Researching A Business Idea – How It Really Works

Researching A Business Idea – How It Really Works

Picture of Daven Michaels

Daven Michaels

New York Times Bestselling Author, 30-year business veteran, and Executive Chairman of CurrentC Group.

The need to thoroughly plan and research your business ideas as an entrepreneur is very essential. You should not invest a dime in a business idea (no matter how good it appears) without first researching its practicality. You need to evaluate your idea’s potential through profound market research and planning.

Some of the sources to gather information when embarking on your research include the web, industry associations, relevant government agencies, and periodicals. Focus on gaining some insight on who will benefit from your product or service. You should feature samples of your potential customer populations in the course of your research.

Here are major considerations when researching your business ideas

  • As it pertains to the business idea you have in mind, you will be relating to three distinct customers. They are people who make the actual purchases, the influencers who influence the decision to buy, and those who interact with your brand directly, known as the end-users.
  • You should also consider your competitors when you brainstorm and research your business ideas. Just like the case of customers, the competitor exists in three different categories – primary, secondary, and tertiary competitors. So, depending on the volume or frequency of your business competition with theirs, you must learn how to tailor your marketing message.
  • There’s also another major consideration – groups, individuals or organizations interested in your success but may not gain any direct benefit from your business’s success. These are known as collaborators. Typical examples include the media and others who make your brand known to consumers.
  • SWOT analysis is yet another essential area of research when starting a business. In essence, find out the strength of the industry you are venturing into, as well as the strength or weakness of the product or service you wish to offer. Also, do not overlook potential threats that may arise from sudden change in the economy – just like the case of covid-19 and its impact on the economy. Other elements include culture, politics, foreign exchange rates and so on. All these will help you know the strength (or otherwise) of your product in surviving the present economic environment.

Just ensure you set research objectives so that you can adopt a suitable approach to assess your ideas. Subsequently, you will get to learn whether or not your business idea has the chance of survival or not. Don’t forget to leverage expert help when it is needed. For instance, you may choose to outsource business research to an expert.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams

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