FABC ENTREPRENEURSHIP MINISTRYMONTHLY MEETING

Date: 05/19/12Time: 9:00 amFacilitator: Monique Varnado, MBA

Credentialed TrainerMECO Management Svcs, LLC

LOOK BEFORE YOU LEAP!Research options for you and Your Business!

re·search (verb \ri-ˈserch)

-careful or diligent search; to search or investigate exhaustively -the systematic investigation into existing or new knowledge.

-used to establish or confirm facts, reaffirm the results of previous work, solve new or existing problems, support theorems, or develop new theories.

A few questions you might ask yourself to Identify you need to research:

1.What should I name my business? How do I trademark it?2.Who are my competitors? Where are they located?3.Who are my customers? What are their spending habits and where are they located?4.What's the latest trend in my industry?5.Is my idea, product or service profitable? If so, how much are people willing to pay?6.Is the location I am considering good for my business?7.What is the COST OF DOING BUSINESS (insurance, payroll, certification, licenses, website development, marketing etc)8.What are the laws or guidelines in regard to my business.

By using research we can gain insights into the following aspects of our business:

a) Identify/locate profitable marketsb) Self analysis of the organization c) Competitive analysisd) Industry Trendse) Current Business Opportunitiesf) Find and Utilize Business Services

How do I use research?• Research needs to be an integral, ongoing part of your business' development.• Crucial in the development of your business plan• Assist with determining a few things about your business:

Business Concepts and Ideas Location of your business Forecasting Overhead Costs Identifying Resources Hiring Staff

TYPES OF RESEARCHPrimary · This collects data that does not already exist. · Surveys, questionnaires, interviews, observation.

Secondary·This looks at existing data – books, newspapers, online, case studies, etc· It may be a summary, collation or mixture of information.

RESEARCH METHODS/DESIGNSQualitative (QUALITY)· Looks at humans behavior and the reasons behind it.· What people do and why. Research deals with descriptions, can be observed, but not measured

Quantitative (QUANTITY)· Systematic empirical investigation quantitative properties. ( null hypothesis)· How many people do these things and how often. Research deals with numbers and is based on measurements

QUALITATIVE vs. QUANTITATIVE

MOCHA LATTE

MOCHALATTE

Qualitative data:• robust aroma• frothy appearance• strong taste• burgundy cup

ex., customer satisfaction surveys, employee feedback, behavioral studies, observation analysis

Quantitative data:•12 ounces of latte•serving temperature 150º F.•serving cup 7 inches in height•cost $4.95

ex., population statistics, economic data,spending habits, cost analysis & forecasts

PRIMARY RESEARCHBusiness surveys, questionnaires or interviews are powerful tools for gaining the insights necessary to make better decisions.

Small Businesses Owners use surveys to:

Gain insights into customer demographicsGet feedback on new product or service ideasAnalyze and track customer serviceUnderstand how to improve products or servicesSurvey clients on their satisfactionGet feedback on meetings, training and events

Examples of Primary-Qualitative Research:

•Customer Satisfaction

• Product/Service Feedback

• Business to Business Survey

-the collection and analysis of information about consumers, competitors, identifying target markets, and industry information.

-Example: Small business owners use market research to determine the feasibility of a new business, test interest in new products or services, improve aspects of their businesses and develop competitive strategies.

SECONDARY RESEARCH

Local Demographics:

Wage & Rent

Neighborhood Census Data

Population Data

Local Business Trends

Examples of Secondary-Quantitative Research

Economic Data:

Cost to Do Business in LA

Workplaces & Employees

Consumer Spending Patterns

Salaries & Hiring

Competitive Analysis

Examples of Secondary-Quantitative Research

Research is the key to:

• Product development or Service Concepts/Ideas• Developing your Business plan • Making informed decisions about your business• Utilizing/identifying educational tools • Accessing demographic and economic data• Determining potential clients and target markets• Forecasts the cost of doing business • Improving your infrastructure

A FEW SITES TO VISIT TO BEGIN YOUR RESEARCH…

LA Office of Economic Development: http://www.louisianaeconomicdevelopment.com/

CCR #: https://www.bpn.gov/CCR/default.aspx

DUNS #: http://fedgov.dnb.com/webform/index.jsp

LA Secretary of State: http://www.sos.la.gov/Home.aspx

LA Workforce Commission: http://www.laworks.net/

Human Resource Guidelines: http://www.auxillium.com/HRmgr.html

Greater N. O. Community Data Center: http://www.gnocdc.org/

New Orleans Website Directory: http://neworleanswebsites.com/cat/AlphaList/alphalist.html

New Orleans CitiBusines: http://neworleanscitybusiness.com/

Stay Local Business Listing: http://staylocal.org/biz

Idea Village: http://ideavillage.org/about/mission_history

SBA Office of Research & Statistics: http://archive.sba.gov/advo/research/

SBA Business Plan template: http://web.sba.gov/busplantemplate/BizPlanStart.cfm

Business Listing: www.yelp.comSurvey Development: www.surveymonkey.com

A FEW SITES…cont’d