Plan Your Business

What is Market Research?

Market research helps you determine the demand for the goods or services your business offers. It can help you identify who your customers are, what they want, and how much they will pay. Market research can also help you identify any seasonal or location-specific trends related to your product or service.

Why do I need market research?

Understanding the market is critical to the success of your business. Without adequate market research, you may price your goods and services incorrectly, or target the wrong customers. Conducting market research early on can help you avoid many of the pitfalls facing new or growing businesses. 

How can I conduct market research?

Market research is a broad topic, but you can find many resources specific to your business or industry through the U.S. Small Business Administration. 

• SBA Market Research Guide

What is a business plan?

A business plan is a document you create that acts like a roadmap for how to make your business successful. No matter what industry you’re in, a business plan can help you clarify what you do, what clients you serve, and how you can best serve them. It can also map out what your operating expenses are and whether you will need to take out a loan or access other funding to get your business off the ground. 

Why does your business need a business plan?

Aside from being an essential tool to help you manage your business, banks and other financial institutions may require a business plan before they will provide a loan. A business plan will also make it easier for you to work with local and federal support organizations.

How do I create a business plan?

Learn more about Business Plans and find templates to get started from the U.S. Small Business Administration.

Helpful Resources

Consult the downloadable The 100 Startup Guide.

Connect with SCORE Greater Wichita and their organization's Business Plan Template.

Explore the Startup Costs Worksheet from the U.S. Small Business Administration to help estimate the expenses you’ll need to launch your business.

What is Customer Discovery?

Customer discovery is the process of talking to potential customers to understand their needs, pain points, and willingness to pay. It helps you validate your business idea, refine your value proposition, and avoid building features or services that no one wants.

Why do I need Customer Discovery?

Without talking to real customers, you risk developing a product or service that doesn’t solve a pressing problem—or that only a handful of people care about. Early discovery reduces wasted time and money, helps you prioritize your offerings, and gives you stories and data to share with investors or lenders.

How can I conduct Customer Discovery?

• Draft simple interview questions focused on the problem you think you’re solving (e.g., “Tell me about the last time you experienced [X problem].”)
• Reach out to 15–20 people who fit the profile of your envisioned customer—use community groups, social media, or industry meetups.
• Listen more than you talk. Record common themes, unmet needs, and budgeting habits.
• Analyze your notes to identify the segment most likely to buy your product or service first.

What does it mean to test your product?

Testing your product involves offering a minimal version of your good or service to a limited audience—whether through pop-ups, farmers’ markets, focus groups, social media ads, or trial runs—to gather real customer feedback.

Why should I test my product?

• Reduce risk: Identify design flaws, pricing issues, or messaging gaps before a full launch.
• Refine your offering: Learn which features or benefits resonate most with customers.
• Build early momentum: Generate word-of-mouth and collect testimonials you can use in marketing.

How can I test my product?

Choose your testing channel:

• Host a booth at a local farmers’ market or community fair.
• Run a limited pop-up shop in a high-foot-traffic area.
• Create a small social media ad campaign targeting your ideal customer segment.
• Convene a focus group of 8–12 people to try and discuss your product.

Define success metrics:

• Number of units sold or sampled
• Conversion rate on ads or sign-ups for trials
• Qualitative feedback on price, packaging, or functionality

Gather and analyze feedback:

• Use short surveys or one-on-one interviews right after the experience.
• Track ad performance metrics (click-through rate, cost per acquisition).
• Note recurring comments or suggestions, then iterate.