The next step in determining the feasibility of your business idea is to look at your market. Does your idea make market sense? The following area will help you to answer that question.
In order to grow a business, you must know who your customers are, what they need and want, and what price they will pay for your goods or services. The success of your business is determined in large part on how well you have researched your market and come up with a plan for directly targeting it. Market analysis helps you think about your business in terms of how well it addresses the demands of your potential customers. You must have a firm grasp of who your customers are in order to market your business to them. The link below will help you to begin to think about your customers and what it will take to successfully sell your business to them. The downloadable worksheet will help you to think about issues in terms of your specific industry.
Questions & Worksheet
Consider your Market
- Briefly describe the business you want to enter.
- List the products and/or services you want to sell.
- Describe who will use your products/services.
- Why would someone buy your product/service?
- What kind of location do you need in terms of type of neighborhood, traffic counts, nearby firms, etc.?
- List your product/services suppliers.
- List your major competitors - those who sell or provide like products/services.
- List the labor and staff you require to provide your products/services.