Many businesses will require some outside research to estimate the demand for products/services. This is especially true if you do not have extensive experience in your new venture. Start by listing the questions you need to research (see marketing section on BDQ). Listed below are some ideas for where to find answers to your questions.
Secondary Data:
Ø Internet
Ø Public libraries (see your reference librarian for the sources that will best fit your needs).
Ø Prospecting lists/directories.
Ø Market studies, industry information.
Ø Computer assisted periodical searches.
Ø Competitor, supplier information.
Ø Economic forecasts.
Ø Trade associations – trade journals and trade shows.
Ø SBDC, SCORE, colleges and universities.
Primary Data:
· Your experience, people you know in the industry.
· Survey prospects to determine what they want.
· Observe and interview similar businesses (especially outside your trade area).
· Suppliers, vendors, and bankers.
· Employ students or interns to conduct surveys.
