You’ve had the idea of what it is you want to do and now can’t wait to get customers on board to buy it from you. Somewhere between these two points, however, you need to create validity for that idea and ensure there’s actually a market for what it is you’re offering.
You don’t need to pay for market research as there are many actions you can do yourself which cost close to nothing. For example, speak with prospective customers and ask if they’ll meet you face to face to gain constructive feedback on your new business and its benefits. When you do, remember to discuss your price point too, because if people can’t afford them, won’t pay or they’re unrealistic, your business will fail.
If it’s a bricks and more shop you’re opening, you could simply stand in the location you’re looking to be based, take notes and understand the footfall of the area. It’s usually best to repeat this at different times of day and week to really get a good understanding.
Remember, feedback doesn’t have to be positive or negative…it has to be constructive which will help you to fine tune the plans for your new business.
Finally, remember that your market research isn’t complete until you have confidence in the range of your findings. The more information you gather, the more likely you are to set up a business that is going to succeed.