The Basics of Market Research from a Naperville Business Attorney

market research, Illinois business, Naperville Business LawyerYour path to success in a business venture begins long before your ever open your doors to the public. For most entrepreneurs and would-be business owners, the journey begins with an idea for a new product or service, or a variation of an existing one. A raw concept, however, is rarely a sufficient foundation upon which to build your investment; it must be developed, reviewed, amended, and tested. Then, the cycle should be repeated several times as the idea gradually transforms into a legitimate business plan or strategy. During the process, you and your team should also be conducting market research to help identify the potential reach and the expected reception of your new idea. This research is critical in guiding the development of your business, and a qualified business law attorney in Naperville is equipped to help you along the way.

Cost-Benefit Concerns

As you are trying to get your new company started, you will have probably have a great deal of upfront expenses. Factoring in the cost of market research may seem to be too much, especially for a tenacious business owner with an “it will work!” mindset. Properly conducted market research, however, is, at best, an investment in your company’s future, and, at worst, a form of insurance against unprofitable ideas. Financial experts compare jumping into full-scale production of your new idea without market research to driving across the country without maps, GPS, or roadway signs. Market research can help provide the necessary direction for your company, and, in some cases, prevent you from wasting more money on a less-than worthwhile concept.

Primary vs. Secondary Market Research

Market research is generally conducted in two ways, primary and secondary research, and many successful companies regularly employ the use of both. Despite its name, secondary research is the type most entrepreneurs and business owners utilize first. This kind of market research encompasses information gathered and categorized by outside entities and made available in various avenues. Trade associations, industry seminars, government organizations, and, of course, the internet are all valuable sources of market information. You can find much of the more general data you need at relatively low cost, as long as you are willing to put in the work.

Primary research, on the other hand, is the development of market information directly from your potential or current customers. With the help of a business planning attorney, you may choose to customize a survey on your own or contract a research firm or other entity to do it for you, but the data is obtained from those who you wish to reach with your new product or service.

Professional Legal Counsel

While market research can be extremely useful in determining your company’s potential viability, a qualified lawyer can help you address any legal concerns you may have, while working with you at every stage of your planning. Contact an experienced Naperville business attorney today the Gierach Law Firm. Our knowledgeable team can provide the guidance you need as you being an exciting new chapter in the life of your business.