So you’re ready to start a business?
In every entrepreneur’s life, there comes that moment when they have thought of the great idea, they know they can get the funding, and they are ready to go, but they are just unsure of exactly how to proceed; that’s where the Market Study comes into play. A Market Study, also referred to as a Market Research Study is an objective collection and analysis of information that covers your competition, location, target markets, and industry factors that could affect the success – or failure – of your endeavor.
If you were a restaurateur, for example, and you were looking for what kind of restaurant to open, what kinds of ingredients to use, and what kinds of patrons to target, a market research study would answer all of those questions, and more. With a well done market study, this restaurateur would easily have access to understanding what major void in the industry he could fill, what demand trends will have an impact on his offer, who his potential client base could be, where to open shop in order to best target them, and how to differentiate himself from the competition.
This information helps business owners, investors and entrepreneurs establish more secure businesses by reducing their risk through knowledge. They are also better to create better targeted campaigns that will increase customer base, and are armed with a better understanding of their market, allowing them to find opportunities others would otherwise miss.
At Joorney, we use reputable reporting sources such as IBISWorld, Statista and the Better Business Bureau, in conjunction with surveys of local businesses in your same industry and proposed location, to create a complete, thorough analysis of the market you are looking to enter.