Unit 36: Starting a Small Business M1
M1
Unit – 36 (Starting a Small
Business)
BTEC National Diploma In Business Level 3
The Date
Author: Your Name
Your Teacher
1
,Unit 36: Starting a Small Business M1
Unit 36 – Starting a Small Business
On completion of this unit I should:
1) Be able to present the initial business idea using relevant criteria.
2) Understand the skills and personal development needed to run the business successfully
3) Know the legal and financial aspects that will affect the start-up of the business
4) Be able to produce an outline business start-up proposal
Task 6:
a) Explain methods used to identify the target market for the proposed business
2
, Unit 36: Starting a Small Business M1
Types of Market Research:
Primary Research – goal of primary research is to gather data from analysing current sales and
the effectiveness of current business’s actions. Primary research also takes competitors' plans into
account, giving you information about your competition. This is research you compile yourself or
hire someone to gather for you.
Secondary research – goal of secondary research is to analyse data that has already been
published. Examples of secondary information include reports and studies by government agencies,
trade associations or other businesses within your industry.
In order to get a full picture of market of my business I will be investigating my market using both:
primary and secondary research. In my case, for primary research the most suitable method would be
a questionnaire. Questionnaire must be carried out for a long period of time at different places and at
different times and seasons to get suitable sample e.g. busy times, stretched times, winter, summer,
near the competitor’s company, away from competitor’s company.
3
M1
Unit – 36 (Starting a Small
Business)
BTEC National Diploma In Business Level 3
The Date
Author: Your Name
Your Teacher
1
,Unit 36: Starting a Small Business M1
Unit 36 – Starting a Small Business
On completion of this unit I should:
1) Be able to present the initial business idea using relevant criteria.
2) Understand the skills and personal development needed to run the business successfully
3) Know the legal and financial aspects that will affect the start-up of the business
4) Be able to produce an outline business start-up proposal
Task 6:
a) Explain methods used to identify the target market for the proposed business
2
, Unit 36: Starting a Small Business M1
Types of Market Research:
Primary Research – goal of primary research is to gather data from analysing current sales and
the effectiveness of current business’s actions. Primary research also takes competitors' plans into
account, giving you information about your competition. This is research you compile yourself or
hire someone to gather for you.
Secondary research – goal of secondary research is to analyse data that has already been
published. Examples of secondary information include reports and studies by government agencies,
trade associations or other businesses within your industry.
In order to get a full picture of market of my business I will be investigating my market using both:
primary and secondary research. In my case, for primary research the most suitable method would be
a questionnaire. Questionnaire must be carried out for a long period of time at different places and at
different times and seasons to get suitable sample e.g. busy times, stretched times, winter, summer,
near the competitor’s company, away from competitor’s company.
3
