You’ve decided that you have a great new idea for a business and you’re excited to launch, but have you taken the time to complete an important and very valuable step, market research?
Many aspiring entrepreneurs, having a great idea for a product or service, fail to take the time to do market research before launching in to business.
Time needs to be spent talking with prospective customers to confirm that the product which you have in mind, is something that they actually need, and more importantly that you truly understand what their problem or need is. This is a key step to ensure that you will be solving their problem or addressing their need with your offering. Many times, there is a discovery that the solution which the budding entrepreneur has identified either misses the mark, or more frequently, the need has not been properly identified missing the mark with potential customers.
It is important to spend time talking with your target market to ensure that you have the need correctly and accurately identified, and then to confirm that the product or service solution to be offered, is actually going to be of benefit. This process may involve frequent return discussions and much ‘tweaking’, but should result in being able to offer the correct solution. However, it may also provide the feedback which lets one know that the perceived need is not as large as anticipated, and that while the idea is good, there is not a sufficient demand to make a business viable. Better to have invested some time, and lost it, as opposed to losing one’s life savings.
Taking the time to ensure that your product or service is what the market is truly looking for is probably one of the best investments you can make in starting your business.