Conducting Market Research

In all business, one should know who your customers are, what they want to buy and their favorite place to hang out.  These things should be know to conduct your market research.

It is necessary to conduct a market research to become successful in your business since it takes a lot of money and huge investment to start up a new business. There are many factors to consider in starting a new business including your target customers and target location.

market research

Market research is done before starting a new business. Also, a way of analyzing the past market trends in order to know if there still a demand to make it worth to start a related business. This research should look to the past, present and future to study consumer’s trend. In addition, it is the process of analyzing the data to help you to know which products and services are in demand. It can give a business a picture of what kind of new products or services may bring a profit.

The following are some ways to conduct a market research.

  • Analyze the economy.  You can look up the earning data and income as well as employment statistics to determine the demand of your target customer.
  • Determine the current sales and competitors.
  • Ask the public. It can be done by conducting a survey and ask the customer’s opinion when they purchase from you. Also, you can ask the social media or hire a firm to conduct a research for you.

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Food Cart Business

Many entrepreneurs today start a food cart business because of it does not need a huge capital. However, in order to succeed in a food cart business, one should have a good product and a perfect location for your food cart. Ideally, food cart should be placed on traffic streets, huge malls and probably a public market or grocery store wherein there are a lots of people.

food cart business

The following are some of the advantages of food cart business:

  • It only needs small amount of capital. You can start a food cart business with the capital of Php30,000.00 to Php300,000.00
  • A food cart is easy to manage and very portable since it  can be easily setup
  • It is movable. If does not succeed in one location, you can move your food cart to another location.
  • Putting food cart business is very simple compare to restaurant. You can just offers simple products. Your products should be unique yet exceptional such as existing products that have some innovation and variation.

Here are some tips before starting your food cart business:

  • Pick the right franchise.  Make sure that the franchisor is a member of good standing franchise association in the Philippines.  Have a background check and consult lawyer before signing the franchise agreement.
  • Choose a good location with less competition. Just make sure that your location is very visible and accessible to the public such as in malls, train station or terminals, office or school areas.
  • Learn the needed skills to run a food cart business.  Ask and seek advises to experienced or veterans people.
  • Screen your personnel carefully. Provides extensive training program for new recruits and always remind them the importance of excellent service.

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Food Cart to Franchise

Due to economic crisis, many Filipinos will find their ways to earn income to support their families’ needs. They tend to think that franchising a good business will give them enough profit that starting a new.   These food cart franchising are very affordable since the cost is approximate not more than Php 60,000.00. This includes the food cart itself as well as the equipment and initial inventory. So here is some of the franchising available:

food cart franchise

  • Buko Nut Buko Shake
    Buko is not seasonal so you can drink it anytime anywhere in the Philippines. It is also known a wonder fruit so Filipinos really enjoy this refreshing juice.
  • Red Bowl Rice Toppings
    Their line of products includes beef chicken teriyaki, pork sisig, pork sukiyaki, red bowl supreme, cornbeef, siomai, ham and kani, tocino, etc.
  • Burgeroo Buy 1 Take 1 Burger
    It offers buy 1 take 1 burgers without suffering the quality taste.  It also offers a different varieties  that will customer will surely love.
  • Emperor Siomai Delight
    It caters different types of siomai including pork siomai, shrimp siomai, Japanese siomai, beef mushroom siomai, kani crab siomai, sharkspin siomai and chili crab siomai.
  • O’Noodles Hong Kong Style Noodles
    It offers a stir fried noodles food cart business. These stir fried noodles contains dried noodles and sprouted beans with different toppings for additional flavors.
  • Egglog Food Cart
    It offers a combination of quail eggs, siomai, squid and fish balls and dumplings. These food is considered the best pulutan and snack of Filipinos.
  • Imacaroni Macaroni Pasta Food Cart
    Filipinos loves pasta that is why macaroni is one of the favorites of Filipinos. They offers different concept of macaroni such as mac and cheese, spaghetti, carbonara, palabok, etc.

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Formal Proposal Structure

A formal proposal is usually requested by companies when they are planning to outsource projects.  Structure of formal proposal includes project objectives, times lines, job qualification, budget as well as cost breakdown.  These structures are very essential to your formal proposal in order for reader to decide whether your proposal will be approved or not.

