As a potential business owner, you must first do your research in the industry you are in to have a competitive edge on other companies in your industry. So how do you do this? You must determine your research by setting up a business plan, specifying in detail how your company will operate, how you will market your product, how you will stand out from your competitors, for example. Once you have vision of direction you want your company to go, it is only then that you can do your research on it. I have a free business plan available to download on my
What do you research to gather the market information to get your direction in relation to your busines plan? Look at some ways that you can gain research through some simple ways:
1. Personal experience -what specific products/services gave you frustration and how could you solve it?
2. Look at who your product or service appeals to. Does it appeal to 14-36 year olds or 45-65 year olds?
3. Does your product or service market a specific activity? Maybe your product appeals to a health concious industry.
4. Talk to customers face to face. Find out if they have a need. If so, is it that important that a customer would pay for it? How much time and money are you saving people and how might they value your product? Do a survey to ask potential customers if they have ever purchased a product like yours and if they still use it.
5. Find out how large your market is for your product or service. You can research this by going to the U.S. Department of Commerce and looking at the 'City and County Data Book". This book is updated every three years and contains statistical information on population, education, employment, income, housing, and retail sales. You can also find 'Reference USA' at your local library which lists similar information.
6. Determine what your market share could be. For example, you can estimate your market by determining what a comparable product/services market share was. If it was say 10% and you could sell about that much too, then you could have a viable product.
Make sure that you have reasonable expectations on your product. Once you do that, you could be on your way to selling your product profitably.
Copyright Jeanine Pfeiffer