Entrepreneurship & Small Business

Calgary - Choosing a Business to Open (Market Research Company?)

  • Last Updated:
  • Dec 4th, 2017 11:51 am
[OP]
Newbie
Jul 30, 2016
11 posts
2 upvotes
Calgary, AB

Calgary - Choosing a Business to Open (Market Research Company?)

Hey Everyone,

I have some cash set aside as potential capital for a future business. I'm in a relatively new area of South Calgary (near Seaton for those that know) and there seem to be announcements of new business plans every few weeks for our growing commercial area. I don't have a particular idea for a business in mind at the moment. I'm relatively new to the business scene but keen to learn. My driving force would be 70% focus on establishing a business with profit in mind and 30% with personal interest in mind. I say this because although I want the main focus based on profit, if I establish my business in an area I don't care about whatsoever, my stamina to operate it will tire. Are there any suggestions on how to think about choosing a business based on local market demand? If I could develop a list of options, I could then chose the option that speaks to me the most. Would a local market research company be the right fit for this sort of task? On my brief searches on the internet, I only know them to be used to research feasibility/demand for a potential product or service presented. Not to come up with the product or idea itself?

Regards,
Jordan
1 reply
Newbie
Jan 18, 2017
52 posts
28 upvotes
I've met a few business owners. The one thing the successful ones have have in common is:

- Providing something of value to customers/clients;

Businesses are a hustle. You provide "X" to a client. There is nothing magical or romantic about it. Skip the business plans, the Mission Statement, the 39-Steps-To-Success,the Kanban boards. None of that stuff matters until you have an actual product or service to deliver. Best advice I got for developing a product: Find what annoys someone, and offer a solution to that problem.
______
Canadian & US tax guy

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