If you desire to be a successful entrepreneur with Create Australia, then market research should be part of the plan. Doing business without adequate market research is like walking blindfolded. While you can cover a distance, you are literally going to stumble on roadblocks and fall.
Even for home-based businesses, starting without proper market research is a move that can ruin your enterprise before its first birthday. Research allows you to discover the market landscape, including your potential customers and competitors. In the end, you can identify the best marketing strategies to use for your business.
What are You Researching?
While performing market research, you are looking for answers to help you generate a matching business plan. A greater part of your market research should coincide with the business plan. The following areas are important during market research:
- Analyze the Industry: this includes major players in the same business, expected growth rates, possible risks, threats, and trends.
- Understand the Competition: if you want to be a successful entrepreneur with Create Australia, you need to examine your competitors’ profiles and get to know how they perform and what you can do differently.
- Target Market: here you research about your ideal customer: where they live, what they like and dislike, their profiles, and more
- Products and Services: know your product or service. Research how you will develop, produce, and distribute it.
- Management and operations: research on how you will structure the business and its management
Online resources such as Myriam Borg “Be a Succesful Entrepreneur” can provide more insight on more areas to research. Be a succesful entrepreneur with Myriam Borg is a powerful resource equipped with adequate ideas about starting a home-based business. Visit at: create australia
Market research takes place in two main categories:
· Primary research
Primary Market Research
This is the initial level of market research. It should answer the key questions regarding the business you wish to start. Common areas to address at this level include.
· Your customers’ response to the business name
· The cost of your product or service
· Methods of delivery
· Methods of purchase
You can carry out primary research through online surveys, face-to-face interviews, phone interviews, and focus groups. Remember that you may go out of your comfort zone in order to come up with credible answers at this level. For example, to get the right answers to your questions, you need potential customers and identify their needs and expectations. Besides, primary research is a customized process that reflects the unique face of your business.
Secondary Market Research
This level of market research requires a close review and understanding of information that is already published. Reliable sources of such information include the internet, media publications, journals, and industry reports. For instance, you can be a successful entrepreneur with Create Australia, an online resource for home-based businesses. Secondary research revolves around the following areas: Market analysis, industry perspectives, competition, customer profiles, and product pricing.
In addition to saving you time and money, these tips can help you fulfill your desire to be a successful entrepreneur with Create Australia.