You may have a good idea for a business, that you feel will help you in the current economic downturn, but without thorough project research you have little chance of success. Why is this, you may ask? Any business project is likely to have much competition. In order to succeed amongst the fiercely competitive business world you will need to research many different factors.
First and foremost you want to find out what the current market is for your idea; is it something people want, or need? People are always looking for the cheapest products whilst not compromising on quality. Consumer surveys will give you insight into what the public feel about your idea, and what kind of price they would be prepared to pay for it. You need to ascertain whether or not you can give the consumer what they want whilst still making a profit. Look at other companies who provide a similar product. By finding out about the varying methods they use to promote, and sell their products, you can see what works best.
Once your business is up and running, project research does not end. The market and consumer habits are changing all the time. You need to be able to keep up with these changes for your business to continue to thrive. When you keep a close eye on market trends you can make sure you are prepared for any changes, thus enabling you to use foresight to adapt and survive as a business.
It is always wise to have plans in place so that you can adjust if you should fall upon hard times. By doing research early on you can be ready to make any necessary changes to keep your business afloat when times are tough, and thrive during the affluent times.
However, all of this project research takes time and money. Apply to get a business loan to help get you started on the road to success.
When studying at a postgraduate level it can be essential to find funding to help with your research costs. It is possible to apply for a professional and career development loan from most commercial banks. Most banks offer between £300.00 and £10,000.00, designed to cover the costs of learning for two years or three years if a work placementis needed. This type of funding is ideal as the government will pay the interest on the loan while the studying is taking place. When carrying out research these loans are ideal to pay for travel and living expenses. These loans are commercial and so it is important to work out whether you will be able to comfortably meet the repayments. The loans do have a fixed rate of interest and so it is relatively simple to calculate what the repayments will be.
If you already have a career development loan in place then you can apply for an increase on the original amount, up to a maximum of £10,000. If your initial application was unsuccessful it is possible to apply with another highstreet bank, however it is advisable to check your credit rating first.
There are a number of research council awards available in the form of grants. There are specific councils for the various areas of research, these are:
Arts and Humanities Research Council (AHRC)
Biotechnology and Biological Sciences Research Council (BBSRC)
Economic and Social Research Council (ESRC)
Engineering and Physical Sciences Research Council (EPSRC)
Medical Research Council (MRC)
Natural Environment Research Council (NERC)
Science and Technology Facilities Council (STFC)
Postgraduate research can be expensive, it is worth applying for grants and scholarships first to minimise any funds which may take many years to repay. Most universities are able to offer many grants and scholarships, and can advise on how to apply for these.
It’s also really important to keep on top of any debt problems you may encounter. It’s worth researching about debt consolidation loans as they can really help your cash flow, which is essential when keeping on top of your research costs.