Does Your Community Have a Business Librarian?
The answer is yes, most likely, your community does have a librarian dedicated to helping entrepreneurs and established business owners with their many challenging questions. Have you ever considered calling your local librarian with a tough question? FYI, the harder the question, the better. Tough research is like a drug for us, seriously.
Here are a few tough questions for you.
How will you decide which products and features your customers want? How will you price those products optimally for competiveness and profit? How will you reach those customers with your marketing message? How many parking spaces or bathrooms will your business require? Where is the best place to locate your business? What are the average compensation and benefit costs for employers in that area?
Market research is critically important to every stage and area of business, from planning and product development to your launch and growth strategies.
Let Us Do Your Research for Free
Well, maybe not all of your research, but we want to at least get you started and show you how to find the information on your own. What is the value of doing this type of in-depth research for your business? What type of research are we even talking about here?
Market Research: I can help you create contact lists of all of your competitors with in-depth information about their annual sales and expenditures, as well as help you get a feel for the overall health of your market through market profiles of your business’ location.
Demographics Research: I can show you how to research your customers: everything from how much they’re spending annually in your industry, to their annual income, education levels, age, gender, ethnicity, home values in local neighborhoods, the list goes on and on… this type of research is critical when writing your business plan and researching a business location, but is also invaluable for helping you determine your pricing strategy, your marketing strategy, and for helping you develop future projections for your business.
Nuts-n-Bolts Research: This type of research helps you figure out the actual process of establishing and growing your business, meaning the step-by-step instructions you need to follow. For instance, you want to register as a women-owned business with the federal government, or you want to become an LLC, or you want to figure out the zoning restrictions of your township so you can build a patio at your restaurant; these are all nuts-n-bolts questions librarians get asked every day by business owners.
This is just the tip of the iceberg too! There is so much more we can help you discover about your community and your market to strengthen your business- all you have to do is ask! You’re paying for these library resources with your taxes anyway, why not use them?
Image Credit: Dominion Physical Laboratory Library – AAQT 6539 A1394
Comprehensive business plans are critical elements in the start-up process. To effectively plan the future of your business you must analyze industry trends in relation to the needs of your desired market. This information will equip you to make calculated decisions as you move forward with your idea.