Planning Your Research


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Don’t just research because you think you should. Plan ahead and decide what you really want to get from it. It’s easy to go through the motions but if you’re not asking the right questions or targeting the right people, you could end up worse off! Research carried out without carefully thought-out objectives will usually mean time and money down the drain. Here are a few things to think about: 

 

  • WHAT do you want to know?
  • WHO do you need to speak to?
  • WHERE is your target market?
  • WHEN do you need to conduct your research?
  • HOW should you go about your research (Qualitative / Quantitative)  
Great research involves a goal, good discipline, adherence to a plan, meticulous record keeping and an ability to examine findings and draw conclusions.  

What to Research

You need to sit down and ask yourself some core questions: Such as:

  • Who are my customers?
  • What people am I trying to reach, cater for?
  • Where are my customers geographically?
  • What is the age range and financial position?
  • Where should I open, close, expand my stores or product outlets?
  • Which products suit my chosen geographic area or customer base?
  • What resourses do I need - how do I allocate these resources?
  • What factor affects the performance of my business?
  • Who are my competitors?

When collecting information from Data Sources, you may want to access:

  • Demographics: Age, Family Structure, Ethnicity, Religion, Health and Culture.
  • Finance: Income, Shares, Savings, Borrowing and Spending.
  • Socio-Economics: Occupation, Industry, Employment, Education and Status.
  • Internet/Web: Access, Frequency of Use, Behaviour and Favourites.
  • Property: Housing Type, Housing Age, House Price, Tenure, Amenities, Non/2nd/Residence.

Where to Research

The ultimate market research information source is the Census - undertaken by the Government every 10 years (the last census was in 2001). You can get access to a limited amount of free market research info here.

You can also buy Market Research - There are many different organisations that buy in census data and combine this with other market research data sources to create off the shelf and bespoke products that can be leased or brought outright by a business. The following are great links that will supply you with up to data market information in your business arena:

An Essential Resource which provides access to over 800 reports and guides to help research a business idea or market, write a business plan, start up a small business.

Qualitative Research and Feedback

  • TALK to people about your idea. Speak to potential customers, suppliers, friends, partners and so on. They will provide you with feedback on your idea. However, remember that many people told the world leaders their ideas weren't any good, so if you know your idea is good and have the research to back it up, you can prove doubters wrong.
  • HAVE people sign a Confidentiality Agreement to deter them from telling others or running off and doing it themselves.
  • RECORD both the negative and positive responses. Find out what people like best about your idea and maintain this factor as a key selling point when telling others. Use the positive energy to motivate yourself and drive it forward.
  • MANAGE the negative responses, by assessing the individual's concerns and portrayed risks. Turn negative energy into positive feedback by communicating or redefining your idea which takes into account this criticism.

Confidentiality Agreements

Protect your ideas when you discuss them during your research process, get a confidentiality agreement signed.

Bootstrapping

Gaining first hand research experience, from working in an industry that is similar to your own, working for a competitor or becoming a competitor's customer, is a great way to:

  • GAIN an insight into a potential of the market/industry.
  • SEE and learn how it operates.
  • IDENTIFY opportunities for improvement plus strengths and weaknesses in operating a business of kind.

Assess Time and Financial Worth

Speak to business owners who run similar ventures.

Find out about the time and investment required, and the associated outputs. Critically assess the time and value you can input into making the idea work.

Starting a business is hard work and generally takes more time than anyone initially imagines. Once you've invested significant time and resources, you will want to see it through, which can take many years.

Good preparation will help you make the most of the time you spend in reaching your business goals and heading in the right direction.

If you need time to reflect on your findings and find your niche with the Positive Action Coaching Programme or Business Idea Workshops.

Now you've done your homework... So are you ready to take the plunge?

What is self employment like and are you ready for it? 

 wynlogothickweb.jpgExpert Advice by www.wynresearch.com      

 

 

 

 

 

 

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