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Originally Posted On: https://theanalystagency.com/market-research-a-key-component-to-start-your-business/
Everyday many startups are being formed by individuals with a dream to be the next big thing in the world of business, something that’s bound to capture the hearts and minds of consumers everywhere. Many of them start off on just a dream and a concept, and are ready to plunge head first into making it a resounding success. But before jumping head first, several factors will affect the business that one wants to start, like whether the product or service has a market for it or if it the right fit of the current market atmosphere. This information can be generated by doing Market research. This is where, The Analyst Agency a Buffalo & Toronto based premiere market research firm come into the picture and are at the forefront of helping people realize their dream of setting up their startups.
Market research is a key step in setting up a business, which many people ignore, simply because they feel it is not worth the money spent as that can be utilized elsewhere and also because of any negative aspects which might show up during the research, which the startup founders want to avoid or for some it’s not easy to justify spending money on research that will only prove what you knew all along that the product or service will be a winner. Another reason why a startup founder should engage in market research is “To Impress Investors”. If a qualitative market research for a startup is performed that will definitely impress investors for two main reasons, 1) It shows the initiative of the founder and convinced the investor that the entrepreneur is committed to the success of the startup and 2) Good market research is appealing to investors because it makes their job a lot easier as investors working with funds generated from individuals or companies, are required to conduct a thorough meticulous process
Steven Czyrny Founder, The Analyst Agency says, “Many Startups tend to skip this most important step in a rush that the product or service should hit the market as soon as possible. However, the ones who do their homework of the market through research are in a better position to succeed. Usually startup founders check out other small businesses that have just launched their products or services, have similar budgets, and who do not have extraordinary brand awareness. Startup founders definitely hope that it will help them outperform their closest rivals in tactics which does work out.” The Analyst Agency focuses on investing resources into specific research for startups. They have been receiving a lot more inquiries for feasibility studies, industry data, competitive landscape, and other research to help startups gather intelligence to guide their decision making, or assist in their capital raising or securing loans. As the interest rates are so low a lot of people are considering starting businesses and The Analyst Agency has access to various databases and other secondary sources to help start-ups in their efforts to become the next Big Business Empire.