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In my experience, really in-depth and substantive market research is the most elusive and difficult part of building a business plan.
What are your thoughts about the most challenging part of writing a business plan?
Maybe we can get some dialogue going here to get some of these planning roadblocks out in the open so others who`ve overcome them can share tricks of the trade for you to do the same.
Rich
Rich,
We`re currently engaged in the market research phase of our business plan. And yes, it`s a bit challenging. To learn about the viability of our idea and who our target market would be we decided to post an online survey. We created it using a free survey web site and haven`t had to pay a dime for the very professional looking survey design. (Although it looks like Perseus Express, the company we`re using, has now maxed out on the number of new users for their free service. I think there are other good ones out there. I`ve heard Survey Monkey might be one.)
We sent an email appeal to all of our friends and everyone we know asking for their help by completing our survey. We got a decent response but decided our approach may not be getting broad enough results since most of our friends are people similar to us, in age, income, education, region, etc.
In order to sweeten the deal and increase response, we decided to add an iPod Nano sweepstakes to the survey, since they are pretty popular right now. This way there would be an incentive for people who don`t know us to respond. (We figured our friends will help us out as a favor.) I`ve now been posting our survey to all kinds of email groups in YahooGroups including a number of survey, sweepstakes, and contest groups with hundreds of members. Our response numbers are increasing (currently more than 600!) and our demographics are becoming more broad, from all across the country. Our results are proving product interest and showing us our specific target demographic. It`s exciting!
Here`s our survey if you want to check it out: http://express.perseus.com/perseus/surveys/1734848031/4fb763 97.htm
Let us know what you think!
interplanet,
soon we`re releasing 10 Steps to Grow Your Business as a follow-on to 10 Steps to Open for Business, and we`re including in Step 1 the important use of online surveys just like the ones you mention as a way to get a sense of your business` current status.
i guess i hadn`t thought about using free online surveys before you start up.
ahhh, the power of thousands sharing their ideas...
rich
Hey guys, I wanted to pipe in here. I am fairly new to Startup Nation and I just wanted to thank you for your hard work and for sharing your knowledge to better your fellow entrepeneur`s experiences.
One of the hardest things about writing my business plan is that my huge over time plans are vast and interconnected. They are too involved to accurately write a plan for those big future ideas right now, but I need a plan done asap. I am trying to write a simple plan covering only the first stages of my company`s development, but knowing where to draw those lines is difficult.
I don`t want to over commit right off the bat but I want to command enough attention so an overview is necessary I feel. I don`t want to grossly under or overestimate my potential so that investors can realize in the plan that it lays a foundation for growth, expansion and bigger and better things to come
I know I am being vague here but the line is fine and it`s blurry here. Chime in if you can help with financials especially for the first time plan.
Thanks BoyWithADrum. . . . .
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