Market Research - Finding your niche

A careful study of the current business market place will help you ascertain the potential viability of your venture.

What does your customer want?

Look. lets not make any of this too difficult. The recurring message of this website is to provide a product or service to somebody who wants it. That is what you are seeking to achieve and you do this by knowing what is currently missing, for the consumer. And you only find that out by researching the market and fully understanding exactly how the market works. Who makes them, who sells them, why customers buy them.

Various names are given to these research stages, by marketing experts so, for convenience, let's use a couple.

 1    DESK RESEARCH:

This is the early point where you gather all the information you can about the market you want to get into.  Magazines. websites, company reports, newspaper business sections, directories and commercial, or reference libraries.   Bring yourself right up to date with what is going on. now. How does that affect your idea? Still original, or is someone already doing what you wanted to do? If they are, never mind; can you improve or change it?   Remember. a successful niche operation can occur when larger players simply don't want to get involved below a certain level. But, you must understand what that level is.

 2    FIELD RESEARCH:

Having done the desk stuff, now you start to talk to people. Survey a typical group of customers- what do they want (that word again), what would they buy and how often, What will they pay, how far will they travel. Suppliers: can they provide you reliably; with consistant quality; and at stable prices. Will you have a choice or could you ever be held to ransom when sales take off? Get their answers in writing, as the basis for a future contract.

Are there suitable premises? What about the competition?(You should talk to them, as well, though obviously, your questions will be more guarded.)

When this information has been gathered, you are in a position to start putting your Business Plan together