Anybody attempting to start a new business without first of all carrying out a market research and some sort of feasibility study might be at the risk of failling.
Market Research enables you to find answers to some of the following questions
- Will you be serving your customers' real needs with your products and services?What are these needs?How much will your customers be willing to spend on your products and services?What is unique about your product or service that will cause customers to choose your product or service over that of your competitor?
- To what industry will you direct your sales efforts?What is the size of that industry now and at what rate is it growing?Have you identified your principal customers?For what purpose will they use your product or service?How significant a competitor can be in your industry?
- How are the selling distribution functions usually handled by your competitors?What are the buying habits of your prospective customers?
- How will selling and distribution be handled?
- How many industries can you serve? With these few tips starting up a business will be more easy than you think.
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