How to Know the Value of Your Business

Who is your target market? Who are you competitors? What trends will affect your business? Mark Eversfield explains why market research is an important part of your business plan.

Thinking of the business idea is often the easy part, but how do you know if you have a viable business idea. This is where market research steps in and allows you to look at your idea objectively.

For most people, however, market research does not come naturally. They feel overwhelmed by the amount of information now available at a click of a button and do not where to start.

In this video Mark uses his research background in companies such as MarCon Research, BC Stats, Western Diversification, as well as Small Business BC, to tell you where to start with your research.

He describes the main three categories of primary research as:
•    Knowing your target market age, psychographics, lifestyle and habits
•    Knowing your competitors, where they are and what they are up to
•    Knowing the trends which will affect your business and any future trends and opportunities.

Mark is the presenter of the Start Smart - Market Research seminar and provides market research advisory services at Small Business BC.

To find out more on Small Business BC’s market research advisory services and dates of the Start Smart seminar, contact us at 1-800-667-2272 or come visit us at Waterfront Station, Vancouver.