I for one have never believed in job security, the only security that you have is the security that you create for yourself. If you have decided to venture out on your own I applaud you, but be smart about your decision. That means avoid the risk of skipping important marketing steps and this includes market research.
Don't worry, I'm not about to tell you to sink thousands of dollars into market research; unless of course you have extra funding laying around that you don't have good use for. Market research can provide you with information that you need to make sound judgement calls when it comes to your business. It can provide you with peace of mind when it comes to business decisions and guide you in the right direction that will lead you down a path that will be successful. You can do market research, even if you are on a tight budget and today I'm going to show you how to conduct market research on a tight budget.
Thanks very good advice, practical and helpful
This is very sound advice. Researching your market is essential if you are not to waste a lot of money and time chasing impossible dreams.
One other method of research I use is also worth considering; Google Adwords used as a research tool.
The problem many research methods like questionairres, focus groups and surveys suffer from is that people respond with the answers they think you want to hear or what they think they would do in a given set of circumstances. The reality is often different.
Using Adwords to split test a proposition with Advariants will demonstrate what people actually do … and the respondents don’t even realise that they are taking part in a piece of research.
Try it. It is very low cost, can give measurable results in days (sometimes hours) and can be objectively measured.
Great advice but I’d like to add one point about surveys. Surveys are great when you want to validate a decision and you have a finite set of choices. They are not so good when you’re trying to learn something you don’t know. Before conducting surveys I’d suggest starting with open-ended conversations with potential buyers. When a pattern develops, then use surveys to confirm your findings on a larger scale.
Perfect and must be adviced to those who are about to leave job or not happy to continue. I must add if you are able to take a calculative risk there is nothing like an own business.
A valuable resource to launch some quick surveys is Surveymonkey.com. You can sign up for a free account or a paid account for a reasonable fee. This way the responses go to a website – very professional and useful.