Purchasing market research vs. in-house research

[Nickolas Wrobel]

I am searching for a great market to invest in, and I've been debating between performing my own research or hiring out. One one hand, in-house research would likely save a lot of money. On the other, my research will likely be less accurate than a professional companies (considering I do not have an education in analytics), which could lead to potential losses greater than purchasing professional research. So, is the money saved from researching markets yourself worth the potential risk of invalid conclusions? Any tips?