Market Research: Backing up Your Plan With Data

Small Business BC offers a multitude of resources to help you research and start your business.

• You can register for our Start Smart Level 3 seminar to learn how to research your business idea and navigate your way through our library resources and online databases. 
• You can book an appointment with one of our market research advisors to sit down with you in our library and help you find information specific to your industry and market.

Do Your Homework Efficiently

Always keep your notebook and pen handy. Market research is like a jigsaw puzzle; you add new pieces of information as you find them. Write down key points and keep track of your sources so when you need to reference them or update your information, you know where you found it.

Start with sources that are free. Access free sources such as your local library, government sources, industry associations, and company websites, or online databases at Small Business BC, then supplement your findings with primary research such as interviews, surveys, and focus groups.

Make friends with your librarian. Don’t rely only on the Internet; visit your local library and talk to the reference librarian. They are experienced in research and they can help you find excellent free sources of information that are not available elsewhere.

Follow related links. Make a point of checking the related links listed on relevant websites to find more pieces to your research puzzle.

Use at least three different sources. Don’t just rely on the first information you come across, especially if you found the information online. Seek out other sources to cross-reference and verify your data. Different sources also provide different perspectives and may provide new angles to explore.

Keep an open mind. Don’t approach your research with the objective of supporting pre-determined conclusions or you’ll likely miss new opportunities. For instance, if you have your mind set on a particular target market, you may miss an entirely different market niche that you could profitably cater to.

Establish contacts and build relationships. Talk to people within your industry, with your customers (existing and/or potential), and with your suppliers and distributors. Some of the best, most relevant, and accurate information will come from people who work directly in your industry or market and who know it from the inside out.