WEEK 5: DEAL WITH MONEY ISSUES
WEEK 6: OPEN YOUR DOORS!
Week 2
Main accomplishments:
#1 Learn more about your industry
#2 Research your target market
#3 Check out your competition
#4 Find suppliers
#5 Consider strategic partners
#6 Broaden or establish your network
Make appointments with:
Get the Info You Need
This week you’re going to sharpen your skills at finding critical business information—whether it be about your industry, target market, competitors, or other business information you’ll need.
Don’t be put off by the word “research.” It probably conjures up the image of term papers and school projects; this kind of research isn’t like that. Instead, this week, you’ll get shortcuts to finding reliable information to help you build your business and make decisions.
The emphasis is on finding such information fast, easily, and hopefully free (or at least pretty darn cheap).
Start with the “Learn more about your industry” section because many of the skills and sources you’ll use will be the same for other types of research (for instance, your target market or suppliers).
To begin, get out your computer; most of the information-gathering will occur online. And get ready to find the information you need to build your company!
ACCOMPLISHMENT #1:
Learn more about your industry
My Checklist:
Make a list of your research questions
Contact your industry association(s)
Do online research
Once you start looking for information, you’re likely going to find more information than you need—or not find the right information at all. A good way to speed up the process of finding information is to start by making a general statement that defines the basis of your business.
For example, if you are planning to start a company that provides online psychological therapy, your general statement might be: “There is a profitable way to provide psychological counseling via the Internet.” Next, make a list of questions that logically follow from and challenge that statement. Here are some questions you might ask about the online therapy business:
Begin your list with the “My Research Questions” worksheet on pages 50–51. Ask yourself tough questions—it’s much better to uncover unpleasant truths now rather than after you’ve invested your time and money.
After drawing up your list of questions, start looking for answers. Organize your market research data in the files you set up last week. Refer to it frequently as you design your marketing plan, look for funding, and launch your operation.
As you prepare your questions, jot down any ideas about where you might find answers. See “Research Sources” on page 53 for ideas.
Check It Out
Every type of industry in North America has been assigned a NAICS code. You will often be asked for this code when researching business information. To search for your industry’s NAICS code, go to www.census.gov/eos/www/naics
When looking for information for your new business, the very first place to start is with an association serving your industry or related industries. No matter what industry, trade, or profession you’re in, there’s almost certainly at least one association covering yours. Why? Because there are over 37,000 industry and professional associations in the United
