Researching the reality of what's out there in the world and how this fits in with your own vision could take some time if you're still working at a full-time job, but this research needs to be done as thoroughly as possible.
One of the best ways to gather information is to talk to people. If you're at a party and you happen to strike up a conversation with someone who works in the field you'd like to go into, ask her or him if theirs is a healthy industry and if it's growing. Ask them what their experience has been and what advice they have to give. Find out if there are any conferences being organised for your intended industry and try to attend.
If you're considering opening up a non-virtual business that is, one that has an actual location remember to do your research concerning how viable a particular spot might be for what you have in mind. Whatever the business, appreciate that its success hinges on that old retailer's maxim, location, location, location. Foot traffic, parking, the socio-economic makeup of local residents, competing businesses in the area: all of these things must be researched
The best type of research is gained through practical experience. If you are planning to open the same kind of business that you've worked in as an employee, then you'll have less to check out. But if the business you're thinking about represents a completely new career for you, you would definitely benefit from real work experience in the field.
Here are a few initial bits of advice to start you off on your SEED enterprise research assignment:
- If you don't already do so, read the business section of your local and national newspaper on a daily basis. Keep your eye out for local and national trends, feature articles on new businesses and entrepreneurs and anything that pertains to your potential area of business.
- Develop a relationship with a helpful librarian (at the best local library in your area), and find out where magazines and trade publications that pertain to your prospective business are kept.
- Ask a friend who's Internet-savvy to spend an evening with you surfing for the most relevant, information-rich websites. If you're not already an expert surfer, have your friend show you the ropes so you ll be able to navigate on your own next time.
- Interview friends, friends of friends and acquaintances anyone who is currently engaged in the line of business you're thinking of going into. Ask them how they got started, what kind of background and experience (and funding) they had when they began, what hardships they've survived and why they love what they do.
- You can certainly learn a lot from the entrepreneurial experiences of others. Consider it research as well and ask around or Google famous entrepreneurs.
Know Your Industry
If you are aware of your strengths and weaknesses and your intuition points you strongly in one direction - do the research. If your chosen field truly excites you, your search should be fun - almost like a treasure hunt!
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Once you've begun to gather business information, start creating files with different headings, such as location, sales and marketing, financing, design, office equipment and conferences. Put clippings from trade magazines and newspapers, and any other relevant material such as notes from your person-to-person research in these files. Ask your friends and family to keep an eye out for articles that have to do with the business you're envisioning you'll start accumulating valuable information that way. Also, get yourself on the list to receive newsletters that cater to people in the business you re interested in, and keep these in an accessible place. Create a filing system on your computer. Keep the information and tips you've found while browsing the Net in your computer files, or you can print out the information and file it.
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