Have You Done Market Research?

Business By meriscakes Updated 28 Jun 2007 , 9:01pm by MichelleM77

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meriscakes Posted 28 Jun 2007 , 8:44pm
post #1 of 2

Hi everyone,

Well, I have a definite goal planned: I want to open my own bakery in early 2009. I am moving slowly for various reasons, and I'll have lots of time to put together a business plan. Here in British Columbia I have access to several wonderful programs that offer all sorts of support such as peer mentoring and business start-up financing, but I need to have a very solid business plan in order to be accepted.

So, I want to do some market research. I believe that there's a niche market for wedding cakes and cakes for other big events in my region, but I also want to know if there is a demand for edible favours (cookies and truffles), and what price point is realistic. I also expect that the people I poll will dictate whether or not I open a store front or build a kitchen on my own property.

I was thinking that I would attend a couple of markets in my area and give away a cupcake per survey completed. I know that this is OK in my province as long as people aren't paying for my product; I've checked with a small business advisor. But at this point I don't know if I'll be able to get tables at the markets.

Another idea I like is delivering invitations door to door (dropping off) inviting people to a "tea" where I will serve cake in exchange for a completed survey. (I live in a town with many retirees so tea is always a good sell). I will ask individuals to RSVP so that I know how much to bake.

What do you think of this idea? Also, what other ways have you accomplished your research? I'm excited to know!

1 reply
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MichelleM77 Posted 28 Jun 2007 , 9:01pm
post #2 of 2

I like the idea of a cupcake per completed survey!

Where would you have the tea and what if you had a whole bunch of people RSVP? Yikes!

It sounds like you are definitely thinking everything through and giving yourself enough time to work all the kinks out without jumping right in. Good luck! icon_smile.gif

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