(UK based but I'm sure this advice is pretty overarching + US / any advise is greatly appreciated).
I have a business idea. It addresses several individual niches in one service, as far as I can tell so far it hasn't yet been done.
This idea is quite a lofty one and hence I'm aiming to get onto an incubator programme / go on to achieve VC. I've been given some cursory advice that I should create a market research report on each niche market, with the idea that later on I'll analyse them in the context of each other / do some stuff that I dont know how to do yet that outputs the final business case of sorts for the idea.
I began this project as a vehicle for learning and personal development, as the idea has solidified and I've now moved on to market research, this is by far the greatest challenge yet. Perhaps I'm ignorant to great sources but I can see market research reports are very expensive for (what I now get are) obvious reasons, it seems to me like one should go to a market research business who pay for enterprise access to all of these report-producing places and act as a middleman.
Given different factors, I'm quite itchy to get this done and move on to trying to get onto a good programme or raise funds, I don't have a business qualification, so I need to be doing everything efficiently and effectively. My question is:
- Given that I can't afford to purchase 4-figure costing research reports, and given that I'm sure market research companies aren't going to be much cheaper (?), as a bootstrap start-up, what level of depth and breadth market research am I expected to do before I raise funding for more in-depth market research? I know 'some people get funding with just an idea', but realistically how much is expected? Is it just as much as I can do with the sources I can find?
If anyone could recommend good sources for free market research reports and insight that would also be greatly appreciated, thank you all.
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