This is the second topic in our exclusive One Grand Marketing Plan.

It's amazing how many people start or expand businesses on, well, a whim. They get an idea, sell themselves on it - maybe run it by some friends or relatives - and then just launch out there.

And then sink like a box of rocks.

As we discussed in last week's article, an idea is not enough - you need a real opportunity if your business or other enterprise is going to take off. Doing smart marketing research is the key to knowing if you have a viable opportunity.

Smart Marketers on a Budget won't have the luxury of just hiring a market research firm to do the legwork. That's okay; today there is a huge amount of information and wisdom you can tap for just a little sweat equity.

There are three basic market research efforts you should undertake when planning your enterprise:

1. Primary Research

This is research gathered directly from your customers and potential customers. Facts about your specific market area.

• If you already have customers, email surveys are a natural first step. Instant Survey offers a free 30-day trial of their service with up to 50 "completes" or finished responses. Key Survey also offers a 30-day free trial of its survey software.

• Network - get out and talk to people - NEW people (your friends and family will give you responses colored by their feelings about you and other variables.) Ask open-ended questions about their needs for the products or services you're planning.

Be careful to be neutral. Don't try to convince them of your idea. That's not research, that's an attempt to persuade.

• Talk to professors in nearby business schools. Their observations may be very astute. Ask if their students would be willing to do a research study about your business as a class assignment.

• Get your James Bond on - spend as much time as you can observing the competitive landscape in your market. Here's a place you CAN use your friends and family; have them interact with your competitors and report back on the positives and negatives.

2. Secondary Research

There is a wealth of existing research that exists for you to tap. I give a variety of sources here: Six Sources For No-Cost Marketing Research

And here: Seven More Freesources For Marketing Research

The big kahuna is www.fedstats.gov - This is the primary portal for government statistics on everything from adoptions to women-owned businesses.

3. SWOT Analysis

Once you gathered as much business intelligence as you can, it's time to sift through all the facts and figures and see how it affects your business idea. A SWOT Analysis is a classic way to simplify and make sense of all the input.

SWOT stands for Strengths, Weaknesses, Opportunity and Treats. By making a simple grid and filling it in with the most pertinent research findings, you can create a map of your future success potential.

You can find a good article on making a SWOT Analysis here: http://sbinformation.about.com/cs/bestpractices/a/swot.htm

Once done, you'll see where you idea has the strongest potential - and where deadly weakness lie that must be overcome. You'll be able to better gauge the size of your opportunity and the treats that may make your idea fail unless they can be overcome.

Collecting and sifting research is work. It requires diligence and effort. But, if you seriously dedicate yourself to this step in your Smart Marketing Plan today, you can save yourself many times the effort - and potential expense - later.

Join us Wednesday when we'll look at my research efforts for the new model business I'm starting as our hands-on example.

And if this article was helpful to you, please ReTweet it or send the email link to others who might profit by it.

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