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Paisley Hansen

Published on: 21 Dec 2018 by paisley

How to Determine if There is A Market For Your Business Idea

Many entrepreneurs get excited about starting a new business venture, but few properly prepare before launching their new startup. Many entrepreneurs eagerly place their product or service in the marketplace and hope for the best; usually with no real plan or strategy in place to improve its chances for survival.

Starting a business is exciting. But entering into a business venture blindly can be very costly in the long run. Business owners who take the time to perform the proper marketing research, on the other hand, are far more aware of what they’re getting in to in advance. Ironically, many, businesses fail within the first five years of launching their startup for reasons such as this.

If you have a new business idea, below are some things that you should consider before moving forward with your new venture.

Has Your Business Idea Already Been Proven or is it Brand New?

One of the first things that you should do is find out if your business idea is new or if it’s already been proven.

If your business idea it’s new, then no one knows about it but you and maybe a few close friends and associates. So how do you know if there is a demand in the marketplace for your new business venture beyond this small group? To that end, how do you know what to charge or who in particular to sell to? These are things that must be mapped out before ever entering into the marketplace.

If, on the other hand, your business idea it’s not brand new, then the next thing that you should think about is your competition.

Performing marketing research in advance will answer several questions that you may have about your competitors. First, and foremost, you need to know the best place to market your business, both geographically and demographically. It’s essential to perform the proper market research to determine who your market niche is along with your market segment (if any) before proceeding further. And even after you’ve identified this information, keep in mind that your competitors may already be selling to this target audience. Then the question becomes, “How do I capture a portion of this target audience?”

Can Your Niche Support Your Business Idea?

Assuming that you have plans to set competitive prices, how will you determine if your niche can support the products and services that you will be offering? Will this group help you reach your monthly sales goal? Here again, marketing research is required before you can answer this question successfully.

You will need to know what income level your target audience needs to have to support your monthly sales goals comfortably. Addressing this information requires even more marketing research. You also need to know where and how to reach the right target audience. You also need to know where to find them.

Most likely you can find your target audience online; but where? Facebook? Twitter? YouTube? Snapchat? You can locate all of these answers through marketing research.

By now you probably understand why marketing research is so vital for justifying the validity of a new business idea before putting it into the marketplace. You can make critical business decisions beforehand and save on unnecessary spending.

Putting it All Together

Once you’ve gone through this process, you can put everything together and make more informed business decisions. For example, you can better determine the best distribution channel needed for your business. Will you have an omnichannel retail channel with an online digital presence and a physical presence, or just one of them? These decisions are a lot easier to make when you are armed with the right information in advance.

Knowing about your market beforehand also allows you to assess the marketplace accurately and set more realistic expectations for your new business venture before launching.

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