2. Can you clearly identify the people, or companies that may buy your product? That is,
do you know who they are?
3. Is the market big enough?
4. Do you know how you are going to reach potential buyers?
5. How much will it cost to reach the market and can you afford it, given your profit margin?
6. Do you know who your competitors are, and are they servicing the market need well enough?
7. Do you fully understand your competitors’ strengths and weaknesses?
8. Is your unique selling proposition strong enough to allow you take a share of the market away from the competition?
9. Do you know what price the market will bear?
10. Can you make a large enough profit, based on the information you get from your market research? So, you’ve done everything above. Now, can you answer the following ten questions? If not you still have a little more work to do before deciding whether the business idea you have will actually have a chance of being successful.
2. Can you clearly identify the people, or companies that may buy your product? That is,
do you know who they are?
3. Is the market big enough?
4. Do you know how you are going to reach potential buyers?
5. How much will it cost to reach the market and can you afford it, given your profit margin?
6. Do you know who your competitors are, and are they servicing the market need well enough?
7. Do you fully understand your competitors’ strengths and weaknesses?
8. Is your unique selling proposition strong enough to allow you take a share of the market away from the competition?
9. Do you know what price the market will bear?
10. Can you make a large enough profit, based on the information you get from your market research?
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