Ecosystem: Markets & Support
- Primary Research
- Qualitative and Quantitative Research
- Your Market
- Feedback and Support
- SWOT Analysis
This is research you do yourself as opposed to secondary research where you learn from someone else’s efforts. Keep in mind you may not have to reinvent the wheel. Check to see if someone else has conducted similar research to yours.
One great tool to begin primary research is your SWOT analysis or analyzing your Strengths, Weaknesses, Opportunities and Threats. In other words, how you stack up against the competition. You define you is in your area/specialization, how they are doing things better or worse than you and how you will compete in the market. While you are working on this, start to define your target audience as well if you have not done so already. Your GC Coach (link) can help guide you through this process.
To do this effectively you may need to leverage some free or inexpensive online tools such as Google, Quora, Reddit and others. You can also chek out the information from the U.S. Census Bureau.
Once you glean some information from your primary research you should be discovering if your business idea is strong or if you need to pivot some in order to be a competitive force.
Quantitative research involves asking potential customers about your market. Quantitative research involves things like surveys, in person interviews or social surveys on social media like Facebook or Instagram. You could even organize focus groups or personal on-on-one interviews.
Who are your customers
- Local or global?
How will customers purchase your product or service?
- What do you need to set up to allow for this? Online? Offline? Both?
- How does money transfer? Immediately? Before or after the sale/service?
- Discover industry trends.
- Sales fluctuations
Are you seasonal?
- Weathering off season times
Asking for feedback, mentoring on your business idea
- Local organizations
- Skills YOU need to develop
- Skills you need to outsource
- Subject matter expertise needs or mentorship needs
- Sign up for GC Entrepreneurship Course to work with a coach through this process.