Business Plan FAQ
Can Unique Business Plans provide assurance that our business will secure funding?
No. It’s crucial to emphasize that obtaining funding cannot be guaranteed by anyone. The approval of a funding application hinges on various factors, such as the inherent risks associated with the business and its leadership, your creditworthiness, and the financial viability and affordability of the venture. However, It’s noteworthy to mention that we have never encountered situations where funders found our business plans inadequate during the evaluation of funding applications.
It’s important to be cautious of anyone who claims to guarantee funding, as such claims are typically made for the purpose of exploiting sales as business consultants. Moreover, offering a guarantee of funding without a proper evaluation of an application could potentially involve unethical or corrupt practices to some extent.
Writing a business plan is an essential step in starting a new business?
What is the difference between Primary and Secondary Market Research?
Primary research is a research approach that involves gathering data directly while secondary research is a research approach that involves relying on already existing data when carrying out a systematic investigation.
This means that in primary research, the researcher is directly involved in the data collection and categorisation process. In secondary research, on the other hand, the researcher simply depends on existing materials for the research without any need to collect raw information from the field.
- Sources of Data
Surveys, interviews, focus groups and observation techniques are common sources of data in primary research. In secondary research, the researcher collects existing research materials through a number of sources like the internet, libraries and archives.
These data collection methods require some sort of interaction with the research subjects in order to gather first-hand information that will be useful in the research. Many times secondary sources are free to access but some of them will require you to pay an access fee before you can make use of the information.
- Other Names
Secondary research is also known as desk research because it does not necessarily require the researcher to move from one place to another. Meanwhile, primary research is also referred to as a field research design because it requires the researcher to get totally involved with the data collection process.
In secondary research, researchers can easily access information from the comfort of their desk; especially when using the internet to source for research materials. In some cases, the researcher would need to co-exist with the research subjects for a specific period of time in order to get information for the research.
- Advantages of Primary Research over Secondary Research
Unlike secondary research, primary research gives the researcher 100% ownership of the research data which is extremely useful for organisations in highly competitive markets. Data from secondary research can be accessed by everyone and does not yield any specific benefits to organisations.
Also, in primary research, the researcher can fully account for the authenticity of the data because he or she is an active participant in the data collection process. Because the researcher is not directly involved in gathering secondary research data, he or she cannot ascertain the authenticity of the research materials.
- Advantages of Secondary Research over Primary Research.
Unlike primary research that is expensive and time-consuming, secondary research can be completed in limited time and with limited resources. Since the research data already exists, the secondary researcher does not need to invest time or resources to gather first-hand information.
Also, secondary research helps to prevent knowledge repetition by mapping out already existing research efforts and this helps the primary researcher to concentrate on exploring new areas of knowledge. Hence, it is important for every research effort to begin with secondary research.
Common tools used to collect data in secondary research include bots, internet-enabled devices like laptops, smartphones and tablets. On the other hand, surveys, questionnaires and interviews are common data gathering tools in primary research.
Secondary research devices help researchers to access sources of secondary data like libraries, archives and peer-reviewed journals; without needing to go to the field. Primary research tools help the researcher to access first-hand information about the characteristics, dispositions and behaviours of research subjects in line with the context of the systematic investigation.
- Data Type
Primary research makes use of real-time information while secondary research makes use of past or already existing research materials. During primary research, the research is ultimately concerned with gathering first-hand information about the research subjects and contexts while in secondary research, the researcher simply re-examines existing data.
Hence, the type of data used in secondary research is described as “past data” because it reflects past occurrences and only provides insights into dealing with present situations. The role of the secondary researcher is primarily to specify how this past data informs his or her current research.
- Research Purpose
The purpose of primary research is to gather real-time data that will be useful in solving a specific problem. On the other hand, the purpose of secondary research is to gather existing research materials that may not directly address the problem at hand.
The primary research process is carefully tailored towards the specific research problem from start to finish and this is why it relies on first-hand data. Secondary research is not tailored towards solving a specific problem rather, it provides general information that can prove useful for primary research.
- When to Conduct Primary and Secondary Research
Primary or field research is usually carried out when an individual or organization needs to gather recent data that is useful for a specific research context. When organisations need to gather information on the changing needs of target markets, they typically employ primary research methods.
Secondary research, on the other hand, is used when the researcher needs to identify existing knowledge that can provide useful insight in research. With this information, the researcher can identify knowledge gaps which would form the core of his or her research efforts.
- Data Recency
Primary research relies on recent data for its systematic investigation because it addresses present situations. As earlier asserted, primary research efforts are ultimately tailored towards the needs of a specific research context from start to finish;hence, the primary researcher must gather real-time data in order to arrive at relevant research outcomes.
