In doing business market research, if after researching the idea, it just doesn't pan out, we suggest refining or changing the idea based on how the research came out. If the idea simply has no legs, we suggest flipping the pages in your idea notebook and coming up with another grand idea and running that one through the market research firm. The money that you spend on business market research to determine whether or not your business is a "go" is a small percent of what you will spend launching the wrong business—a huge waste of money, time, effort, energy and your enthusiasm.
Doing Business Market Research Yourself
What's that? You say you have no money to bring in a business market research firm for your property monitoring business idea?
You feel it in your gut that this business idea will work, even without confirming is with business market research?
All you have to do it launch the business and you will prove it to the world?
Stop. Take a deep breath and focus on where you want to be a year or two from now. If you are reading this article, we have the suspicion that you want to be successful at whatever you do and that in the near-term, you do not want to be mired in a business that seemed like a good idea at the time but has no legs or to put it another brutal way, has too few customers willing to pay what you need them to pay.
We do not want you to look back on this moment a year or two from now and say—"What was I thinking?" The banks don't care about these houses because the whole thing is a tax write off and they could care less if entire neighborhoods declines!
If you cannot or will not afford to hire a business market research professional, can you afford to hire that consultant for several hours to help you plan a business market research study that you will do yourself?
All business market research needs a research instrument and for small businesses, we like the questionnaire.
Perhaps that business market research professional will work with you on an hourly basis to properly design that questionnaire and offer sage advice on where to, how to and in what manner conduct the survey.
In the above example of the house monitoring business, we would also assume that the person at the bank directly in charge of the local real estate would take a meeting with you where you could discuss your concept and get their feedback. The great thing about this type of market research is that you are in effect making a sales call! If you approach the banks and they want to hire you at the price you are suggesting, you may well have the elements of your new business already there.
Jump from Business Market Research to Small Business Marketing