Starting a new business may sound fun and exciting at the beginning, but it can quickly turn into an anxiety-filled living nightmare once you realize that you have no clue who you are even targeting! Many new business owners have all these ideas of what they want their business to be like, look like, sound like, etc.., but then they forget about one of the most important parts of starting a new business, MARKET RESEARCH!
Yup! You would think that market research would be the first thing they’d think about, but you’d be surprised at how many people overlook this.
Your product or your service is the key to whether you’ll make it or break it in your particular industry, but you can have an amazing product and have no one to sell it to, either because you are targeting the wrong audience or you didn’t do your research on the current market.
Thinking ahead is key here, you need to figure out who you want to target and why would those people or businesses want to purchase from you. I always like to refer back to a statement I read once in a Forbes (Links to an external site.) article, “The potential market for your products or services can be defined as the pool of consumers or businesses who would consider purchasing them”, this is gold here, and something I encourage all new business owners to engrave into their minds!
It’s all about finding the wants and needs of your product or service, once you do that you can direct and strategize your approach into the market!