The day I decided to start my own business was the same day I realised that doing so wasn’t going to be an easy task. There were many things I had to plan out, and being one person doing all the work would undoubtedly cause problems in the future. I might forget vital points or make wrong decisions that won’t help my business thrive. It was a little terrifying to think about my business failing before I even started it. As a way to avoid this from happening, I decided to call my friend, who started his own business not too long ago. I needed tips to help me build a sturdy business plan. He luckily had time to spare for me, and once he arrived at my place, he instantly started asking me questions about a research survey. I was confused. What was the relation of a research survey to starting a business?
I sat him down on the couch in the living room and asked him to elaborate on his questions. He tells me that research is one of the most important tips he can give regarding starting a business. I was intrigued, so I leaned in and requested more insights on this. Before responding, he pulled out his laptop from his bag and typed away at it. ‘You’ll need to give me a clear idea of what you want to do first,’ he said as he fixated entirely on his laptop screen. I already had a few ideas for my business, but I was still a little doubtful about whether or not they would succeed.
Despite what my brain told me, I explained to my friend that I wanted to open a store selling Korean merchandise. Whether it be from K-pop, K-Drama, or Korean culture in general, I wanted to open a store for those who have an interest in all things Korean. My friend nodded to my answer before saying, ‘Then an online survey in Singapore can be conducted to see how your target audience would respond to this.’
I was still a little confused, and, thankfully, my friend caught on to the telltale signs that I didn’t understand what he was trying to sell me. He turned his laptop towards me and pointed to a website on its screen. He told me it’s a market research company in Singapore that focuses on helping businesses by gathering data necessary to improve them. They conduct various studies such as brand studies, advertising test studies, PR studies, consumer behaviour studies, pricing studies, packaging studies, and general product testing. He explained that the results from these studies are meant to give me an accurate idea of how everything will play out in my business in the long run.
I was shocked beyond belief that such a company existed, and I immediately thanked my friend for letting me in on this secret of his. It wasn’t a secret exactly, but it still felt as though I had chanced upon a goldmine at this discovery. Once I hired a market research company from Singapore, I was able to select studies that I felt were necessary to my upcoming business. It worked wonders on my store, and it continues to do so to this very day since I’m able to keep track of how my customers receive my products.
Do you need to conduct a research survey for your business? Visit Milieu Insight Pte Ltd today!