Business Market Research Continued: How Do You Undertake Business Market Research? How To Do It on a Tight Budget?

2. Define your objectives, that is, what questions do you need the marketplace to answer for you? Look at the questions above…about the product, about your competition, about pricing, about everything. Add, delete, modify as you see fit. In defining your marketing research objectives, you really need answers to the questions you ask. Will you have enough customers for your business? Will they pay you what you need to ask? This is critical information.

3. Set a budget and a time frame to achieve your objectives of the business marketing research. If you cannot afford a market research firm, figure out how you will accomplish your business market research on your own and what your budget will be. Definitely set a deadline. The only thing worse than not doing business market research is to analyzed a market to death—analysis paralysis! If you cannot afford a professional market researcher and feel overwhelmed doing it yourself, hit the books at your local library. Contact a local college to see if there are any courses on the subject. Perhaps there is a course you could take. Perhaps the professor of that course might be interested in using your concept as a semester project for his or her class…not a bad idea to suggest. You can also contact a local office of SCORE, Counselors to America's Small Business.

4. Select the type of business market research you will do, primarily research, secondary research or both. Once again, if you cannot afford to hire a professional market researcher, hiring the person for a couple hours to suggest a direction for your research and to possibly create a questionnaire based on your business idea.

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