How to prepare a "Market study report" for your business

Startup Market research comprises six key steps, as outlined below.  

1. Identifying the research questions: This is the first stage of startup market research and also the most important stage, as this stage sets the foundation for the market research and reporting process that follows. The findings from the startup market research is a major component of any investor pitch deck, which is also one of the primary reasons that drive entrepreneurs to conduct market research. So the major objective at this stage of market research for startup the feasibility of the concept or business idea. Questions like - is there an actual demand, the volume of the demand (market size), how to approach the target customers etc., are some of the common research questions. 

2. Determining the methods & sources: Based on the research questions, the methodology and data sources for startup market research will differ. The budget is also a factor when deciding the methodology and sources. For a startup with a limited budget, desk research would be the best option and for a funded startup, primary market research can be considered. 

3. Gathering the data: For desk research, most of the data gathering will happen through secondary sources, which can also be fortified with telephonic or online interviews. For primary research, a specific research instrument (questionnaire/discussion guide) is created and the data gathering happens through full-fledged surveys, that are mostly conducted by qualified agencies. 

4. Organizing the data: In this stage of startup market research, the data and survey responses that are collected are categorized based on data points or questions. Now the content for analysis for each research question is ready. 

5. Analyze the Data: This is the stage when the data is analyzed, the analysis could be of two types, content analysis and statistical analysis. However for market research for startup, most of the time the analysis will be statistical in nature. Some of the common statistical analyses used for startup pitch would be - market size quantification, market value determination, market projections etc. 

6. Draw Conclusions: In this stage, the data that is analyzed is carefully scrutinized to draw conclusions to answer the research questions framed in the first stage. 

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