Research, Research,
Research.
Course Content
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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?
Research
Start up
Costs
Pricing
Accounts
Insurances
Your
Idea
Marketing
Premises
VAT
Selling
Tax
Legal
Implications
Where are you now?
Strengths
Weaknesses
Opportunities
Threats
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
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An Accountant
A Fitness Instructor
A Website Developer
A Dog Walker
Know the features, Sell the benefits.
Market Segmentation
Vertical Market Specialisation
M1
M2
M3
P1
Horizontal Market Specialisation
M1
M2
M3
P1
Products
P2
P3
Markets
P2
P3
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.
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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
www.hse.co.uk
www.lawsociety.org.uk
www.tradingstandards.co.uk
www.taforum.org
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?
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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
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21 things to research before starting a business
Start your own business - GOV.UK
How to Research Your Business Idea
The National Enterprise Network
Office for National Statistics
Companies House
Good Small Business Guide
The Chartered Institute of Marketing
Wenta
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Course Content
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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?