This guide details how to write a business plan for your marketing research company.
Starting a marketing research firm is one area of business that’s quite specialized with lots of potentials for professionals.
Now, if you’ve been involved in running a business in the past or currently do, you’ll know that the business plan is indispensable to the actualization of set objectives.
The plan holds all the strategies and detailed steps on implementation.
Due to its importance, you’ll need to give it all it takes. This includes stating all there is to know about your marketing research firm as well as how you plan on selling your idea to clients.
Besides helping your business grow, how your plan is perceived matters a lot. Just by reading through the summary section of your plan, an investor knows if your idea is worth taking the risk to invest.
MARKETING RESEARCH FIRM BUSINESS PLAN PDF SAMPLE
Your marketing research firm business plan needs to be built around a framework.
Here, we’re referring to the different sections contained within the plan. Each of them is key to writing a good business plan. They include the executive summary and company description sections.
The others are the products & services section, the market analysis section, strategy & implementation, organization & management team, as well as the financial plan & projection sections.
Every one of these sections must be comprehensively covered.
i. Executive Summary
When the general idea of your marketing research firm business plan needs to be known, the executive summary section is the go-to place for such information.
Writing this section requires summarizing your entire plan to a few pages (usually 3 to 5).
The purpose of summarizing the plan is to ensure you don’t bore the reader. It also touches on key aspects of the business, thus giving a general idea of what your business does.
Although the executive summary appears first in a plan, it’s actually written last. This is done to help capture all vital information across all sections.
Other subsections within the executive summary help shed more light on your marketing research firm business plan.
These subsections include your business name & location, the products & services section, mission & vision statements, as well as the specific purpose of your plan.
Business Name & Location
Your marketing research firm should have a name. Its location also helps with introducing the business idea. This gives a starting point from where other aspects of the business will be fully unveiled.
More importantly, you want your audience to comprehend and be carried along.
How does your location impact your operation? You might want to discuss a bit more about that before proceeding to other sections.
Products & Services
A marketing research firm is service-oriented.
What services does yours provide? If there are products you intend to introduce, have these included before stating why your services and products are needed and useful.
At every point within your summary, you want to hold the reader’s attention by building interest in your business idea.
Mission & Vision Statements
The purpose and primary objectives of your marketing research firm should be adequately captured by the mission statement. Such a statement should be made short, yet powerful.
You mustn’t just scribble whatever crosses your mind. It should be calculated and well-thought-out.
The vision statement highlights the aspirations and goals you seek to accomplish with your marketing research firm business. It should be written in such a way that it’s inspirational and compelling.
Specific Purpose of the Plan
There’s no business plan without a purpose. This applies to yours.
You’ll need to clearly state what the purpose of your plan is. Entrepreneurs have different reasons for having a plan. For some, it’s meant to help with strategy while for others it’s a requirement to raise funding.
Yours could be both.
ii. Company Description
You had briefly described your marketing research firm business before right?
True, but the company description section does a lot more by explaining further about the business. Such details include the legal structure adopted, a brief history of your business, its nature, as the needs you intend to fill.
This section should also contain a summary of company growth with a focus on financial and market highlights.
Your short and long-term business goals are also crucial inclusions.
iii. Services & Products
Although the products & services section has been briefly discussed in your summary, this is where anyone seeking to go through the full details should read. What are the details of your marketing research business-like?
More importantly, how do these services impact or benefit clients?
You’ll need to describe or explain the market role of your services and products. Include details about the advantages it has over those from competitors.
Supply all relevant details on patents, copyright, or trade secrets that may apply.
iv. Market Analysis
As a marketing research firm, it shouldn’t be difficult carrying out market analysis for your operations. This demonstrates your understanding of the industry.
Details to be included here are a sketch of target customer segments, industry description & outlook, as well as past, current, and future marketing data.
There will definitely be other actors or competitors within your niche. To succeed, you’ll need to assess or identify their strengths and weaknesses to exploit such to your advantage.
v. Strategy & Implementation
To improve sales, there needs to be a deliberate and effective strategy in place. Provide information on how you intend to sell or promote your marketing research firm to clients.
Additional information includes cost, distribution, and pricing details.
vi. Organization & Management Team
Under this section, the main people running the business’ operation need to be identified. This includes the roles they play and departments headed.
Provide an organizational chart with departmental descriptions.
Also, details on owners, their names, level of involvement, and percentage ownership should be added. Provide a profile of your management team with names, positions, and responsibilities.
vii. Financial Plan & Projection
As the name suggests, the financial plan shows how viable your marketing research firm idea is. Plus, it shows how it will make money. Every investor is interested in reading through this section.
Key areas covered include historical financial data, realistic prospective financial data, and an analysis of financial data.
With your marketing research firm business plan unveiled in this manner, you should have no problems whatsoever.