Interpersonal business research is just as important as the more ‘boring’ book research, but both are required when planning a business. Read on for some sources.
There is nothing like getting first hand information when researching a business. Whether from someone who has run a similar business, or placing oneself into the line of fire, all are incredibly important in order to achieve business success. Therefore, all of the following business research sources are interpersonal and offer real-time feedback, as opposed to second hand business research, which offers more bang for its buck, but as a tendency to be tedious and tiresome in comparison.
So without further ado, some excellent methods of business research to assist with the business planning process:
Hold A Management Position In The Business Field Being Researched
A lower level position might do, but there is nothing like learning first hand how a business works from the inside out, and from the top down. Most banks reviewing a business plan will look to see if the entrepreneur starting the business in question has this type of first hand business research experience.
Speak To Industry Experts
Source them out through the books they’ve written or speaking engagements they’ve undertaken. Just make sure to have a list of questions prepared beforehand, so as not to waste a moment of their time.
Attend Business Trade Shows To Learn How To
A one-stop first hand business research hot bed, trade shows are the only not-to-be-missed item on this list. Virtually every business sector has a trade show associated with it, housing suppliers, businesses, clients and consultants all under one roof.
Contact Business Associations, Those Who finance Businesses In The Field, Or Consultants
These types of folks and organizations have direct linkages to industry contacts, and can offer invaluable insights.
Use The Free Business Research Resources Available
The SBA (Small Business Administration) is the federal US-based program that supports small business owners, whereas SCORE (Service Corps of Retired Executives) offers assistance in the form of mentorship, consulting and education via former entrepreneurs who know what they are doing, and SBIs (Small Business Institutes) is basically a clearinghouse of post-secondary business resources that allow faculty and students to assist entrepreneurs with thing such as business research.
Speak With Local Business And Post Secondary Educators
Many of those who teach entrepreneurs know where to find the resources entrepreneurs need, as well as the networking connections required, to conduct first hand business research.
Touch Base With The Local Chamber of Commerce
Even if the business doesn’t exist yet, the Chamber of Commerce assists business owners and entrepreneurs-to-be with business research and decision making processes. If the Chamber doesn’t know where to find a specific business resource, its unlikely it exists.