Why Market Research is Important for Every Business

Most business owners run their idea for their businesses by their dearest and nearest, gauging their reaction as well as obtaining what they believe to be useful information. While it can produce objections and ideas that is yet to be explored, it’s still very important to remember who these ideas are coming from as they can be biased. This is the reason why every entrepreneur should go through a deep market research to gain highly informative and reliable information for their business.


You may already have clearly put everything in your head – the plan, the concept, the brand as well as the launch of your new company. However, while you became convinced that your company will undoubtedly become successful, it is still important that you carry out a timely and thorough market research.

Conducting a reliable market research before you start your new business can actually help you in wide areas of your business – it’ll help you identify your potential target market, what your competition is up to, what obstacles you are most likely going to deal with, what certain ideas hasn’t and has worked in the past, as well as what regulations and rules your new business is going to comply.

Furthermore, you should remember that starting a business doesn’t only include a single simple activity. A lot of seasoned and successful business enthusiasts continue to view it as something that has to be done in a regular manner in order to be able to maintain their vital edge among their competitors. In this article, you will learn how effective market research is to your business as well as how it could give your start-up business a significant boost.

What Does Quality Market Research Help Your Business Achieve?

  1. It Identifies Your Potential Target Market

Doing a good market research can help you determine who your potential customers are as well as their common buying habits. Some examples are whether they are female or male, their marital status, their age bracket, their financial situation, their social demographic, and many more. Establishing reliable buyer profiles is very critical to determining who your offered service or product will appeal to as well as how you should take actions regarding with targeting your potential target market.

  1. It Enables You to Evaluate the Preferences of Your Customers

Getting a glimpse into the preferences and important choices of your customers, as well as understanding their personal reasons for preferring one brand or product to another can actually give you valuable insights into the marketing strategies that you’ll  need to formulate in order to successfully market the products and services that your business offer. Knowing what your target market read, which certain websites they often browse, as well as what they usually do during their spare time are all important pieces of helpful information that can influence the plans and decisions you make for your business.

  1. It Allows You to Set Clear and Reachable Goals

The data collected from the market research you have carried out will all help you in setting realistic time frames and targets for sales, growth, as well as for the introduction of new ideas to your business. There is like no point at all in planning for 50 percent growth each year if the market research you have carried out is telling you that the size of your market is eventually going to get 50 percent smaller over the same exact period of time.

  1. It Can Mean You Will Take Informed Decisions

Taking calculate risks, developing strategies, making marketing decisions regarding with pricing, choosing distribution partners, selecting social media channels – almost everything basing on how basically aware you are regarding with the current trends in your industry as well as the preferences of your customers – and a thorough market research can help you build that certain awareness.

  1. It Can Help You Identify New Business Ideas and Opportunities

Analyzing market trends such as educational levels, demographic shifts, the prevailing consumer habits as well as economic climate can provide you with valuable insights into what the market currently needs, allowing you to predict and leverage new business opportunities in the most appropriate manner. No matter how great your idea is, without market research, it is unlikely that you have figured out of everything. But with the help of market research, you will be backed up with necessary information needed to help you provide a powerful and accurate statement or presentation to those people who want to invest in your business.



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Start-Up Business 101: Important Do’s and Don’ts to Consider

Lots of different issues should be considered when you start a small business. It’s very important to plan everything properly to avoid common pitfalls that every small business owner usually encounters. As you decide whether you should start running a business or not, we have gathered a list of do’s and don’ts aspiring business enthusiasts should know well when starting a small business.

Start-Up Business


  • Consider reward versus risk. Business ownership is basically a balance between the risk of failure and reward of success. Each business owner must consider how much the tolerable risk is in order to define success.
  • Take time to write a great business plan. Creating an effective business plan is very important, which is why it should be skipped or neglected, and even rushed through it. Certainly the time you will spend in planning before you start your business will eventually pay off if you are just following it correctly.
  • Understand that operating and starting a small business can be very stressful and extremely time consuming. It is important to consider that when you start to build your business, you should invest your time and sincerity on it in order for it to be stable in the long run.
  • Keep in mind that a startup small business can be too demanding especially on the financial resources that you personally have. If you’re having any issue making ends meet personally, building a new business will more likely make your situation even worse. Bear in mind that as a new business owner, you are the last individual to get paid and usually doesn’t get paid.
  • Pay your taxes. Federal and state tax agencies assess really big penalties for payments that are made late and can seize assets, file liens, or even close your business if certain taxes, regardless of the amount, are not settled. As a new business owner, you should always be knowledgeable regarding with your responsibilities in your business taxes.
  • Understand fully the regulations of the government that might affect your business (DHHS, FDA, EPA, OSHA, etc.) and the significant costs usually come with complying with the regulations and rules imposed by the government.
  • Have a clearly defined market. Understanding your target customers completely will help you determine the demand for the service or product offer as well as enable you to create a more effective marketing strategy for a successful business.
  • Be prepared to utilize your own money in starting your business. Many businesses are built using the money personal savings of business owners, or sometimes with the help of their friends or family members. You should always remember that lenders are not often willing to lend you big amount of money that you need to build your new business.
  • Determine whether your idea for your business is feasible or not before you start your business. Creating a business plan that includes financial projection is extremely important in determining whether your business idea is feasible or not.
  • Consider working with professionals like bookkeeping service, accountant, and or lawyer when you start your business as part of the process of starting up your business, and the cost for each service might be included in your financial projection as well. Most business enthusiasts who tend to avoid the professional services’ expense make big mistakes that can cost them both money and time in the long run.
  • Determine the kinds of records you’ll have in order to keep for the purpose of filing taxes and for management control right before you start building your new business.
  • Have the bookkeeping system of your business in place before you launch your new business. You can also work with your personal accountant as he or she can help you establish that bookkeeping system.


  • Don’t expect financing process to go quickly. In fact, you should allow more time to obtain financing.
  • Never underestimate the expenses of operating and even starting a new business. It’s recommended that you obtain actual price quotes before you start your business – don’t just assume.
  • Do not forget to allocate enough working capital as you start your new business. Make sure to have established funding system for all your operating overhead expenses.
  • Never underestimate how long it will take for your business to be up and running. This is true if specialized equipment should be order or if construction period is involved.
  • Don’t underestimate your competitors. Most startup businesses define their competition too narrowly and they do not completely understand the number of business, which are competing for their target market.



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