Researching a Business Idea

Researching business idea is significant if you are planning to start a business. The business idea will help you determine if it is viable to start the business you intend to do and if it can attract potential investors.

Thus, you should follow techniques on researching business ideas.

Market Research

Business idea works well in obtaining the idea and its possibilities. The first thing to do is to conduct simple market research. This will help you obtain data regarding the performance of the market, the market trends as well as the statistics of the customers. Make sure that the information is updated. This is because outdated information would provide statistics that are dramatically different from the current data. Obviously, there is a plethora of information available but it would require lots of time doing the market research about the business you intend to start.

Moreover, you can start the market research from trade associations. All you have to do is to get publication of the association that will lead you to the proper direction of the information. Another venue that you can choose is the web. You might be surprised about the information you might obtain from the web. On the other hand, you can also choose to do research from commercial publishers. There are lots of companies where you can obtain extensive and detailed information. Lastly, you can conduct research from some trade publications.

Cold Calling

Another technique of researching business idea is through cold calling. It allows faster output as compared to conducting direct interviews. In this way, you can obtain large amount of data in just a short time. In like manner, this technique can help in obtaining quantitative statistics about your customers. When making a call give assurance to the person that you are not selling anything and ask permission if they should answer few questions. As much as possible, you should make the calls short so that the person on the other line will not be bothered. Nevertheless, cold calling shows low rate of success that is why you should be persistent.

Conducting Surveys

Researching for business idea requires conducting surveys in the right time and in the right place. This means that you should target the appropriate market to conduct surveys. In completing the survey you should offer incentives. On the other hand, you should not be disappointed when you receive disapproval instead you should persevere.

Apparently, business ideas are available in any forms yet you should analyze them very well before making the decision. In this way, you can increase the chances of success. Keep in mind that in researching idea you should first understand the demographic details and market. As long as you make the right move on researching business idea it is guaranteed that you can start a business without any hassle.

27 Comments

  • shakera said on April 3, 2012
    I would like to start an assisted living program in my home for one senior. how do I get started, What is the first couple of steps I need to take...I live in Houston County, Ga, 31088
  • eswar said on July 12, 2012
    this is eswar, studying b.pharmacy final year. I want to cultivate medicinal/herbal plants after completion of my final year. So that i request u to give suggestions regarding how do i proceed , where i have to get approval ,how i have to approach for bank loan. I have 2 acres land
  • siddharth said on August 6, 2012
    Hy S!D i want to start my own business but i dont know what should i do , because i dont know which type of business start for big income, so please help me,Mumbai, Maharashtra,India- 400088 .
  • betty shalom said on August 24, 2012
    i am in Uganda East Africa i want to do commercial farming on a 100 hectare farm. i want funding from my Government but i need ideas on mechanized farming and how to maximize the yield
  • Nishant said on August 25, 2012
    Hi, I am willing to start any business in Nanded, Maharashtra, India. I am a software engineer. Please suggest any idea. My phone no is 8087099304.
  • rekha bisht said on October 12, 2012
    hello.. I want to start my business but donot know which type of business i need guidance
  • Md. Iqbal Kasim said on January 16, 2013
    Assalamu allaikum. I have good experience in starting a business relating to mayonnaise, ketchup, vinegar, hotsauce, tomato paste. The business ideas are simple and earn more. If you are really interested then I am available @ [email protected]
  • Resaobaka said on January 22, 2013
    i want to start a business, coffee shop, Maun, Botswana. Please help with business idea.
  • Anu said on February 2, 2013
    I would like to have the business idea which will have growth in future. I would like to start in Bowenpally, Hyderabad India. Can you also please let me know what would be the initial expenses to start bottled water packaging industry. Thanks and Regards, AV
  • dafal said on February 26, 2013
    hi i live in new york city, i have $3000 and want start my own business what can i do?
  • Raymond said on April 4, 2013
    Hi, I am writing a business plan for me to start a company with my wife, my problem is how do I approach the bank for funding for us to start our business, we have the ideas and have made research on what we want to do, help us with the best way to approach banks so we can get funding. From South Africa
  • Thabo said on May 10, 2013
    hey i wanna venture into a supplies business specifically non drugs one and i dont know where to start.
  • maipelo said on May 21, 2013
    i want to start money lending business in Francistown Botswana. please help me because i dont know what is wanted for me to established such business. i dont have company name. what should i do to register business name and kick start it.
  • Mpho said on June 24, 2013
    I would like to start a drug rehab in hamanskraal
  • Hopkins.Mofya said on July 31, 2013
    I and my friend are planning to open a filling station which was closed some 20 years ago, how do we start?
  • vipin tiwari said on October 17, 2013
    i want to start a business but i have no idea that how to start i need a guidance.
  • prithvi said on May 6, 2014
    I want to start Starbucks in pune, so plz tell me whats the procedure
  • vighnesh said on June 14, 2014
    I want to start distributor/wholesalers business but i have no idea how to start this business. so plz help me
  • arpit jhanwer said on July 23, 2014
    hey arpit here i would like to know what type of business to start as i am commerce graduate. with very little experience and 23 years old.
  • kanithy said on October 6, 2014
    Hai, i'm planning to start a business in Chennai, India...but not sure what to do. Would like to know some best safe Franchise.
  • manish solanki said on December 3, 2014
    sir i want to start my own business. i have an idea to start a gaming zone arcade but i am a little confuse to start this. can u please help me or u have any better idea in which i dont need extra manpower and difficulties or u can guide me on my gaming zone idea. I am waiting for your kind response.
  • mike tseleng said on April 7, 2015
    i want to start a new business
  • malla tsiane said on January 5, 2016
    I would like to start business of selling Moringa leaves as I have already planted 20 trees at home(Limpopo)but it still small. I have used it last year and it assisted me with the operation pains that was killing me. I got more information about Moringa now I want to assist other people to get rid of different disease
  • amrita ram said on January 21, 2016
    sir i want to start a retail department store of fmcgs. i have completed my graduation in bba but i do not know how to start.the following are my queries:
    1-how much space is required to start a retail store.
    2-to how identify the sources of supply.
    3-i am an indian citizen and how much loan can i get from bank or government being a girl.
    4-how to do the market research of retailers in a particular location.
    please answer the queries. thank you
  • Nikolay Pazhev said on March 17, 2016
    Hi there,I live in the UK and would like to start my own business in "meat products delivery". I have an idea where to start from, but I need some help about my business plan. I would like to promote my business in few different ways including online,leaflets and some commercials.
  • Semunesh Demetros said on September 5, 2016
    Thank you for giving this opportunity. I am female Ethiopian who wanted to change my small consultancy business to home based (small) manufacturing business. what ideas would you suggest for me?
  • kimathi said on November 29, 2016
    hello sir ...am researching on tours and travel firm please assist. me with more valuable information and ideas.....am a student pursuing architecture. in Nairobi kenya
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