Boss Lady

How to use market research to grow your business

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Compared to the 20th century,the modern market has changed significantly. Each day we become more and more global. A lot of online and offline businesses open. And if we look back to the past, we will see that business was completely controlled by men, and women had to work hard and prove their ability to do business instead of being a housewife. Chanel, Mary Kay and other famous brands were founded by women who managed to walk the hard path to prove that they can create world-famous companies. And now, even while staying at home and taking care of children, we can still create our business empire and become more successful than men.

In recent years women have succeeded in all business areas. And a lot of well-known huge companies were founded or co-founded by a female. Have you ever heard of popular photo-sharing website Flickr or a famous presentation-sharing platformSlideshare? I’m sure you have. But have you ever thought who founded these useful resources? I bet you haven’t. So, you will probably be surprised when I tell you that both Flickr and SlideShare were founded by a woman.  Thus, we can make a conclusion that it doesn’t really matter if you want to become a successful designer, engineer or even find a huge company; you will be able to do so, as long as you are ready to work hard to reach it.

So what do you need to do to build your business empire?

1. Idea. Of course, any business starts with an idea. Think aboutthe kind of product you can create or service you can provide.

2. Market research. When you have an idea, you need to find out if your idea has a future. What is meant here is you have to be sure that you will be able to compete on the market so that your business will bring you a profit. If you don’t have the time to do your own research, get in touch with a company like Circle Research.

3. Find a team. It depends on the type of business you are planning to launch. For example, a translation agency or copywriting agency can be launched by one person and go huge, while a software development company needs at least two and several sub-contractors.

4. Find a place. A home business won’t need it, but if you need personal contact with your staff, you will probably need an area for work.

5. Find money. If you don’t have your own funds, you will need to search for investment. In this case, project platforms such asKickstarter or seed investment platforms are the best fit. No one will give you a lot of money if they don’t know you. On these platforms, you will get some help for your business. But they only work if you have an innovative idea. Of course, to find the money you need to have a business plan.

There are a lot more things to do if you want to launch your own business, but this depends on the kind of business you would like to have. So, in order to understand what you really need, you must focus on the market research and then go further.

How to conduct initial market research?

My friend Allison, who foundedAustralianwritings, has created her own approach for the market research. This method can be applied to any business, but she was mainly focused on the internet sphere:

1. You have identified your product or service, but you don’t know your competitors.

Try to find companies which provide the same services that you do. If you are planning to open a local business: walk the streets, visit competitors, and see what they do. If you are planning to open an online business,research more about it on the internet. There are a plenty of different tools which can show you who your competitors are.

2. Research your competitors.

Find out their pros and cons. Identify the difference between their products or services and yours. Answer the question: how can you be better?

3. Research your target audience.

Who are they? Why can they choose your service? Create a buyer persona card, and think how he or she is making a decision. Start small; pick one age group, research these people. What arethey doing, what gadgets do they have, why do they need to buy from you, what are their issues? There are a lot of questions to answer. A detailed guide can be found onHubspot. By the way, they have a great inbound marketing course for private entrepreneurs which is completely free.

4. Research ways to attract your target audience.

Are they effective? What are the pros and cons of these methods? Try to understand inbound marketing, which includes content marketing, SEO, and SMM. Online techniques always should be used for the business even if it is offline. Think of how much you can spend on advertisements.

These four points will help you decide if your business has a future. How much time and effort you will need to gain a profit, and of course beat your competitors.

Initial market research is an important part of creating a profitable and fruitful business. Of course, it is hard to get all the information you need to understand a market, but as we see, there are numerous women who became world-known and found their niche. So, don’t wait for long, if you do have an idea, start researching, and maybe you will locate the niche which in future will beat Microsoft, Apple or even Google.

About Jessica Freeman

Jessica Freeman is a professional journalist and a devoted freelance writer at Australian Writings. She enjoys writing, traveling, and learning new things. Read about college life and find great writing tips on her blog for students. Meet her on Facebook and Twitter.

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