How to research your business idea the right way
In-between having your life changing epiphany and starting on the road to building your vision, there is a crucial stage that can make or break your idea, and that’s the research phase.
Every successful company that you love or that inspires you had to go through this stage. It’s one of the only ways to make sure that your idea is viable and worth all of the risks.
And while some companies got lucky and stumbled upon an idea that didn’t need research, the fact remains that all smart businessmen and women, never go into a new venture blind, so researching, and knowing how to research your idea the right way, is imperative. Here are a few pointers.
Going online is one of the most important steps you can take when researching your business idea the right way, and one that you will repeat throughout this process. Aside from simply checking whether or not your idea has happened and failed a million times, you can also start searching for business databases which will help you in many ways.
The databases are filled with crucial information that will help you to identify and evaluate your own business idea as well as its prospects. Start looking at these databases and start compiling mailing lists as well as numbers to call when the time is right.
You can also download and buy market research reports and study social media to see trends and patterns. Going online when researching your business idea is imperative.
Look at the market
Without market research, the business world would be quite similar to Las Vegas; a sea of people hedging their bets on a gut feeling. And while some business decisions involve a lot of luck and timing, it also involves a lot of painstakingly collected numbers and data, and that’s where looking at the market comes in.
You have to know whether or not there is a market for your idea or product, and the only way to do it is extensively and repeatedly. That means conducting and researching interviews, surveys, questionnaires and focus groups.
Make sure when collecting your data that you mix it up a little bit; a common mistake is to use only secondary research or only online sources, the only way to research your business idea the right way is to incorporate various methods.
Research the closest competition
When you have compiled a lot of market data, the next important step is to see what the closest competition has to offer, and this means becoming a customer.
Sign up to the mailing list, use their online functions, see how their customer service works and speak to people already using the product, doing this will give you an excellent idea of what you are up against, and how to do it even better.
Research possible collaborators
A big part of running a successful business is having a reliable and willing business partner, and having your eyes on a possible business relationship before you set out to build your new idea is an excellent position to be in.
Look at prospective partners and what they have done in the past to see if they are the right fit for you, and before you know it you could have a business partner ready to take you to the next level before you have even begun.
Starting a new business venture can be quite the task to pull off but if you know what to do in the early stages, it will only help you in the latter stages. If you follow the tips above you will have a clear and concise vision and of where to take your business and how to take it there.
Monique Craig is a blogger and an employee at Oneflare, a reliable online marketplace connecting Australians with local businesses. In her free time, Monique enjoys reading self-improvement books and learning more about new technologies and strategies that allow businesses to grow and expand.