Question

I was at my Sunday leather sewing bee recently and one of my friends was lamenting how she can’t afford all the tools needed to do a good job sewing. She also described a leather store near her home that did classes and allowed you to use their equipment. Unfortunately, the store was moving 5 hours north in a month or so.

The sewing bee then began discussing renting a shared studio space and contributing some tools to the community.

Help answer this question, “Is this a good idea?” Create a research plan that will assist the group in deciding if this is a viable business.

Outline the required research questions required to answer this problem.

Devise a strategy for answering each of those questions.

Provide an example of how you would use a survey to answer one of the research questions you identified.

Answer 1

Answer:

To find if it is a good business , we have to research the viability of the business.

The viability of the business can be assessed by the following points-

• Market research - reports , industrial journals , academic papers.
• To see if there is any paying customer
• Taking down honest feedback from the professionals in the market
• Marketing strategy
• And finally the cost of the whole setup .

The strategy to answer these questions -

Market research - Taking the internet's help to find the industrial and academic reports about the business

Paying customer & professionals experience - Jump into the market and ask the professionals about their experience in the business and if there are enough paying customer for the business.

Marketing strategy - here comes the need of face to face marketing , posters , banners , social media marketing , blogging .

Cost of the setup - This can be found out in the industrial reports or from the professionals already in business. For more accurate details about the price , one can visit the equipment stores ( of tools needed in the business).

Please rate the answer good if you like it.