This guide is intended to help you better understand market research and its importance. It provides information on how to conduct a market research project, specifying several options that are available to you regardless of your market research budget. What is market research? Why conduct market research? When to conduct market research? How to conduct […]
What resources do you need to get your business off the ground?
Developing a solid business plan is critical to the success of your business. A business plan will help you determine how much money you need to start your business. Also, a lender or investor will want to review it to determine your eligibility for financing. Your plan should clearly outline how you plan to make […]
Are there any government restrictions or obligations that could limit your idea?
Before you move ahead with your business idea, you may want to check to see if there are any regulations that may prohibit or limit the sale of your proposed product or service or the operation of your business.
How will you promote your product or service?
An idea or invention is not very useful without customers to buy it! Have you considered how potential customers will discover your product? Some ways to market your product are: Having a website and being active in social media Participating in and attending trade shows, and by getting known through your trade association Placing advertisements […]
How will you manufacture and distribute your product or service?
When it comes time to turn your idea into a tangible product, you will have to decide whether you want to start your own business, or approach other businesses to take on the task of developing, producing, packaging and distribution. Do you have the means and the desire to do it yourself? If you are […]
Do you need intellectual property protection for your idea or invention?
Your idea, invention or product may need to be protected from being copied by others.
Will your product or service be able to compete with those of existing businesses?
Once you find out who your customers are, you will need to look at who else is selling similar products and where they are selling them. Will you be competing with a product that has already been marketed? If your idea is a consumer product, check stores and catalogues or visit trade shows to find […]
Who is your customer?
Before you begin selling something, you need to know who you are selling to. If you haven’t determined who your target market is, you are likely to try to be all things to all people and end up with a product nobody likes or a service that doesn’t meet anyone’s needs. When developing a general […]
Will people be willing to pay for your product or service?
A great idea can only translate into a successful business if people are willing to pay for the product or service. First, you need to determine the target market for your offering. Are you planning to sell to young people or to seniors? Is your product primarily for women, men or both? Is it a […]
Is your idea truly original?
You will need to research your idea to see if it is truly original or whether someone else has commercialized it. Capturing a niche market — one that no one else is targeting — may be more profitable than competing with others who sell a similar product or service. A business expert or mentor can […]
