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MarkSeattle
01-04-2010, 12:57 AM
Hi there!
I am doing a MBA school project on small businesses. And I hope to get some help from entrepreneurs here.

We all know that before jumping into executing a business idea, we need to do some homework on market research (customers, competitors, market size, market growth...) So how did you do the market research and how much did you invest in it? Please answer our anonymous survey at

Survey here (http://www.impressity.com/Survey/sl.aspx?SurveyLinkId=nxohwrwsljtpokausqju)

You can also see what other entrepreneurs say in this survey. Thanks a lot for participation, really appreciate it!

huggytree
01-04-2010, 08:57 AM
i didnt do any research and it made things difficult at first because of it.

i didnt 'price shop' the competition until after i was in business, so i didnt know where the market price was.

i already was a plumber before i started my plumbing business, so i knew everything i needed about doing the actual job. finding business/customers was difficult for months

i found a mentor to help me. He owned a local plumbing company and was willing to show me everything. his idea was to keep prices higher by educating the new companies not to be 'price cutters'.

The Entrepreneurs Network
01-04-2010, 12:30 PM
Anyone wanting to start a business should write a business plan. Market research is always part of a good business plan. I realize that most small businesses do not bother with a business plan and I think that is is one reason why small business failure rates are so high. "Failing to Plan is Planning to Fail" is still true today

Spider
01-04-2010, 02:23 PM
I did no market research simply because I was deeply involved with and was working in my market. I was already very knoweldgeable about the market and had no need to research it.

But I did write a very detailed business plan.

Harold Mansfield
01-04-2010, 02:36 PM
I have written business plans in the past, but I don't currently have one, nor did I do any paid market research.
I basically checked out any competition including services offered and pricing to be competitive and just started putting my name out there.

For websites, I just research any competing sites, keywords, available domains and design options and just put them up and start SEO and promoting them.

I'm certainly not planning to fail but at this point I think organization is the key to me taking it to the next level and reinvesting when ever possible to grow.
I could be wrong, but so far it's working out.

billbenson
01-05-2010, 05:07 PM
No business plan either. I was unemployed and started selling stuff while job hunting. Started making money so I never got a job.

The Entrepreneurs Network
01-09-2010, 05:46 PM
If anyone has not done a business plan when starting a business, I suggest they look at a doing a strategic plan. It is basically the same as a business plan, but more focused on analyzing your current business situation and on develop a plan for the future of the company based on that analysis. I am convinced that small business failure rates are as high as they are (50%+ in 1st 4 years per SBA) because most small business owners do not properly analyze their business and determine what needs to be done beyond the next 2 or 3 months.

I was fortunate enough to manage a $25Million+ business owned by a multinational company which forced me to submit a strategic plan every year. I was surprised every time what came out of a systematic analysis and review of the business. A business/strategic plan forces one to think through every aspect of the business in a organized manner. I would recommend it to any business owner, no matter how small the business is. We are all too caught up in the day to day operation and don't see changes coming soon enough to respond effectively.

Money And Mass
01-17-2010, 01:38 PM
I didnt do any either, and Im fine

Money And Mass
01-17-2010, 01:39 PM
I didn't do any but I had been in the idustry for a while and just knew that there was plenty of business out there for my business

chicagofm
01-19-2010, 09:20 PM
As someone who has worked in Pubic Relations in the past, and dabbled in business, I would say your biggest priority in doing this research would be finding out what type of demand is out there for your proposed services. I would also find out if there is a need, who is already providing such. Check out your competitors online presence. Do they have a visibility? Is there opportunity? Hope this helps.

phanio
01-20-2010, 03:46 PM
A formal business plan and adjoining marketing plan may not be necessary for all businesses - but, it does not hurt to have one. You might even uncover new opprotunities for your business.

Prior to starting my business, I ran a business incubator in Texas. One of the many problems we had in growing other businesses was finding them capital. Even in bull economies - accessing capital for new or growing business is a very hard and time consuming task. Thus, through my reaearch in helping my clients - I learn a tremendous amount about my market, my potential customers and the differnet products and services that was out there.

Before starting my business - I did do an informal buisness and marketing plan - cutting out some of the fluff that goes into traditioan plans and focused on the core issues.

krmwebdesign
01-21-2010, 10:32 AM
I'm starting an online business network to help small businesses and I was thinking of adding marketing research tools as part of it. I'm just wondering does anyone think this could be a good idea? Is it something you could use? It may be a way of putting the idea in front of businesses helping them to succeed. The site is free to use so businesses wouldn't be paying for any of this.

I know online surveys is a big part of market research but I will be thinking of other ideas. Does anyone know what other market research tools that are used?

I know of other entrepreneurs that built a market research social network and they're sitting in piles of cash. I may try this also.

The ironic thing is I didn't do any market research lol. I've redeveloped the site a couple of times but think I have a good it now.