Conduct Market Research
Figure out what your business will sell, to who, and how through market research.
What is Market Research?
Market research helps you determine the demand for the goods or services your business offers. It can help you identify your customers, what they want, and how much they will pay. Market research also helps identify any seasonal or location-specific trends that might affect your business.
Why do I need market research?
Understanding the market is critical to the success of your business. Without adequate market research, you may price your goods and services incorrectly, or target the wrong customers. Conducting market research early on can help you avoid many of the pitfalls facing new or growing businesses.
How can I conduct market research?
- Market research is a broad topic, but many resources specific to your business or industry are available from the U.S. Small Business Administration.
- SizeUp Michigan is a free tool that collects data and can provide detailed information based on the search being conducted.
- NBDC also offers free services to conduct market research.
Connect with Resources
- Starting or growing a new business can be difficult, but finding an inspiring mentor can make a meaningful difference. Experienced mentors can provide industry-specific knowledge, operations expertise and moral support to help you navigate the day-to-day challenges of running a business.
- The City recognizes various organizations that can provide technical assistance to your business. Visit our Resource Library to learn more.
Write your Business Plan
What is a business plan?
A business plan is a roadmap for your business, created by you. No matter what industry you’re in, a business plan can help you clarify what you do, what clients you serve, and how you can best serve them. It can also help you determine your expenses and funding, if necessary.
Why do I need a business plan?
Besides helping you articulate your own goals and challenges, a business plan is a common requirement to secure a loan from banks and other financial institutions. A business plan will also make it easier for you to seek support from organizations like Small Business Development Centers and Women’s Business Centers.
How do I create a business plan?
- See these examples of business plans provided by the SBA.
- Visit our Resource Library for support in writing a business plan.