Series: The fundamentals of starting a business – 1. Market Research

Topic 1 – MARKET RESEARCH

Everyone’s assumptions on starting a business is that you have to have a specific skill set, a degree or a large amount money to start with; but even with all that, a business can fail. So we’re going to discuss what you do need and dissect how to go about getting it.

Working of the basic “build a business” starter kit, you have your idea and then what? The first question would be; why would that specific business idea work? Is there a need? What is my target market? (Who am I trying to sell too?) And what do I need? All these questions can be answered by our first topic of discussion.

 Market research

  • The need or starter

Identifying a need is usually the kick starter to many businesses. As discussed in Entrepreneur.com (https://www.entrepreneur.com/article/325922) the focus is how to identify business ideas that make a difference, after all if you start something that is intent on making a bigger difference, whether it be making life easier in a way or creating an environmental change, you need to have an idea worth the effort. The article goes on to list 5 ways to help ascertain what would be a worthwhile business opportunity and that is the first step in market research.

  • The backup and its importance

The next step after identifying a business idea you feel fits your motivation and passion for change would be how do you determine if it will have the effect you want, what kind of target market you would attract, the necessary tools or initial funds you’d need? This is where your research begins.

Read up on businesses with the same or similar end products, researching their target markets and types of people their products attract, how to simplify the sales and delivery process (to make you stand out), do basic surveys and use the unbiased feedback to work on the rough edges of your larger idea and fine tune the basic idea. (Make it unique to you).

For more great and insightful tips and suggestion on how to research your business idea effectively, click below: https://entrepreneurhandbook.co.uk/how-to-research-your-idea/

Photo credit: https://www.hotjar.com/blog/market-research/

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