Founder Fundamentals – Market Research

Now that you have your business idea, how do you know whether people are likely to buy your product or service? The answer is the difference between success and failure for your business. You need to know whether there is a market for what you are selling. How do you find that out? Market Research.

What do you need to know about your market before starting your business?

Be specific with what you want to learn so you can gather as much valuable information as possible when you conduct your research

Some questions to start with are:

– What types of people want to buy what I sell?

For example: What age group? What profession? How affluent are they? Do they have children?

– How many of these customers will visit my shop?

– How often will they come in?

– How much will they spend?

– What sort of products do they buy?

– How many of these types of people live within a mile of my shop?

…is there anything else you’d like to know?