How to Start a Market Research Company
Become a marketing expert., Get on-the-job experience., Determine your specific market research niche or industry., Write a business plan., Explore the possibility of business partners., Assemble start-up funds., Familiarize yourself with local...
Step-by-Step Guide
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Step 1: Become a marketing expert.
To start a market research company, you will need marketing expertise, which may be gained from completing a degree in the field, taking marketing courses, reading marketing books or training with a marketing mentor.
Learn about the tools and skills of the trade.
For example, become proficient in using spreadsheet software to deliver quantitative reports.
Develop your interviewing skills to conduct research with various individuals and groups. -
Step 2: Get on-the-job experience.
Work for a marketing firm to gain hands-on experience with the analysis and positioning of products and services. , You might be interested in market research in your own country's publishing industry or the global use of electronics.
Identify your exact niche and industry.
Research the niche.
If the niche or industry is saturated, knowing this ahead of time will assist you in revising your business approach or identifying a geographic location or industry with greater demand for your services. , Work with an experienced business plan writer, if possible, to write a thorough plan that describes your business objective, potential clients, organizational structure, marketing approach and funding options. , Ask trusted and experienced market researchers if they want to start a market research company with you.
They might bring existing clients, contacts or funds with them. , Businesses must pay overhead, employee salaries and operational costs.
Small business loans, grants, venture capital funds and private investors are possible options for funding a new business. , Study the laws of your jurisdiction related to business licensing, payment of taxes and insurance requirements. , If you start small and slowly, you might work out of a home office.
If you will be hiring employees and meeting with clients and various market segments, you will need a professional office that is centrally located and easily accessible. , Invest in the equipment needed to communicate with clients, send electronic communications, conduct market research by phone, and report findings in spreadsheets and word processing software. , Increase your client base by drawing on existing contacts, networking with marketing colleagues, making cold calls to businesses, reading the local newspaper and subscribing to business magazines. , As your business grows, you will need assistance from other market research professionals, as well as accountants and administrative staff to handle payroll, billing and clerical tasks. -
Step 3: Determine your specific market research niche or industry.
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Step 4: Write a business plan.
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Step 5: Explore the possibility of business partners.
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Step 6: Assemble start-up funds.
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Step 7: Familiarize yourself with local business laws and requirements.
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Step 8: Secure an office location.
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Step 9: Equip your business with computers
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Step 10: phones and software applications.
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Step 11: Find market research clients.
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Step 12: Hire market research staff.
Detailed Guide
To start a market research company, you will need marketing expertise, which may be gained from completing a degree in the field, taking marketing courses, reading marketing books or training with a marketing mentor.
Learn about the tools and skills of the trade.
For example, become proficient in using spreadsheet software to deliver quantitative reports.
Develop your interviewing skills to conduct research with various individuals and groups.
Work for a marketing firm to gain hands-on experience with the analysis and positioning of products and services. , You might be interested in market research in your own country's publishing industry or the global use of electronics.
Identify your exact niche and industry.
Research the niche.
If the niche or industry is saturated, knowing this ahead of time will assist you in revising your business approach or identifying a geographic location or industry with greater demand for your services. , Work with an experienced business plan writer, if possible, to write a thorough plan that describes your business objective, potential clients, organizational structure, marketing approach and funding options. , Ask trusted and experienced market researchers if they want to start a market research company with you.
They might bring existing clients, contacts or funds with them. , Businesses must pay overhead, employee salaries and operational costs.
Small business loans, grants, venture capital funds and private investors are possible options for funding a new business. , Study the laws of your jurisdiction related to business licensing, payment of taxes and insurance requirements. , If you start small and slowly, you might work out of a home office.
If you will be hiring employees and meeting with clients and various market segments, you will need a professional office that is centrally located and easily accessible. , Invest in the equipment needed to communicate with clients, send electronic communications, conduct market research by phone, and report findings in spreadsheets and word processing software. , Increase your client base by drawing on existing contacts, networking with marketing colleagues, making cold calls to businesses, reading the local newspaper and subscribing to business magazines. , As your business grows, you will need assistance from other market research professionals, as well as accountants and administrative staff to handle payroll, billing and clerical tasks.
About the Author
Heather Martinez
A passionate writer with expertise in crafts topics. Loves sharing practical knowledge.
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