Research, Research, Research.. Course Content What is Research? Where are you now SWOT Types of Research Methods of research Key areas – Customer, Brand,

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Presentation transcript:

Research, Research, Research.

Course Content What is Research? Where are you now SWOT Types of Research Methods of research Key areas – Customer, Brand, Legal, Finance Bringing it all together

What is Research? Research – Definition The systematic investigation into and study of materials and sources in order to establish facts and reach new conclusions. What do you need to research?

Your Business Start your Journey?

Where are you now? Your Idea Research Start up Costs InsurancesPremisesSelling Legal Implications TaxVATMarketingAccountsPricing

Where are you now? StrengthsWeaknesses OpportunitiesThreats

Types of Research Quantifiable Research that can be counted and collated – Objective Score out of 10 How often to you use… Average footfall Qualifiable Research that looks for emotion, feelings – Subjective What do you think about this How do you feel Comments

Methods of Research Primary research Personal surveys Telephone surveys Postal surveys Internet surveys Telemarketing Questionnaires Mystery shopping Secondary research BIF’S and BOP’S Libraries Trade journals Companies house Newspapers Internet Company reports

Researching Your Customer A new drill, medium price, good quality Who would be the ideal customer?

Features and Benefits People buy People and Benefits. How does your idea benefit your customers. What are the Features and Benefits of these businesses An Accountant A Fitness Instructor A Website Developer A Dog Walker Know the features, Sell the benefits.

Market Segmentation Vertical Market Specialisation M1M2M3 P1 P2 P3 Horizontal Market Specialisation M1M2M3 P1 P2 P3 Markets Products

It is all in a name… Your image Importance of branding Congruence Executive Cars

It is all in a name…

Branding Branding makes it easy for clients to remember and engage with you. K.I.S.S. Define your purpose and vision How do you want to be perceived Your Strap Line Congruence

Legal Requirements It is your responsibility to ensure that you are compliant with the latest legislation and are covered by appropriate insurance. Ignorance is not an excuse! Public Liability Insurance Professional Indemnity Insurance Product Liability Insurance Business Continuity Insurance

Finances Cash is the lifeblood of any business so accurate finances are a critical concern if you want your business to succeed. What do you need to know? Start up costs Suppliers Survival Budget Sales forecast Cash Flow

Bringing it all Together Once you have considered and researched the business you need to bring this valuable information together in one place, your business plan. Planning will allow you to make good decisions, track progress, deal with problems and grow your business into a successful enterprise. It is your business, own it, work it and grow it.

Useful Contacts 21 things to research before starting a business Start your own business - GOV.UK How to Research Your Business Ideahttp://ow.ly/IpHYEhttp://ow.ly/IpHYE The National Enterprise Network Office for National Statistics Companies Househttp://ow.ly/IpJvshttp://ow.ly/IpJvs Good Small Business Guidehttp://ow.ly/IpK2chttp://ow.ly/IpK2c The Chartered Institute of Marketing Wentahttp://ow.ly/IpKD8http://ow.ly/IpKD8

Course Content What is Research? Where are you now SWOT Types of Research Methods of research Key areas – Customer, Brand, Legal, Finance Brining it all together

Wed 18 Feb 2015 Budgeting and Financial Planning Wed 18 March 2015 Managing your project

Any Questions?