Business Plan Help

Market Research

Market research is the process of gaining information about your market. Preferably, this is specific information about your target market and the key factors that influence their buying decisions. Market research can be casual and limited in scope and, although it may not be “statistically significant” research, it can still be valuable. Read the full article here.

What is Market Research?

The mere thought of conducting market research sends many a potential entrepreneur into a tailspin. There’s a misconception that market research is the preserve of big business and too expensive or too complex for the small business owner. But BizHelp24 has an article that helps to explain what market research really is and how somebody writing a business plan can quickly conduct their own market research without breaking the bank.

Practical Market Research for the Small Business

Entrepreneurs South West are running a breakfast seminar covering Practical Market Research for the Small Business. The seminar will help you to devise and plan your own market research project and give you useful market research tips to help you conduct market research for your small business or business plan. Practical Market Research for the Small Business is being held at the Small Business Hub in Swindon on Monday March 7, starting at 7.30am.

Need Industry Facts and Figures for Your Business Plan?

Your business plan will need to include facts and figures (size of market, growth rate etc) for the industry your business will be operating in. One of the first places to look for this market information is the relevant trade association. The Trade Association Forum website provides a directory of trade associations - allowing you to quickly search for those that exist in your particular sector.

Need Market Research for Your Business Plan?

The Research Buyer’s Guide is a directory of market research providers. All firms listed are full members of The Market Research Society and therefore comply with its Code of Conduct. You can either search their list of market research companies or post your research requirements on their Bulletin Board and wait for the research companies to respond to you. You’ll need to register as a guest to use the site’s services.

Subsidised Market Research for UK Exporters

If your business plan relies on exporting and you want to conduct market research into potential export markets the Export Marketing Research Scheme (EMRS) could be for you. The scheme is administered by the British Chamber of Commerce on behalf of UK Trade & Investment and provides a subsidised market research service for UK exporters. Companies with fewer than 250 employees may be eligible for a grant of up to 50% of the cost.

Useful Market Research Article from BOLA

The Business Open Learning Archive (BOLA) website has a useful article explaining what market research is. The article will help anybody researching a business plan to understand the basics of market research, why you need to do it, what you need to do and some ideas on how to go about conducting market research before you write your business plan.

Shell Livewire: First Steps in Market Research

The Shell Livewire website's business planning section has a host of really useful advice to help you research your business plan. There are 16 sections on topics such as First Steps in Market Research, Finding Relevant Information, Survey Methods and Sales Forecasting. You need to register to use the site so if you’re not 16-30 years old, you’ll need to fib about your age.

Research and Customer Survey Factsheets

The Business Gateway website has some good basic advice on conducting market research for your business plan with a factsheet on Market Research and Customer Surveys. Business Gateway remind you that the facts you gather from customers, competitors and the marketplace will form the basis of your business plan and almost all the business decisions you make.

Market Research for Your Business Plan

If you’re looking for advice on market research, competitive analysis or customer surveys for your business plan you’ll find useful pointers on the Sales & Marketing Strategies website. The site offers some guidance on researching your market and you can contact Sales & Marketing Strategies if you need further assistance or a company to conduct market research on your behalf.