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sara8's picture

Market Research for Business Plan

By sara8 15/04/2009

Hi there,

I'm an EveryWoman newby in the throes of getting my own business going.  I feel pretty positive, despite the current economic climate, and just need to back up my positive feelings with hard facts in my business plan!

I'm wondering where I can find out about my market size for online retail, selling interior decoration - wallpapers and fabrics plus other home wares. Is there anywhere I can look to find this sort of thing out? Preferably cheaply if not free? Where I can see some actual numbers and data relating to competitors in my market that will support my business plan?

Or maybe I'm starting in the wrong way? All help and comments are gratefully received...

Thanks

Sara

PS Thinking of pootling down to the British Library on Sunday, anyone had any success there?

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kathygamage's picture

kathygamage

Hi Sara,

How are things progressing with your business plan?

Have you looked at the british Retail consortiums website? www.brc.org.uk  They provide some  high level stats on online/high street shopping trends which you could use to help bolster your intended strategy/business direction in the business plan.

you might struggle with free higher level stats for a specific sector. If you havent done so already, I would have a good sieve through google and see what that throws up as a first port of call.  

In terms of pricing, I would suggest ringing competitors as a potential customer to find out what they charge for services similar to those you intend to offer.  If you ring 5 - 10 and ask them all the same questions/for the same quote you can chart their selling prices versus yours and see where you sit in the market place in this area - or use the info to help you set your prices!  All useful info for your business plan.

Best of luck! 

kathy

www.gamagesaccountancy.com - affordable, professional, capable

Posted on 06/05/2009 - 18:22pm.
dhp's picture

dhp

Hi, Sara,

I have used the British Library and found it really helpful.  They also run free 2 hour courses on how to do market research, outlining all the sources of information available.  If you get stuck, the staff are extremely good at pojnting you in the right direction.  www.bl.uk

You can also join Westminster Reference Library.  www.westminster.gov.uk They have similar resources and in addition,  you can access them 24/7 online.

Hope this helps and good luck with the business plan!

Deborah

www.catchingfireworks.co.uk

 

Posted on 07/05/2009 - 10:11am.