Market Survey
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Market Survey

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This topic contains 5 replies, has 4 voices, and was last updated by Avatar of Anthony Anthony 4 years, 3 months ago.

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  • #6768
    Avatar of Robert
    flyboybob
    Member

    Over 50% of new businesses fail in the first couple of years. Did their owners really do a good market survey to discover the true potential customers before choosing a business model or a location? What’s the best way to conduct good market research to reduce the possibilities of failure?

    #7253
    Avatar of Anthony
    Anthony
    Moderator

    The best ways to do these things will always be costly, but well worth it for most entrepreneurs. Good market research firms likely already have most of the information you want, you just need to pay them to share it. You can do your own research, but unless you have some training in the field, you are probably not doing yourself any favours. Shop around and get a few estimates, then select a reputable firm with what you consider to be a fair price.

    #8000
    Avatar of Jason
    jason
    Member

    Market survey is the basic necessary of business. With the help of it, a person now about the market trend and know which kind of business is successful in market. So that it give a great help in starting a new business otherwise it will get fail within few years or may be in few months. 

    #8058
    Avatar of Jason
    jason
    Member

    Market survey is the basic necessary of business. With the help of it, a person now about the market trend and know which kind of business is successful in market. So that it give a great help in starting a new business otherwise it will get fail within few years or may be in few months.

    #8264
    Avatar of Girish
    g-k-chetty
    Member

    How to get the initial funds to start a business. In case a partial start up can be a solution with scaling up as the funds are available can also be a good Idea. What to look for when having a such an approach.

    #8333
    Avatar of Anthony
    Anthony
    Moderator

    What g-k-chetty suggests is correct. One option is to simply scale your start-up operations to the resources that you, personally have at hand. There are a few other main options, loans from arm’s-length third parties (people and companies whose only involvement with your business is repayment of the loans with interest), investors (people and companies who will expect to share in the company’s success in return for their investment), and direct partners (people who will help you run the business). In all three of these scenarios, it is very likely that you will need to demonstrate the viability of your business model and your competence to carry it out.With g-k-chetty’s suggestion, starting out small and growing as more capital becomes available from profits, you don’t have to convince anyone but yourself. One of the tricks of this is that your desired business activity may not be appropriate for the amount of initial capital that you have. For instance, if your goal is to operate a restaurant, but you only have $3000 for start-up, it is probably not going to work.  As with all business start-ups, the most important thing is planning. Have a general outline for how you want things to go, making an effort to be realistic with your expectations. As things progress, be adaptable. If things go well, you can escalate your operation. If things are a bit slow, you can make the appropriate adjustments.

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