Researching a Market for Business Start Ups - An Introduction to
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Contents
Market research is essential to help you find out if there is enough demand to start up and establish your new business successfully in its first year and beyond. Many new businesses fail to carry out basic (and in some cases, any) market research before they start, increasing the likelihood of early failure.
You can also use market research to test a new business idea, measure customer satisfaction levels, plan product launches, analyse competitor activity and help you develop a marketing plan. Whatever its exact purpose, thorough market research will help you confirm or refine your assumptions about your market and business proposition.
This factsheet outlines the kinds of questions your market research should address and describes the main ways of carrying it out. It includes some popular and useful sources of market information - more detail about these can be found in BIF 47, A Guide to Sources of Market and Business Information. It also includes hints and tips and sources of further information.
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