Unlocking Market Research for Your Business or Idea at No or Very Little Cost!

In my professional and business experience, one of the most overlooked or underappreciated steps by entrepreneurs starting or running a business is conducting thorough market research. This involves collecting, analyzing, and interpreting information about their particular market, competitors, and emerging trends.
 

Regular market research is not just beneficial but critical, as it provides valuable insights to better understand customers, competitors, and the direction in which the market is heading. Failing to stay informed on market dynamics can ultimately hinder a business's ability to remain competitive and profitable.
 

About five years ago, I worked with a business owner who was seeking to raise private equity for a specific project. As many business owners know, raising capital can be a challenging and time-consuming endeavor. I have seen companies struggle as they become overly focused on pursuing funding while neglecting other vital aspects of the business.
 

During our initial assessment, it became evident that the owner was not paying sufficient attention to market trends. One of our first findings revealed that the company's pricing structure was significantly off, causing them to leave substantial revenue on the table.

However, by conducting comprehensive market research, we were able to reverse the situation. The newly acquired insights empowered the business owner to increase prices. Surprisingly, despite the price hike, the company did not lose any clients and was able to generate over six figures in additional annual revenue eliminating the need to pursue private capital.
 

This success story illustrates the power of effective market research. When executed correctly, it enables business owners to make informed decisions, optimize operations, and unlock potential growth. Conducting regular market research is a part of working on your business rather than in your business. It helps you identify new opportunities, mitigate potential risks, and make proactive adjustments before small issues become major challenges.
 

So, where can you find reliable and accurate information about your market? It's essential to be cautious of open-source or privately owned tools you might come across online, as they may not provide the accuracy needed for sound decision-making. Instead, focusing on trusted sources will ensure you have the data necessary to guide your business forward.
 

One excellent resource that many overlook is the Seminole County Public Library. By connecting with your local library, you gain access to various licensed platforms such as Mergent Online, Business Source Complete, and Gale all at no additional cost to Seminole County residents. These tools, typically available only through expensive subscriptions, are made accessible through the library's licensing agreements, providing reliable and comprehensive market data to support your business research.
 

Additionally, the library staff, including the experienced librarians, are always ready to assist. They can help guide you to the right resources, reducing your research time and ensuring you're looking in the right places. With their expertise, you can navigate complex databases and access the most relevant information quickly and efficiently.
 

Taking advantage of these resources will not only save you money but also enable you to make better-informed decisions for your business's success. So, next time you need market insights, consider making the library your first stop!

Rafael Caamano is the site manager for the UCF Business Incubator in Winter Springs. The UCF Business Incubation Program provides in-depth help to early-stage businesses throughout Central Florida. If you would like to learn more, please visit our website by clicking here.