There are eight types of market research that organisations perform before introducing their products or services to their customers – Primary Research, Secondary Research, Qualitative Research, Quantitative Research, Branding Research, Customer Research, Competitor Research, and Product Research. With the help of various research methods, you can reach the desired results. Some of the most commonly used ways to conduct market research are surveys, interviews, focus groups, and customer observation.

Market research is the process of checking the viability of a new service or product through research conducted directly with potential customers. Market research helps you to dig into the target market and get opinions and other feedback from consumers about their interest in your offerings. You may perform this kind of research either in-house, by your company itself, or by involving a third-party company that specializes in market research. It can involve various tools such as surveys, product testing, face-to-face interviews, questionnaires and focus groups. No matter what method or technique you choose to research your target market, quality research provides you a fair idea about the demand, market size, economic indicators, location, pricing, and market saturation. Research conducted using the right techniques is able to answer all your questions necessary to devise a perfect business plan. The basic ones are mentioned below:

• Is your product or service desired in the market?
• If yes, then how many people would be actually interested in what you are offering?
• What is the purchasing power of the potential buyers?
• What are the income range and employment rates in the region?
• Where do your customers live, and where can your business reach?
• How many similar alternatives are already available to consumers?
• How much do potential customers fork out for these options?
• What your potential competition or partners within the industry currently are doing? How successful have they been?
• Can you improve upon their offerings?

If you are a DIY entrepreneur in search of some useful tools and resources to put together your business plan, you are in luck! You have plenty of them at your disposal. With the right business plan tool, you will get an edge, since it lets you tap into the general knowledge in the field. From the tried-and-true deep dive into the industry to simple, one-page documents that outline the essentials, business plans can take many forms. Slidebean, Lean Canvas, LivePlan, Mindup, 99designs, Bizplan, Enloop, Lunchclub, A trusted mentor, and The Scrum method are some of the millennial entrepreneurs’ favourite tools for drawing up those business plans, no matter the style.

Drawing a business plan can be tiresome and requires sound business-writing skills. There are numerous methods and strategies that can make your task a lot easier, viz. SWOT analysis, industry websites & associations, Microsoft Word, a legal pad & pen and many more. Remember, your business plan doesn’t have to be 100 pages long. No need to overcomplicate things. You can’t go wrong by adopting quick and informal ways to get a business model, target markets and revenue streams on into a plan without splurging a ton of time on useless projections and models. Knowing how others have managed to come up with a solid plan is outstandingly helpful. Even if you don’t follow their steps exactly, you still get a much better sense of the framework you need, as well as a look at any potentially unseen hurdles ahead.

Your entrepreneurial journey begins with an almighty and persuasive business plan. You can reduce the time and effort it takes to write a comprehensive business plan by hiring a pro business plan writer in Dubai, UAE. Your hand-picked Dubai-based business plan writer will first evaluate the business idea you will present and then will collect data about your new venture before developing a solid financial model. Once the financial model is ready, they put it to the test to challenge it and then optimise it as required. After getting approval by all parties only, the experts build your detailed business plan in Word and provide you with the final documents within 6 to 8 weeks, depending on the complexity of the business model.

A business plan is nothing but a written outline of where you currently are and how your business will develop. This plan revolves around the framework of your organisation along with the history and goals of your business. A complete business plan should act as a guide to how you operate the business and as a proposal to potential investors. A full-fledged business plan starts with the Title Page and ends with the Financial Picture (business funding). In between, you mention Mission Statement, Executive Summary, Market Strategy, Competitive Analysis (SWOT), Design & Development, and Disaster Management. These are some other vital components of the blueprint of your business plan.

While your business plan is a reflection of your business, you must ensure you sum it up in a way that does not look too bulky or equivocal. You’ll also have to modify the plan as your business evolves since the business plan is a living strategic document for your organisation.