While thinking about a topic for this week’s #BusinessTipTuesday, I noticed that January is National Hot Tea Month. This reminded me of some market research I did a few years ago for a client who was looking to open a tea room.
The importance of doing market research before starting a business is always very important and it can be the difference in whether your business prospers or fails.
Market research can categorized as either primary or first hand research that you conduct yourself, such as interviews or surveys, or as secondary research which is already compiled data such demographics, statistics, or information from company reports, census bureaus, magazines and newspapers.
Conducting market research can help a business owner:
- Create realistic business projections
- Understand their customers
- Identify new opportunities and/or customers
- Help identify potential problems
If you are an entrepreneur or a current small business owners would like assistance in conducting market research for your own business or idea, contact The University of Scranton Small Business Development Center at www.scrantonsbdc.com .
Keith D. Yurgosky
Business Consultant
The University of Scranton
Small Business Development Center
Artwork adapted from vecteezy.com
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