I want to start up my own retail business, but Im stuck at the market research! How do I go about conducting?

Answer 1

Take an hour with the bank to go through their contacts for setting up small business, they should give you loads of help as they would love to have your business account. My bank was fabulous when i started up, put in contact with the Right people and with the right schemes to get funding....

Good luck and hope you make the millions soon.....

Answer 2

The best thing to do is take a look around you to see what others are selling & how they are marketing their goods and/or services. You may see brochures,flyers,magazine ads,banners,etc. Find out what will work best for your budget & your product. Give it a shot. You don't have much to lose.Try to start your marketing ona low budget so you don't drain all your assets in the beginning. Trial & error is the key to great marketing. Best of luck to you!

Answer 3

I think you'd benefit from doing a short course in business planning which will cover market research as well as finances, marketing, advertising, and your product or service.
For one that you can do at home around work and other commitments try the website below...

Answer 4

Sell stuff in small quantities to see what people want to buy and what they are willing to pay. For instance, go buy some plastic beverage pitchers and sell them at a flea market. In the first week, sell them for a price lower than what you paid, the next week, sell them for the price you paid, and then the following week sell them for a price higher than what you paid. Thats how you would determine your pricing structure. After that buy an assortment of items and sell them for less than what you paid. Then you would get an idea of what people are buying. Using those two figures will give your test marketing data. And then you can apply this principle to the items that you want to sell.

Answer 5

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Make sure you watch the two short movies and fill out the survey so that someone can get back to you if you have any questions.

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Answer 6

Go to a local bank and ask for a small business advisor. Also the Prince's Trust will be able to help.

Answer 7

depends on the field but you could use magazines like retial weekly. The besty way would be to get a list of relevant questions and then canvas shoppers outside the area you intend to open your store.