Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$150

$250

Website Costs

$223

$7,015

Business Formation Fees

$600

$4,700

Software Expenses

$162

$2,894

Advertising & Marketing Costs

$0

$1,400

Total Startup Costs

$1,135

$23,259

MarketsandMarkets Research Pvt Ltd

marketsandmarkets.com

11,542

SparkToro

sparktoro.com

22,180

Research and Markets

researchandmarkets.com

23,321

PRESCIENT & STRATEGIC INTELLIGENCE

psmarketresearch.com

46,180

Blue Ocean Strategy

blueoceanstrategy.com

83,225

FOCUS GROUP

focusgroup.com

118,133

Market Research Reports

marketresearchreports.com

136,993

Research Live

research-live.com

302,716

Nucleus Research

nucleusresearch.com

688,402

Report Hive Research

reporthive.com

688,725

Acute Market Reports

acutemarketreports.com

788,528

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Ability to start your business from home

It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!

Little startup costs required

The cost to start a market researching business costs significantly less money than most businesses, ranging anywhere from 62 to 23,259.

Rewarding work

Starting a market researching business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.

Scalable

With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.

No overhead costs

To get your market researching business started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!

Crowded Space

Competition is high when it comes to your market researching business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.

Longer Sales Process

A market researching business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Work can be inconsistent

As a market researching business, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.

Lack of benefits

With a market researching business, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.

Isolation

Often times, as a market researching business, you typically work alone and do not have much face-to-face interaction with other team members.

Taxes

As a market researching business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.