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MenuAre market surveys and research crucial to open any physical business to ensure its success?
I have been procrastinating about opening a new business by over-analyzing the location. How can I avoid this problem?
Answers
Hi, Allan here. I have been leading our market research team for the last 3 years. I would say that market research is very essential in setting up your business. You need to know the demographics, people flow, availability of physical location, etc.
I want to help you further so please let me know if we can talk. Thank you very much!
Research says businesses without proper market research are more likely to fail.
So decide and move.
best of luck..
Over analysis occurs when you don't have a clear objective behind your research, or when you haven't clearly defined your pass/fail metrics.
Before you start your analysis you should have a clear idea of what makes a good location and what doesn't. Then, do as much analysis as is required to satisfy that it is or is not. Research of this nature should not be open ended.
I'm happy to chat through how to define the pass/fail criteria and setup the go/no go logic.
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