Research Skills for Small Business

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This document provides guidance on conducting research before starting a new business. It recommends both primary and secondary research. Primary research involves networking, focus groups, and surveys to understand competitors' pricing, the number of similar businesses, and customer demographics like age, location, and preferences. Secondary research uses existing data sources like business directories, company reports, trade magazines, and online resources to research competitors and suppliers. The document stresses the importance of fully understanding potential customers through focus groups and market research to ensure the right pricing, marketing, and service are offered.

Research for business start up BOOT CAMP

Why research? Before you jump into starting any business it’s vital to have some understanding about what you are offering, who your customer is and be aware of your competitors. Good research leads to more success.

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While attracting new customers is always a major goal for any small business, it’s just as important to learn how to keep those customers. One of the best ways to do this – and in turn attract new customers so that your business continues to grow – is to get to know your customers, where they fit in their industry, and their specific needs. By knowing a customer’s business nearly as well as they do, you can take the typical customer-vendor relationship to the next level. When your customer sees that you really understand their business needs, you turn that relationship into a partnership – one that benefits both sides.

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