The Research Process in Starting a Business

From years of experience working in the private and public sectors, I have observed people needing assistance with a whole slew of help in the of area business research. Many are new with the Idea of starting a business and have no idea of how to go about promoting it or the research process in relations to a business plan? The issues; of research and all that is involved with research is so broad that quite honestly it is difficult to discuss only in this writing as it could go on and on. From my perspective research is an evolving phenomenon.

Before we talk about research, the question of, “what is it that one is going to research”, needs to be answered. Now, I know that sounds awfully basic, but it is not. Believe it or not, there are some that attempt to embark upon a research venture without knowing what line of business they so aspire. One has to have a very clear idea, need, devotion and love for the business enterprise they so desire. Typically, identifying the clarity of one’s desire stems from an observation of an identified need; in other words an identified problem! From the need and the problem solving issues, comes ones interest of pursuing a particular business venture. However, don’t be so sure, the fact that it appears to be a problem or need might not be a reality and there could be a ton of people involved with solving that particular problem or in that same business. If so, that’s fine, but, at least you will know who else is involved or what you’re up against.

Now that you have identified you’re interest, role or niche; I like to study what others or my competitors have done. Therefore I would research as much as possible what others have done in your area of interest. I would research those whom have been successful and those whom have been challenged or failed. The purpose for this activity is to quickly assess what is working and what has not worked, it will provide for you quickly the do’s and don’ts before you even get started; in essences you are conducting an investigation.

Once one has gathered the data necessary to move on beyond the preliminary inquiry, next is the process of conducting a secondary level of research. The secondary level of research activity will entail of what I call “raw data research”. Raw data research, is where one obtains interest based data on specific historical topics, such as: events, dates, places and issues relevant to projections. With the first and second level of research one at this point is prepared to form a basic assessment of direction.

The third level of research will include people inquiry procedures which involves obtaining direct feedback from people who have done this work before, seeking from them what has work, what has not worked and don’t be surprise there are out there people who would actually be available to help you; sometimes it might benefit them. Also, be prepared to offer them something if they collaboration with you what you are doing in essence is developing a relationship with them.

The fourth level is to design a document that will provide you with an organized manual of information that will serve as your guide which will include: contacts, relevant online links, historical data on your niche and specified information that only you know is there.