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Market research important first step in building a business
Making business decisions without using objective sources of information and processes may result in the loss of money and valuable time. Your friends and colleagues may think there will be enough customers or revenue for your idea, but where did they get that information?
Have you ever bought a used car because your local mechanic said it’s a good model? How many cars fitting that exact model has he worked on in his lifetime? Maybe a dozen.
Spending a few minutes online reading expert and nationwide consumer review sources may more accurately show average annual repair cost and reliability information. In business, engaging in potentially expensive market strategies without using information based on statistically significant data from your target customers may result in spending advertising money unnecessarily.
Market research and survey services are available for practically every industry and market sector. From private-owned companies (small and large) to governmental entities to non-profit organizations, if there’s something you need to know, chances are your local college reference librarian can help you. If you need help making sense of this information, they can usually direct you to a public business consultant or resource provider.
If you need more training on general business topics, the local community college and economic development district offer a variety of quality, yet affordable, 5-to-12 week informal business planning courses. If you need more technical analysis on specific industry topics, your nearest university probably has professors with the research expertise you need. If you plan ahead, several university students can work on your problem and present the results at the end of the semester. UNK has an Entrepreneur-in-Residence, who is a certified Patent Attorney, to help you see if your innovative idea is original. If you are have trouble finding a local business resource provider that knows where to find the objective information you need, please call our office at 308-865-8199.
Doing your homework before making your next purchase decisions will save you time and money in the long run.
Shawn is a certified Professional Community and Economic Developer, former Gallup Entrepreneurship Acceleration System Guide, BR&E consultant, and NxLevel Entrepreneurship Instructor.
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Market research important first step in building a business Making business decisions without using objective sources of information and pr..