Michael Lodge – listen to my PodCast You can also listen to me on IHeart Radio.
This is brought to you by Lodge & Co. – a business and tax advisory service for small business and start-ups. Visit our web site at www.lodge-co.com and learn more about us and what we can do for you.
Over the next few days you and I are going to talk about starting a business. What is the process we need to go through and questions we need to ask, and the planning that needs to be done. We will go through the step by step process.
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:
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:
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: