Market research is the process of gathering and analysing information about your chosen market sector, potential customers and competitors. Thorough market research will help you work out whether there will be enough demand for the products and services you plan to sell.
The more research you do before starting up, the stronger your position will be when making future business decisions.
To begin with, think about the following questions:
- Is there a genuine market for your business idea?
- How much demand will there be for your product or service?
- What trends currently affect your market sector?
- Who will buy your product or service?
- Who will you be competing against?
This guide will help you consider these and the other types of questions your market research should address. We’ll also suggest some tasks to help you get started.