The following are structures of a formal proposal:

proposal structure

–    Title Page
It includes the title of the project, submission date, and the name of the institution

–    Project Summary or Abstract
It serves as a brief initial quick overview of the proposal and contains the project’s main points and summary of the proposal

–    Table of Contents
Some brief proposal may not need to use a table of contents but of course the long proposal should list all major parts and division.

–    Introduction
It begins with the statement of what is being proposed and briefly outlines the goals and objectives of the project as well as the background of the study.

–    Project Goals and Objectives
It provides the goals and objectives of the project.

–    Review of Related Literature
It consists of the discussion of related works.

–    Description of Proposed Research
It considers the heart of the proposal. It should describe what is to be undertaken and how it will be accomplished.

–    Methodology or Design
It provides the action of plans to accomplished the project such as the specific steps and procedures how the research or project will take place.

–    Project Staffing
It specifies the staffs who will be participating in the project. It should also provide the curriculum vitae of each staff as well as a description of the work to be performed to be done by each staff.

–    Project Cost
It contains the detailed cost of the proposed project.

–    Facilities and Equipment
It provides the resources to be used in order to complete the project including the facilities and equipment. These resources include the computer systems, library resources and the like.

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Business Proposal Components

Business plan can be considered to be the most critical document of all time since businessmen spending much time creating and submitting business proposal to their prospective clients. Some entrepreneur may get contract with just submitting one proposal for the short period of time. This winning proposal may have good content that client easily captured their attention and approved it.

A winning business proposal should be written properly.  A business proposal is written to offers a certain product or service to a client.
There are three (3) basic information need to see in the business proposal namely problems intend to solve, the solution to the problem and the cost of the proposal.

A client may want to know and understand what is the problems existed and your business proposal must be able to explain it accurately. How can you solve the problem if you do not understand these problems?

business proposal

The main goal of your business proposal is to offer a solution that solves the existing problems faced by your prospective client. This part should be written in detailed to address all the necessary information. This includes the methods or procedure you used and how your proposed solution really solves the problems.

Of course, client may want the cost of your proposed solution. Some client used pricing information for their decision making process.  The cost is always depends on your proposed solution whether it is entail a short period or long period of time.  You may also consider including a cost benefit analysis in order to help your client to decide.

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Components of a Business Plan

Business plan is needed to any new business venture to ensure that your business will achieve your business goals. It helps through your business and keeps you on track. A business plan should be properly outline and consider all the necessary things so you don’t have to rush into anything.

The right components for a business plan are all depends on your purpose. Like for example, if the reader of your business plan is an investor, your business plan should be more detailed because your potential investor may not be familiar with your industry so it is essential to clearly explain your concept and your goals. But if your business plan is just for your business partner, it does need to be details but still it is necessary to provide your goals and how to achieve these goals.

parts business plan

The following are some of the components of a Business Plan

  • Mission Statement
  • Company’s Description and Products or Services
  • Market Analysis which include the competitors and prospective clients
  • Management Team Description such as the staff’s trainings and experiences
  • Methods or Procedures to market the products or services
  • Company’s strength and weaknesses, opportunities and threat
  • Cash flow statement
  • Revenue projection
  • Summary and Conclusion

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Parts of the Project Proposal

Project proposal is written to gain money from the investors and to grant money as well as to loan money to a large project.  In order to have a successful project proposal, it should describe the things you want to accomplish and how you intend to achieve these things.

A successful project proposal may include the following parts:

  • Introduction
    It contains the project accomplishment and benefits of your project to the company. Explain in short sentence of how your project achieves the goals of the company.


  • Background of the Project
    It describes the background of the project such as how the idea for the project came out.
  • Method Used for the Project Proposal
    It demonstrates how to make the project happen so it should explain the methods or procedures to be used in order to have a successful project to achieve the company’s goals. It includes scope statement and risk that provides solution to overcome it.
  • Project Budget
    It provides the information about the cost of the project.  The reader should know how much money is needed to accomplish the proposed project and how the money will be spent.


