Market Research: Be In the Know
Market research always sounds to me like something a very serious professional with a stern face, large glasses, and clipboard should be doing. But not enjoying. Admit it, it does sound just a little bit dull, doesn’t it?
There are a multitude of things you’ll want to become knowledgeable about before you launch your business, including many operational, financial and legal considerations. Even before you start digging into the details on those very important logistics, however, you need to know that there is a market for the products and services you are thinking about offering.
Solid Business Foundation
I frequently remind entrepreneurs that a business idea without a clearly defined revenue stream is simply a hobby. You need to be able to answer some key questions to know which you have on your hands.
First determine the basic business concept:
- Have I identified a need that isn’t being met?
- Can I clearly articulate a benefit my business offers which meets that need?
These questions lead to a few more you’ll need to answer to resolve the hobby vs. business question.
- Who are my direct and indirect competitors?
- What makes my business different?
- Who are the people who will purchase the benefit I’ve identified?
Each of these questions is important and must be answered. No shortcuts.
Well, you can ignore me and skip them now, but you’ll only need to come back and answer them later. And trust me, that is a HUGE time-waster. Not to mention, money-waster.
Like any journey, you can only make real progress
when you have a clear destination in mind.
Whether you’re just starting out, or have been at it a few years and need to adjust to meet market shifts, be sure you can easily answer these questions. Remember, what you uncover will determine whether you will have a viable business and not a hobby.
I urge you, do not wander! Instead, play the game smart and start out right. Then you can hit the ground running instead of playing hit and miss.
Related posts:
Tips & Tricks of the Trade: Market Research
How to Research Your Market
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