Secondary research, on the other hand, makes use of past data in an attempt to understand existing research efforts, identify knowledge gaps and map out the recent research to fill these knowledge gaps. This, findings from secondary research do not necessarily apply to specific research contexts.
Secondary research is more feasible than primary research. For example, it may be improbable for a company to attempt to observe the buying culture of all the individuals in its target market.
In this case, the researcher may have to depend on existing research findings that detail the buying culture of the target market. Alternatively, the researcher can use other sampling methods that would help him or her gather feedback from a section of the market.
Examples of primary research data are student thesis, market research and first-person accounts of trauma survivors while examples of secondary research data include newspapers, books, academic journals and magazines.
Secondary research data often represent an aggregation of already existing information with little or no additions while primary data contains new information. Usually, primary research collects data from the original source unlike secondary research that relies on reported information. For example, a student who wants to write a thesis would need to either interact with the research subjects in their natural environment or carry out an experiment.
Primary research is more specific than secondary research because primary research is aimed at addressing issues peculiar to a business, organisation or institution. On the other hand, secondary research that does not cater to the specific needs of an organization.
For example, when carrying out a primary research on consumer satisfaction for a product, the entirety of the research process is tailored towards the product in question. In secondary research, however, the data collected may not be exactly what the researcher needs.
In primary research, the researcher has 100% ownership and control over the data and he or she can choose to make such information available to others or not. This means that the primary researcher has absolute discretion over the research materials.
In secondary research, however, the researcher does not own the data and as such, he or she does not have absolute discretion over it. Secondary research can aptly be described as a “free-for-all” situation because everyone can gain access to the data.
- Data Accuracy
Data gathered through primary research is more accurate than secondary research data. In primary research, the researcher is fully involved in the data collection process and he or she takes care to collect valid data that can be easily authenticated.
The secondary researcher, on the other hand, has no control over the data and he or she cannot account for the validity of the research materials. For instance, there is a lot of inaccurate information on the internet which can affect research outcomes when used as the basis of a systematic investigation.
Similarity between Primary and Secondary Research
Primary and secondary research makes use of quantitative and qualitative data. Quantitative data collection methods such as surveys and questionnaires are used to gather numerical data while qualitative data collection methods like observation are used to gather descriptive data.
How Much Does A Business Plan Cost With Unique?
Email email@example.com and we will gladly answer your questions.
How Does Unique Business Plans’s Business Plan Process Work?
- Client to complete Client Questionnaire which is sent via email upon receipt of initiation deposit
- The Project Manager (PM) assesses Client Questionnaire within 72 business hours.
- A Virtual Introduction Consultation Session is scheduled between client and PM if needed.
- Project briefing is concluded during Introduction Consultation Session.
- Any further outstanding info is established and needs to be sent to the PM by client.
- The PM confirms once all the required info is compiled and the project is ready for commencement.
- A final Business Plan Project Deadline is established and communicated via email.
- The Business Plan is planned in accordance with the agreed deliverables by the established deadline.
- Final payment is required from client 24 business hours prior to the deadline date.
- First draft of the Business Plan is presented to the client via email upon receipt of final payment.
- Client assesses the Business Plan and may request any adjustments within 30 days of receipt.
- A Digital debriefing session (if requested) is arranged with the client.
- Adjustments is concluded on request within 48 business hrs as needed.
- For the next year or so, we’ll do a courtesy followup with you every quarter to assist where possible.
- If the client prefers to speed-up the process and have us complete the Client Questionnaire, this option is available on request.
What Are The Benefits Of Hiring Unique Business Plans?
First impressions last, so you only have one chance to impress the reader of your business plan. Hiring Unique Business Plans will drastically increase your chances of being successful since we will ensure your business plan meets the required specifications, it’s user friendly and attractive.
Some of the other benefits include:
- Every business is unique. All our business plans are custom designed.
- We do not offer template designed business plans
- We specialise in businesses requiring as little as R100 000 up to as much as R150 billion in funding
- Each business plan is fully grammar checked to ensure a professional appearance
- We guarantee 100% non-plagiarism, meaning we don’t steal other’s hard work
- Our business consultants are experienced in most respected fields
- Our business consultants have many years of experience in developing business plans, financial projections, business concept feasibility studies and demographical studies
- Each business plan is proofread and signed off by our Managing Director before being presented to the client
- We are a technologically innovate company – ensure you are kept up to date and receive your project at the highest possible quality, in the fastest possible turnaround time
- Our rates are very competitive. We offer the best professional rates in South Africa