Internet or desk research is exactly that, research with is carried out at a desk, either by using the internet, books, magazines etc…

Some entrepreneurs when writing a business plan won’t put the heading “Internet research/desk” in the business plan. They will copy and paste large chunks of information from the internet as an easy way to fill in the market research section of the business plan. This is a big mistake as it stands out and is obvious that you did not write it.
Your business plan will look more credible if you inform the reader that this section has been sourced from the internet/publication. By having a heading “internet/desk research”, the reader will understand that this section is not all your own work, but may appreciate that you have gone to the trouble of doing the research in the first place.

The easiest place to find this sort of market research is from business profiles. Business profiles are a summary of a business. They will tell you the qualifications/experience you need, insurance and legal obligations, how to market your business and a market research section. These business plan profiles are incredibly useful when doing the Internet/desk research. It will summarise the market and have information on, how much is spent annually, future market trends, how much competition there is, changes in regulations etc…

You can get free profiles from these websites or google “business profiles fact sheets” or “business profiles” or “business opportunity profiles” on the internet.

https://www.business.barclays.co.uk/BRC1/jsp/brcscontrol?task=BSsab8step1&target=_blank&site=bbb

http://www.primebusinessclub.co.uk/resources/

http://www.ukpersonal.hsbc.co.uk/hsbc/enterprise/training-education

http://www.startbusiness.co.uk/Start_Business/Fact_Sheets.html

http://www.bromley.gov.uk/business/intelligence/business_opportunity_profiles.htm

You can buy them fairly cheaply from http://www.scavenger.net/home.php

Another way of obtaining a profile is to contact you local business centre. Their advisers might have access to profiles about your business.

If you can’t get hold of these profiles you will have to do your own research and cover the main topics such as

1. The size of the market (how many people use the product, how much is spent each year)
2. Different sections of the market (Break down the market e.g. if you have a dog walking business, what other services for dogs are available?)
3. Key legislation (future and current laws effecting the market)
4. Market trends (will demand increase in the future?, will there be any major changes)

After reading about your chosen business, amend the sentences in bold and copy into your free business plan template.

My business will provide xxxx and xxxx to xxxxx and xxxx

Demand for xxxxxx, as with much of the xxxxxx industry, is related to the economy. The economy, both in the UK and at a local level for this product/service, is quite buoyant at the moment.

From my internet research I have found that the demand for my products are increasing year after year fuelled by xxxx.

The growth of the xxxxx industry has seen an increase in the demand for my products/services.
xxxxx services vary from xxxx to xxxxx. Much of my time will be spent xxxx and xxxxx, giving quotes for potential customers in their homes and driving to jobs.

My market research has shown that the majority of custom can be expected to be generated in the domestic sector. I live in an area with a high percentage of xxxxx and will actively target the local community to obtain contracts.

Business opportunities for xxxxx show little sign of slowing, as the market is beginning to segment in order to reach new customer groups.

Do you have you own suggestions or paragraphs which could help someone? Please leave them in the comments below.