Market research enables you to collect accurate, current data about your customers, competition and market. It’s the most effective tool you can use to validate your project’s potential.
A few questions you should answer:
- Are you knowledgeable about the sector in which you are launching your business?
- Is there a demand for your product or service?
- Who is your product or service designed for?
- Who are your competitors in the target market? Is there space for you in this market?
- Will the project be profitable enough for you to make a living from it?
Solid market research will allow you to measure the demand for your product or service and make adjustments as needed.