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WAHM > Stay at Home Mom Work Ideas > Selling a Service > Become a Market Researcher

Start a Market Research Business  

What you will be doing.  Companies want to know how new products will fare in the community.  To do this, they need to know if the community will even be interested in trying the product.  Surveys are sent to people randomly to poll them on what types of products they use.  Online surveys are also conducted. 

As a market researcher, it is your job to conduct surveys and analyze the data.  Market researchers provide businesses with feedback from the community about their likes, dislikes, and interests.  Instead of hiring an entire marketing research department, companies are farming out the business to independent researchers. 

How to start.  Name and register your business.  Print business cards and press them into as many hands as you can.  If you already work in the area of business and marketing, use your knowledge to find contacts.   

Starting costs.  A home office is where you will work.  From here you will create surveys, compile data, and develop tools for information gathering using the databases familiar to the companies that employ you.  The office needs a computer with up to date software and Internet access, telephone, fax machine, printer, and copier. 

Manuals on statistics can help when analyzing the data.  Look to spend around $3,000 to $5,000 at the outset.  If you need a refresher course on statistics, take an online class or one at the community college. 

Skills needed.  Market researchers know about human behavior and societal trends.  You concentrate your research efforts on the groups of people that are more likely to purchase the company’s products.  Strong organizational skills are needed to turn answers to surveys into charts and reports. 

Knowing about human nature will help when developing surveys.  If the company’s surveys are lacking or outdated, suggest new ones with more relevant questions.  Use your problem solving skills to get the information needed by the company. 

Marketing.  Put out ads in the newspaper, Yellow Pages, and business publications.  Send out brochures to companies in your area.  On a larger scale, design a website. 

Using the website, you can reach more companies.  Post sample surveys that you would use for different products.  Make sure that they are copyrighted so that they can not be reproduced without your permission.  Online survey companies are always looking for ways to improve their surveys and incentives.  They could be looking for you so make your presence known on the Web. 

Market research may seem tedious to some but it serves an important purpose.  Companies want to know ahead of time the odds for or against a product working.  Your research techniques and data presentation will help to that end.

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