Market Research
Q: Why do I need to do market research?
Understanding how your market works is one of the most important pieces of knowledge you can gain before starting your business. Market Research will help you to understand the market and show other people what you know about it. In doing your market research you will find out how many potential customers there are, how much people are willing to spend, where your customers are located and who your customers are. You should also find out who and where your competitors are and if there are any gaps in the market. Without evidence of market research being carried out you will not be eligible for any grant support.
Q: How can I do my market research?
There are two types of market research, primary and secondary. The most popular form of primary research is conducting a questionnaire. Questionnaires can be completed face to face over the telephone by direct mail and even email. You should aim to gain a minimum 100 replies to get a good indication of the market. Secondary research can prove cheaper and takes less time, however it will not be specific to your situation and there is often too much information available. You should try to use market reports and statistical information to find out past trends in the market.
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