create or edit your business plan. They can also provide you with existing business plans related to your industry. Another resource is your local university or main library. They have research experts that will help you with included free database access to view industry reports, swot analysis, and small businesses in your area listed by database. You can also go to meetup.com and search for local events for entrepreneurship and market research.
By using these tips you should be able to craft a successful marketing and business plan, good luck!