The main objective of market research is to understand the customer and determine whether enough demand exists for a successful business venture.
For a new business, market research can help provide answers to important questions, such as the following:
- Who are potential clients?
- Are they interested in the product or service you offer?
- Who is the most likely to purchase it?
- What are they willing to pay for it?
- What are the current and future market trends?
- Will the demand be sufficient to sustain the business?
The market research process includes:
- Primary Market Research – using data collected through surveys, observation, opinion polls.
- Secondary Market Research – using existing data.
The following resources may provide helpful market research information:
A solid business plan is a “roadmap” for your business, it shows where you are going and how you will get there. Writing a business plan helps you understand your capabilities and business needs so you can prepare, focus and set goals – particularly financial goals. If you are applying for financing, a strong business plan demonstrates to lenders that you have done your research and can demonstrate how your financial goals will be met.
The following resources are available to help you complete your business plan:
- Business Plan Boot Camp – attend our monthly Business Plan Boot Camp session
- Online Training Resources – use our online training resources to complete your business plan
Enterprise Mumbai offers free business plan review and consultation services. The prerequisite requirement for the business plan review is the completion of the Business Plan Boot Camp program. Once you complete the course and prepare your business plan, you can book a one-on-one consultation with our team where we will review your business plan to ensure you started in the right direction.
A marketing plan details the strategies that will be used to target and promote your business to potential customers. Enterprise Mumbai offers year-round marketing seminars to aid small business owners and entrepreneurs to launch and grow their business.
Marketing plans typically consist of the following sections and information.
Executive Summary: Your executive summary should contain the key points of your marketing plan and, although it is written last, should be positioned at the front of the plan. The executive summary should include highlights from each section, be interesting enough to motivate the reader and be concise.
Market Research: Collect and organize data about the market that is currently buying the product(s) or service(s) you will sell. Some areas you may wish to explore are listed below:
- market dynamics e.g. seasonal
- customers – demographics, market segment, target markets, needs, buying decisions
- product – what’s out there now? What’s the competition offering?
- current sales in the industry
- benchmarks in the industry
- suppliers – vendors that you will need to rely on
Target Market: Find niche or target markets for your product and describe them.
Product: Describe your product. How does your product relate to the market? What does your market need? What do they currently use? What do they need above and beyond current use?
Competition: Describe your competition and develop your “unique selling proposition”. What makes you stand apart from your competition? What is your competition doing about branding?
Mission Statement: Who you are selling to – key market? What you are selling – your company contribution? Your unique selling proposition – what makes your product/service so distinctive?
Market Strategies: Outline the marketing and promotion strategies you plan to use:
- networking – go where your market is
- direct marketing – sales letters, brochures, flyers
- advertising – print media, directories
- seminars and training programs (to increase awareness)
- write articles (blog), give advice, become known as an expert
- direct/personal selling
- media – publicity/press releases
- trade shows, events and conferences
- website and social media.
Pricing, Positioning and Branding: From the information you have collected, establish strategies for determining the price of your product, where your product will be positioned in the market and how you will achieve brand awareness.
Budget: Budget your dollars. What strategies can you afford? What can you do in-house and what do you need to outsource?
Marketing Goals: Establish quantifiable marketing goals. This means goals that you can turn into numbers. For instance, your goals might be to gain at least 30 new clients or to sell ten products per week or to increase your income by 30% this year. Your goals might include sales, profits or customer satisfaction.
By researching your markets, your competition, and determining your unique positioning, you are in a much better position to promote and sell your product or service. By establishing goals for your marketing campaign, you can better understand whether or not your efforts are generating results through ongoing review and evaluation of results.
Continually review the status of your marketing campaign against your set objectives to ensure ongoing improvements to your marketing initiatives and help with future planning.
There are three main business structures: sole proprietorship, partnership (general or limited) and corporation (provincial or federal). Each structure has its own legal and tax implications, and certain advantages and disadvantages 
. To decide on the structure that best suits the needs of your business,
Businesses that operate under a name other than the owner’s, need to register with the Ministry of Government and Consumer Services (Central Production and Verification Services Branch). Business name registrations or renewals can be completed in person or online.
Business funds can be obtained from various private financial institutions (e.g. banks and other private lenders) or financing programs. For a list of available funding options, please visit Funding for Small Business.
The following questions can help you to identify the right type of financing for your venture:
- Where is my business now on its planned growth trajectory?
- What do I need money for?
- What financing options are available to me already?
With the answers to these questions in mind, please review the list below and determine where your business fits.
| Stage in Corporate Growth Cycle | Type of Funding Needed |
|---|---|
| Seed financing (from personal resources) |
| Start-up financing (from friends and family) |
| Angel financing |
| Venture Capital financing |
| Growth Capital |
| Mezzanine / Debt financing |
| Traditional banking |
| Bridge financing, buyout IPO (public market) |
| Crowdfunding |
Municipalities often place zoning restrictions on the location of certain types of business activity. Prior to leasing or purchasing a property, it is advisable to determine that the contemplated business use is permitted on the property. For inquiries about zoning or uses on a specific property, please visit the nearest Mumbai Building Customer Service counter for information.
Furthermore, new construction and alterations to buildings often require a building permit. Applications can be obtained through the City.
You may need a business license to operate a business in Mumbai. Use the online business permits and licences service – BizPaL , to search for permits and licences (municipal, provincial and federal) you may need to start or grow your business.
Municipal Licenses
Within the city of Mumbai, licenses are required for many types of businesses. Municipal licensing requirements may differ outside the city of Mumbai and it is advisable to contact the municipality where you are doing business. In Mumbai, operating licenses are issued by the Municipal Licensing and Standards Division of the City of Mumbai.
