How long?

[Tiggy]

Hi All

How long would you say you spend on market research before starting your business?

How indepth did you go?

Tiggs

 

[chris1317]

I spent a couple of months researching before I took the plunge but am still doing research justnow to think of ways to improve.

I think it all depends on how much info you need, you know yourself when you have enough info to make a go of it.

Some people may take a month others may take 6. As long as you are confident going on the reasearch that you have done the I dont think it matters how long you spend (within reason).

Chris.

 

Zero

I had been working in the business for years beforehand I knew the trends.

Michael

 

[SuffolkDesigns]

The last company I started took about 2 weeks from the basic idea to to being a working company.

 

[fastfences]

I spent a couple of months researching before I took the plunge but am still doing research justnow to think of ways to improve.

I think it all depends on how much info you need, you know yourself when you have enough info to make a go of it.

Some people may take a month others may take 6. As long as you are confident going on the reasearch that you have done the I dont think it matters how long you spend (within reason).

Chris.

Hi Tiggs.
This would be the best and most concise response you could hope to receive. I agree totally!!

 

[daveashton]

Enough to know the market is there!

But on a more serious note test marking to know how you will take your idea to market is vital and often not done.

If you know the best way to generate leads & sales and what the costs are you will also find the banks are more helpful!

 

[Steve Roberts]

I suppose it depends on the level of commercial and financial risk. If you're planning to jack in a well paid job and then re-mportgage your house, then extensive research should be undertaken. On the other hand, if the potential investment / losses are minimal then you could give it a punt sooner rather than later.

 

[anyamoo]

All of these responses are spot on, in my full time life I work in marketing and one of my responsibilities is market research, I would say that if you are looking to gain investment, or as others have said plan to give up work etc.. then it is essential to have a strong understanding of the market, customer needs and industry insight, not only should this be a key section of your marketing plan within your business plan but this should be something that is undertaken on a regular basis throughout the life time of the business as it is essential to keep in tune with customer insight.

If this is a business that you are planning to start up in your spare time, then market research is still important, however balance it with everything else you have to do.

The key is that market research should help you understand how to market your business and who to, as well as whether the market is bouyant enough to embrace your offering, so however you go about it there is a definate need for it in any business model.