Six-Week Start-Up. Rhonda Abrams

What indications are there that consumers would be willing to get counseling online?

       What portion of the existing psychological counseling market can you reasonably expect to transfer to online counseling?

       How many consumers who do not currently get counseling could you reasonably expect to be attracted to online counseling?

       What other companies are currently providing such online counseling services? How many are there? How many clients do they have? What is their ability to keep out new competitors? What do they charge?

       What are the costs involved in conducting an online therapy business?

       What are the key technology issues necessary to conduct such counseling, securely, online?

       What laws or regulations would affect the offering of such services?

      Begin your list with the “My Research Questions” worksheet on pages 50–51. Ask yourself tough questions—it’s much better to uncover unpleasant truths now rather than after you’ve invested your time and money.

      After drawing up your list of questions, start looking for answers. Organize your market research data in the files you set up last week. Refer to it frequently as you design your marketing plan, look for funding, and launch your operation.

      As you prepare your questions, jot down any ideas about where you might find answers. See “Research Sources” on page 53 for ideas.

       Check It Out

      Every type of industry in North America has been assigned a NAICS code. You will often be asked for this code when researching business information. To search for your industry’s NAICS code, go to www.census.gov/eos/www/naics

Contact your industry association(s)

      When looking for information for your new business, the very first place to start is with an association serving your industry or related industries. No matter what industry, trade, or profession you’re in, there’s almost certainly at least one association covering yours. Why? Because there are over 37,000 industry and professional associations in the United States!

      You’ll find industry, trade, or professional associations to be a highly valuable source of information. Most associations conduct research or collect data on trends of their industry. They monitor market size and demographics, costs, regulation, and a variety of other issues specific to their industry.

      Typically, suppliers to an industry also often participate in that industry’s associations. They’ll exhibit at trade shows and be listed on the association’s website or other directories. That makes your industry association an easy place to locate suppliers.

      Most important, associations exist to help promote, train, and certify people in that industry. They’ll hold trade shows, seminars, conventions, provide coursework, and offer joint marketing opportunities.

      Let’s say, for instance, you’re thinking about starting a dog grooming business. You’re going to want information about suppliers, costs, training, certification, marketing, and as much other information as you can get your paws on. A number of organizations exist to help pet groomers.

MY RESEARCH QUESTIONS

       For each of the following categories, list questions affecting the future of your business. Use these questions to guide your research efforts.

       Industry

Which industry does my business fall under?

Which trade associations serve that industry?

What does the data show about the financial performance of that industry in recent years?

What does the research show about trends in that industry?

Other:

       Target Market

What geographic area do I plan on serving?

What is the demographic profile of the customers I plan on serving? (e.g., age, gender, income, education level)

How many people fit that demographic profile in my target geographic area?

What trends affect my market?

What data (if any) indicates buying habits or preferences of my target market?

Other:

       Competition

Who are the leading competitors in my market or geographic area?

What do my competitors charge?

What are their strengths? Shortcomings?

What primary methods do my competitors use to attract customers?

What, if anything, has caused previous competitors to close?

Other:

       Suppliers/Vendors

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