What Professional Business Plan Writers Want You to Know About Market Research

 

A good business plan starts with a solid foundation.  Professional Business Plan Writers will tell you exactly what should make up that foundation.  Among other things, that includes thorough market research.  The one thing professionals know is that this research can make or break your business plan.  Whether they get your business plan writing business or not, there is a few things they want you to know.

Market research informs more than the market analysis section of the business plan – Common knowledge tends to associate market research with the market and industry analysis section of the business plan.  While this is true, it’s not the only section that market research will inform.  Throughout your plan you should support decisions and points with relevant research.

This is perhaps most evident in the financials.  Everything from the price you charge for your product or service, to the price of rent/lease for your office, to the likely volume you can expect is informed or answer by Market Research.  Professional business plan writers understand the importance of analyzing this information and apply it throughout the plan.

Market research is not one size fits all – Each business will have its own specific questions it needs to ask.  There is also a lot of advice out there on market research.  Professional business plan writers have seen it all and know that some forms of research work better than others depending on the business.

If you consider hiring a firm to do your research, or you are currently researching how to do your own research, you need to know what you need to know.  You need to be clear on exactly what information is most important for you to know.

Market research is best done by experts – It may be clear by now that market research can be more involved than a lot of people initially realize.  Each business is different.  Each market research methodology is different.  It can be time consuming and costly, especially if you don’t know how to begin or set things up or ask the right questions from the beginning.

All these reasons and more are why professional Business Plan Writers recommend market research be done by a professional.  It is simply too important for the entire business plan and the success of your business in general to be done wrong or not be done at all.

Professional market researchers will be able to guide you through the process.  They will start at the beginning by understanding your current business.  Then, they will help identify the most important question you should be asking.  Next, they will devise a custom-tailored approach to the research.  Once the research is complete, they will compile the research, analyze it, and provide you with a meaningful market research report.

This is the best way to approach Market Research but, not every “professional” will approach it the same way.  Make sure they are including all the steps above.  If not, make sure you know how to cover what they don’t or considering hiring someone who will own the full process and dive deep into the insights you need.