Market Research

The questions you need to answer.

Whether you hire a professional market research firm or take on the task yourself, your market research should clearly answer the following questions:

  • Who will buy my product or service?
  • Why will they buy it?
  • Where will they buy it-specialty shops, department stores, mail order?
  • What do I need to charge to make a healthy profit?
  • What products or services will mine be competing with?
  • Am I positioning my product or service correctly? (In other words, if there's a lot of competition, look for a specialized market niche.)
  • What government regulations will my product or service be subject to?

Excerpted from Start Your Own Business: The Only Start-Up Guide You'll Ever Need