Research you need to do before starting a business

[eldavis]

Before starting any business, it is expected you carry out certain research, this would enable you be more successful in your business. Some of the research you need to carry out is your target audience and the level of demand for your products or services. Before starting any business, always ensure there is high demand for your products and services. Another research you need to look out for is your competition. Find out does who are already in this field, their strengths and weaknesses.

 

[Starmix]

Research the right target market is a must before engaging your business. Target market is very important as the source of your business profit. As soon as you already know them start building your strategic plans.

 

[SHAHID987]

I need to study the area, the nearby locality as what is their average purchasing power. Are they interested in purchasing books or copies or most of them are illiterate and they won't purchase it.

 

[eldavis]

Research the right target market is a must before engaging your business. Target market is very important as the source of your business profit. As soon as you already know them start building your strategic plans.

True, most Small businesses today tend to make this mistake. They make research on their target audience after they have setup the business, instead of making this research before the business setup.

 

[Starmix]

True, most Small businesses today tend to make this mistake. They make research on their target audience after they have setup the business, instead of making this research before the business setup.

That is true, they are making a big mistake. It would be better for them to specify their target market so that they can have a thorough launching of their new business rather than to do it first which is crucial.

 

[timewo]

For home based businesses, it is easy for competitors, government agencies to divert or steal orders, so the revenues remain low despite the business owner spending a lot of time and money marketing.

 

[Starmix]

It is a must to do research first before starting your business to know the target market and the needs of the people in the community where your business will be installed.

 

[cherry123]

Yes, research need to carry out before starting a business. Like you stated one need to know their target audience and the level of demand for the products or services.

 

[nomad]

The most important thing you need to consider is whether the product and service you intend to sell has a market or not, you also need to see if the market is over saturated.

 

[Starmix]

It is better to know the target market if they are potential buyers and it will be known through research where we will know the answer. As soon as get the data and the target market is the right answer, then proceed.

 

[Niyi Briggs]

The two researches that are very vital when starting a business are competitor research and market research.

 

[Etini Willie]

Generally, a market research is very necessary to make a business idea take off properly.

 

[Rubz]

Some of the research one needs to do or carry out before starting a business includes;
- researching on if there is need for your product or services in the market
- researching about your potential customers
- researching on competitors
- researching on industry trends.