  • Summary
    It contains the summary of the paragraph stating the project scope, project budget and the importance of the project.

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Sample Proposal Letter

December 10, 2008

Mr. Eugene D. Samson
ABN Corporation
Santiago St. Sampaloc, Manila

Dear Sir/Madam:

Our company is specializing on designing Websites in PHP, WordPress, HTML, Drupal, Magento, Joomla, Graphic designs and Android iOS application development.

We are happy to announce that we are offering our services such as web Design and development projects at competitive rate without sacrificing on quality. Our services include Logo Design, Responsive Website Design, E-commerce solution, Web development and Web and Mobile Application.

As part of our promotion, we are proposing to have your website taking a free analysis and make a proposal to have a responsive design and building a mobile application only for your company and E-commerce solution.

Please let us know if you are interested to our offers. We are happy to share our proposal and the past work details including client testimonials.

We are looking forward to have your positive response the earliest possible time.

Sincerely yours,

Rodnel D. Herrin
Business Development Consultant

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New Restaurant Feasibility Study

Entrepreneurs or businessman should take consideration of doing a feasibility study to make a right decision of putting up a restaurant business. They should determine the probability of success. They sometimes overestimate the size of the market in their area and do not take into account the tough competition they will face from established restaurant with loyal customer.

Factors to consider when planning a new restaurant:

–    Market

Studying market is one of the best effective ways to determine if the new restaurant will have enough client or customer.  It includes the study of demographic characteristics such as age and income to estimate the size of potential market.

–    Target Locations

Good business location most specially restaurant business includes high traffic location, large office complexes, near malls and hotels or retail centers.  Make sure that your business location creates demand for your restaurant. Also, consider the lease cost or rental cost and make sure that there is parking with easy customer’s access.

–    Competitors

Review your competition such as knowing the total number of restaurants in your target area as well as their style. Analyze their strengths and weaknesses to determine if there is a room for a new restaurant.

–    Industry

Be familiar with the industry by reviewing any statistical information about industry trends and growth. Consider attending meetings and talk to restaurant owners.

–    Food Cost

Break down the cost of each menu and determine who will be your major supplier and ask for pricing. Study food cost projections and the prices you are going to charged.

–    Management Capability

Hire restaurant manager and staff the have sufficient experience to run a restaurant. Train and motivate your staff to maintain high customer satisfaction and also so that your kitchen run smoothly.

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Market Feasibility Study Outline

It is important for a business to study and analyze the potential market. Like for example if you plan to sell a certain product or offer a particular service, you have to determine if there are potential clients or customers in your location site. Market feasibility study is used as a tool to identify problems or obstacle that you may encounter during the implementation phase of your project. It will include the sales projection as well as the project cost. Also, it will know if the proposed project will be successful in terms of marketability.

market feasibility outline

What to include in your Market Feasibility Study

– Introduction

It includes specific details of the project addressed by the market study as well as the objectives of this study.

– Site Analysis

It includes the description of your chosen location for your business such as the topography, environmental, zoning, and architectural factors. It should address the visibility and accessibility of the site.

– Market Description

It contains the description of your target market including prospective customer’s lifestyle information that involves their age, sex and habits. Identify the factors affecting in choosing of the products or services. Also, it should include that size of the total market as well as the market trends.

– Competition

It analyzes the competitors such as their product lines and markets as well as the competitor’s strengths and weaknesses and compare your marketing strategies to your competitors.

– Pricing

It reviews the products or services cost including all variables and fixed expenses and make sure it will provides profits. Also, compare your prices with similar products or services in the industry.

– Distribution

It identifies the best effective method to distribute or getting your products or services to customers/clients in the target market.

– Promotion

It provides the potential promotion types or advertising method to be used including the media choices, project expenditure, and possible use of ad agency. Also, it describes your target audience.

– Sales Forecasting

It projects sales income for the next four quarters. It also involves sales history of your competitors based on research, recent sales trends in industry and seasonal adjustments.

– Production

It identifies the level of production/service necessary to meet the demand generated by marketing.

– Action Plan

It contains the list of all the marketing strategies and ranks all strategies by levels of importance.

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