FABC ENTREPRENEURSHIP MINISTRY MONTHLY MEETING Date:05/19/12 Time:9:00 am Facilitator: Monique Varnado, MBA Credentialed Trainer MECO Management Svcs, LLC

LOOK BEFORE YOU LEAP! Research options for you and Your Business!

re·search (verb \ri-ˈserch) -careful or diligent search; to search or investigate exhaustively -the systematic investigation into existing or new knowledge. -used to establish or confirm facts, reaffirm the results of previous work, solve new or existing problems, support theorems, or develop new theories.

A few questions you might ask yourself to Identify you need to research: 1.What should I name my business? How do I trademark it? 2.Who are my competitors? Where are they located? 3.Who are my customers? What are their spending habits and where are they located? 4.What's the latest trend in my industry? 5.Is my idea, product or service profitable? If so, how much are people willing to pay? 6.Is the location I am considering good for my business? 7.What is the COST OF DOING BUSINESS (insurance, payroll, certification, licenses, website development, marketing etc) 8.What are the laws or guidelines in regard to my business.

By using research we can gain insights into the following aspects of our business: a) Identify/locate profitable markets b) Self analysis of the organization c) Competitive analysis d) Industry Trends e) Current Business Opportunities f) Find and Utilize Business Services

How do I use research? Research needs to be an integral, ongoing part of your business' development. Crucial in the development of your business plan Assist with determining a few things about your business :  Business Concepts and Ideas  Location of your business  Forecasting Overhead Costs  Identifying Resources  Hiring Staff

TYPES OF RESEARCH Primary · This collects data that does not already exist. · Surveys, questionnaires, interviews, observation. Secondary ·This looks at existing data – books, newspapers, online, case studies, etc · It may be a summary, collation or mixture of information. RESEARCH METHODS/DESIGNS Qualitative (QUALITY) · Looks at humans behavior and the reasons behind it. · What people do and why. Research deals with descriptions, can be observed, but not measured Quantitative (QUANTITY) · Systematic empirical investigation quantitative properties. ( null hypothesis) · How many people do these things and how often. Research deals with numbers and is based on measurements

QUALITATIVE vs. QUANTITATIVE MOCHA LATTE MOCHA LATTE Qualitative data: robust aroma frothy appearance strong taste burgundy cup ex., customer satisfaction surveys, employee feedback, behavioral studies, observation analysis Quantitative data: 12 ounces of latte serving temperature 150º F. serving cup 7 inches in height cost $4.95 ex., population statistics, economic data, spending habits, cost analysis & forecasts

PRIMARY RESEARCH Business surveys, questionnaires or interviews are powerful tools for gaining the insights necessary to make better decisions. Small Businesses Owners use surveys to: Gain insights into customer demographics Get feedback on new product or service ideas Analyze and track customer service Understand how to improve products or services Survey clients on their satisfaction Get feedback on meetings, training and events

Examples of Primary-Qualitative Research: Customer Satisfaction Product/Service Feedback Business to Business Survey

-the collection and analysis of information about consumers, competitors, identifying target markets, and industry information. -Example: Small business owners use market research to determine the feasibility of a new business, test interest in new products or services, improve aspects of their businesses and develop competitive strategies. SECONDARY RESEARCH

Local Demographics: Wage & Rent Neighborhood Census Data Population Data Local Business Trends Examples of Secondary-Quantitative Research

Economic Data: Cost to Do Business in LA Workplaces & Employees Consumer Spending Patterns Salaries & Hiring Competitive Analysis Examples of Secondary-Quantitative Research

Research is the key to: Product development or Service Concepts/Ideas Developing your Business plan Making informed decisions about your business Utilizing/identifying educational tools Accessing demographic and economic data Determining potential clients and target markets Forecasts the cost of doing business Improving your infrastructure

A FEW SITES TO VISIT TO BEGIN YOUR RESEARCH… LA Office of Economic Development: CCR #: DUNS #: LA Secretary of State: LA Workforce Commission: Human Resource Guidelines: Greater N. O. Community Data Center:

New Orleans Website Directory: New Orleans CitiBusines: Stay Local Business Listing: Idea Village: SBA Office of Research & Statistics: SBA Business Plan template: Business Listing: Survey Development: A FEW SITES…cont’d