Question

Topic: Strategy

How To Start My Own Market Research Company

Posted by Anonymous on 10/23/2010 at 9:41 AM ET 250 Points
I work for a research company that is in the business for the profit, but knows nothing about actual research procedures or business process and they don't want anyone to change the way they operate. This is increasingly frustrating for me who holds a Masters in business with a specialization in marketing. I have such strong dreams to grow a company but feel too stifled where I am. How can I start my own market research company? Is it unethical to branch off into the same field as my employers? What if clients prefer to go with me, is that grounds for a lawsuit?
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RESPONSES

  • Posted by telemoxie on 10/23/2010 at 10:24 AM Accepted
    Re: lawsuit question: this depends on your local laws (where are you located?) and on your employment agreement (do you have one?) and might also depend on things like the geography of current clients and the way in which you are paid (are you a salaried exempt employee or an hourly employee or an independent contractor...)

    Have you considered setting up a (possibly part-time) business which is not competitive with your current employer?

    Have you put forth a good faith effort to help your current employer improve their perspective and process?

    I would suggest that you meet with an attorney before beginning a competitive business.
  • Posted on 10/23/2010 at 6:33 PM Accepted
    We can help you set up a new business, but your questions are more appropriately answered by an attorney than by a bunch of marketing/business folks.

    If the only way your new business will succeed is to steal clients from your current employer then it's probably not ethical to launch the business. And if the new business has legs without those clients, then it's probably a non-issue.

    Why not prepare a rough business plan for the new business AND talk with an attorney? Then when you have some of the answers come back here and we'll help you by reacting to key business plan elements and refining the marketing elements.
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