BuBu Business Directory: Understand Your Market

Sunday, March 5, 2017

Understand Your Market

To run a successful business, you need to learn about your customers, your competitors and your industry. Market research is the process of analyzing data to help you understand which products and services are in demand, and how to be competitive. Market research can also provide valuable insight to help you:

Reduce business risks
Spot current and upcoming problems in your industry
Identify sales opportunities

How to Conduct Market Research

Before you start your business, understand the basics of market research by following these steps:

Identify Official Government Sources of Market and Industry Data

The government offers a wealth of data and information about businesses, industries and economic conditions that can aid in conducting market research. These sources provide valuable information about your customers and competitors:

Economic Indicators
Employment Statistics
Income and Earnings

Identify Additional Sources of Analysis

Trade groups, business magazines, academic institutions and other third parties gather and analyze research data about business trends. Use Internet and database searches to find information related to your location and industry.

Understand the International Marketplace

Today’s economy is a globalized marketplace, so it’s important to understand the international factors that influence your business. These resources will help you to research potential international markets for your products or services:
Market Research Guide for Exporters
Identifies resources for business owners seeking to sell their products abroad.
Country Market Research
Reports on trade issues in countries across the globe.
BuyUSA.gov
Helps U.S. companies find new international business partners.

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Need a Business Idea? Here are 5

BICYCLE REPAIRt - In many parts of the country, this business tends to be seasonal, but you can find ways around that. Rent a storage unit and offer to store people's bicycles over the winter after you do a tune-up and any needed repairs on them. If you want to cater to the Lance Armstrong wannabes, you can have business all year round. These road race riders are training through snow, sleet and dark of night. Some of them work on their own bicycles, but many of them don't, so you can get their business all year. And if you keep Saturday shop hours, you can be sure you will have a group of enthusiasts coming by to talk all things cycling.
BOAT CLEANING - Boats that are hauled out of the water for the winter or even just for mid-season repairs will need the hull cleaned. And depending on the type of boat, it is a good time to give a major cleaning everything else too--the decks, the sleeping quarters, the head, and the holds. Start by approaching homes that have a boat sitting in the yard. Or you could market your services to the marina to contract you to do the boat cleaning it offers to customers.
BUSINESS PLAN SERVICE - Offer a soup-to-nuts business plan, including market research, the business plan narrative and the financial statements. Plan your fee around the main one that the client will want and offer the others as add-on services. You can give clients an electronic file and allow them to take it from there, or you can keep the business plan on file and offer the service of tweaking it whenever necessary. Have business plan samples to show clients--and make sure to include your own!
CHIMNEY SWEEP - Learning to be a chimney sweep may mean nothing more than apprenticing with someone already in the business. By becoming a chimney expert, you can combine a chimney sweep business with a chimney inspection service--covering more than just whether or not the chimney needs cleaning but whether the chimney is in good working order or in need of repair.
CLEANING SERVICE - There are many directions you can take this business. If you want to work during hours when no one else does, you can focus on office clients. You can focus on retail businesses and keep your customers clumped into one or two blocks. Restaurants are in great need of daily thorough cleaning and can be a great source of steady clients. Perhaps you would be more interested in house cleaning. Many times with cleaning services you don't have to spend lots of money on advertising or marketing because your customers will come by word of mouth.