Once you have completed your marketing study, you can use it as the starting point for developing one of the most important foundations of any business - the business plan.

The first thing you need to do when thinking about starting a new business is to determine whether you can make a success of it. This means asking tough questions about the potential demand for your products, how much you can charge and whether payback will be sufficient to make it worth your while. This information is provided by a marketing plan.

Business Market Research Assistance

Solid and accurate market research is the key to any successful business startup. Do not underestimate the importance of this part of a business plan. Once you’ve finished your market research, you can use it as the starting point for developing one of the fundamental components of any business startup - the business plan.

The first step is to ask yourself some serious questions: is there sufficient demand for your products or services? What are your prices or fees going to be? Will they be sufficient for you to cover business expenses and turn a profit for yourself? This information is provided by a marketing plan.

Market research studies are as different as the businesses they are made for, but most attempt to answer some fundamental questions:

• Is there a realistic market for my services or products?
• Who and where will my customers be?
• How many units can I sell?
• How much can I charge?
• Who is my competition and do I have any competitive advantages?
• Who will my suppliers be and how much will they charge?
• What credit terms are they likely to offer?
• Do I have ready access to my market and what is the cost associated with that?
• Will my business generate sufficient profit to justify the sacrifices which I’ll have to make?

Armed with answers to these questions and a properly laid out marketing plan, you will be in a much better position to determine the viability of your idea.

Getting the information for such a plan is often quite easy. For instance, one possible technique is to interview potential customers or those already in the industry. Trade and industry associations can also be helpful since they possess in-depth information about their industries.

Numerous databases and publications can help you assess the potential of industries and markets. (A visit to your local CBDC office in NS, NL, NB or PEI is a good first step in getting this information).

Business plans are dynamic and should be responsive, they are only helpful if they change as your business changes. Don’t just prepare a marketing plan and file it away in your desk. Revisit your market research and marketing plan from time to time to ensure you adjust your business to new developments and make the changes required to remain successful. Your marketing plan should guide and support your business efforts on an ongoing basis.