How to Start a Market Research Business
Thinking about starting a market research business? Here are 5 helpful tips to get you started.
Starting a market research business can be an exciting prospect. There’s a high demand for market research as it’s an incredibly useful tool for businesses to gain a better understanding of their customers, industry and market trends. If you think starting a market research business is the right fit for you, read on for 5 tips to help you get started.
1. Prepare yourself
Before starting a market research business, you should assess whether you have the necessary knowledge and expertise on market research.
Market research requires strong research skills to gather data and analytical skills to assess and present the data to clients. It also demands strong interpersonal and communication skills to effectively speak with clients and interview people. You should consider completing a degree in the field to equip you with these skills.
You’ll also want to back this up with market research experience. Practical experience will go a long way to develop your expertise in the field.
2. Find your niche
Instead of starting a generic practice, you should narrow down your focus and choose an area to specialise in. Pick an area that you’re passionate about.
You might do this by selecting a particular industry you want to provide services to such as the retail industry or hospitality industry. Alternatively, you might decide to select a particular research type that you want to undertake such as phone surveys or customer satisfaction surveys.
3. Develop your business plan
Great planning often leads to success. You should guide your business by developing a business plan. It should outline your business objectives, structure, clientele, sources of funding and marketing strategy. Consider applying your research skills to assess your market and any factors that might affect your journey to success such as any relevant market trends or competitors.
Think about this carefully and don’t rush the process. As your business changes, you should revisit and review your business plan regularly.
4. Register your business
- an Australian Business Number (ABN) which will be unique to your business and will assist clients and the Australian Tax Office (ATO) to identify your business.
- a business name which will also assist your clients to identify your business from others.
- for tax which will depend on a number of factors such as your business type.
5: Promote your business
In this day and age, technology will be your best friend. It’s particularly important to have a strong online presence to establish your brand and promote your business.
Setting up a website is the most common way to do this. It should highlight key information about your business such as information on the services that you offer and your contact details. Being active on social media platforms such as LinkedIn, Facebook and Instagram will also be extremely helpful. Many of your clients will likely find out about you through these platforms, especially if you pay for advertisements.
Otherwise, physical promotion can also be helpful. You might choose to advertise on traditional newspapers or even create and distribute brochures.
Whether you choose to promote your business online, physically, or both, it should always be backed up by an effective marketing strategy.
To conclude, starting a market research business can be an exciting prospect, particularly due to the increasing demand for market research services. With these tips, you should have a strong base to be able to start your journey. However, these tips are general in nature, so you should contact a company lawyer for further information or assistance.
Samuel is a Legal Tech Intern at Lawpath, working as part of the content team. He is currently in his penultimate year of a combined Bachelor of Business and Bachelor of Laws degree at the University of Technology Sydney. He is primarily interested in commercial law.