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Practical research

by Lynne Franks seed logo

Lynne Franks talks about how to research your business ideas.

We're now going to begin researching the reality of what's out there in the world and how this fits in with your own vision. This could take some time if you're still working at a full-time job, but this research needs to be done as thoroughly as possible.

Here are a few initial bits of advice to start you off on your SEED enterprise research assignment:

If you don't already do so, read the business section of your local and national newspaper on a daily basis. Keep your eye out for local and national trends, feature articles on new businesses and entrepreneurs and anything that pertains to your potential area of business.
Develop a relationship with a helpful librarian (at the best local library in your area), and find out where magazines and trade publications that pertain to your prospective business are kept.
Ask a friend who's Internet-savvy to spend an evening with you surfing for the most relevant, information-rich websites. If you're not already an expert surfer, have your friend show you the ropes so you'll be able to navigate on your own next time.
Interview friends, friends of friends and acquaintances - anyone who is currently engaged in the line of business you're thinking of going into. Ask them how they got started, what kind of background and experience (and funding) they had when they began, what hardships they've survived and why they love what they do.

You can certainly learn a lot from the entrepreneurial experiences of others. Consider it research as well.

There are many unanticipated outside influences that can affect your enterprise - recessions, wars, property prices rising in newly fashionable areas. But there are many unpredictable positive influences, too. It's just a case of being aware and keeping your antennas up.

This is the time to find out how the type of business you want to start is doing in the marketplace.