Market Research Firms recommend taking Time to do a smart Startup Business Plan

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Home Page > Business > Market Research Firms recommend taking Time to do a smart Startup Business Plan

Market Research Firms recommend taking Time to do a smart Startup Business Plan

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Posted: Apr 15, 2009 |Comments: 1

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Startup businesses need to realize that a successful business marketing plan is based on sound market research data rather than on a gut feeling, hunch or luck. Small businesses that realize this will have a competitive advantage. Since most entrepreneur ideas center on entrepreneur business opportunities and creating successful products, there is usually considerably less energy and time devoted to market research analysis. Well done market research data is crucial for understanding the competition. By understanding what this means on all levels: product competition, segment competition, demand competition, technology competition and future competition, entrepreneurs would be well on their way to knowing all about competition strategies and what needs to be done to effectively create one.

Where should one start?

The most important decisions a small business needs to take into consideration right off the bat when making a competitive business plan is what needs to be done and then how the business’ time, energy and money will be spent doing the tasks that need to be done. Time, energy and money are the only things that any business can spend so proper planning right at the beginning will assure the best and highest uses of these resources.

So step one is for business owners to do their market research (to determine what needs to be done). Step two is to determine how to get it done in a timely fashion and how to get it done right.

Solo entrepreneurs who have the do it yourself (DIY) mentally must realize that the need to allocate these resources applies to them as well. Consider this: It may not be in the best interest of the business to take a significant amount of time gaining expertise; whether that is in getting the necessary knowledge for doing market research or for professional web development solutions as examples. This is true especially when there is a limited budget. The cost of staying in the learning/development stage will ultimately take its toll. This will be seen when a business loses out on potential revenue that would have been gained if development had been ramped up more quickly. Not to mention: delaying will allow the competition to get a lead.

Market research to determine what business the needs are and then deciding how to allocate time, energy and money correctly is so crucial. The reality is that it is also so often ineffectively done. Ultimately it will determine whether entrepreneurship successfully launching an idea will ever even happen.

Why then do entrepreneurs fail to do these two steps? Simple and trite as it may seem, it is nevertheless true. Most entrepreneurs do not know what they do not know. They do not know how to research their market. They do not know how to create an effective business plan, based on their time, energy and money, which will get them to where they want to go. They don’t know how to get the market research data that they need to create a competitive marketing strategy. They don’t know about the best practices for a real online marketing strategy and how it will create a powerful web identity.

The following three reasons are typical ways that entrepreneurs respond when they do not know.

The first response is the hit or miss approach of just taking action. The success of this will depend on how adroit a business owner is at developing the necessary skills and making the adjustments on the fly. This approach can lead to a lot of wasted resources which will be spent because of lack of knowledge. It is not cost effective.

The second response is to learn every aspect that is needed for successfully running the business before moving ahead. This happens for example when a startup online business, for example, tries to reinvent the web development, search engine optimization (SEO), search engine marketing(SEM), social media optimization (SMO), pay per click (PPC) and customer relationship management (CRM) wheels. Reinvention is a time wasting and unwieldy task that is destines to side track the entrpreneur; sometimes indefinitely. An example of this is seen in the case of startup business owners who continue to spend time and money on endless seminars and products that promise to solve all of their problems; except they never get started. These entrepreneurs are more correctly defined as opportunity seekers rather than serious business owners.

The third response is for the entrepreneur to gain a broad education in the business planning processes that will be needed to develop the business. The business owner can determine which levels of expertise already exist and which ones need to be bolstered. This is the entrepreneur who makes an assessment of the highest and best use of time, energy and money. This entrepreneur will be asking questions such as:

- How do I get the market research analysis I need to create and keep a competitive edge?
- Are adequate web development solutions available in house? Do I need a dedicated team or should I hire a professional?
- How do I keep abreast of the rapidly evolving internet marketing landscape? How will I get the specialized skills that are needed to participate in the interactive world of Web 2.0? Measure and analyze results?
- What are best inbound marketing practices?
- How can I find the best ways to extend marketing dollars?
- Will my business be better off with an in house staff or will virtual office management be better?
- Do I need an extensive sales force or can web based CRM software automate a lot of this?
- How can I make the best hiring choices and provide the training that is needed?

Clearly, the questions that must be addressed by a startup business as well as an established one are considerable. This is why the third response is the only one that makes sense.

A successful business owner will wisely decide not to do it all since this is not the highest use of time, energy or money. By keeping educated about current trends and what a successful business

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From Booklist
*Starred Review* Unbelievably, over 10,000 business books are published each year, creating a dizzying array of choices for the budding entrepreneur or executive manager seeking solutions. In some circles, the genre may have a reputation for being dull, but the best written have much to offer to a wider audience. A great business book can encompass inspirational writing, biography, engaging narratives, even mystery and suspense. Covert and Sattersten operate 800-CEO-RE (more…)

Recommended Reading

• locate
• Opening a Restaurant or Other Food Business Starter Kit: How to Prepare a Restaurant Business Plan & Feasibility Study: With Companion CD-ROM
• Family Business
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• UK/DK The Business: ‘Blind Justice’
• The Business
• Paramore – Misery Business (Live Acoustic)
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• Belgium… beyond expectations – business film
• John Stossel Fox Business 01-07-10 Atlas Shrugged 1 of 6
• GOOD: Business of Death