I have been procrastinating about opening a new business by over-analyzing the location. How can I avoid this problem?
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.
Your question immediately caught my eye because of my background in surveys and research. I'm curious to know what's holding you back? Do you feel that you haven't done sufficient surveying and research and are therefore over-analyzing data with gaps in it?
I find that over-analysis is often a symptom of fear because we are lacking answers that will give us a greater level of certainty than we currently have, in order to make a confident decision. What are your outstanding questions? If you haven't yet done market surveys or research, those activities will no doubt answer the questions.
I'm happy to hop on a call to discuss further. Also, you may wish to check out my recent radio interview where I talk about the benefits of doing surveys in business. https://www.youtube.com/watch?v=uyPocIR5aXs