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Starting a Business Step 2 - Market Research

Market research enables you to test your idea to ensure that people want to buy your products or service and that you can make a living out of providing it. It is essential for understanding the market in which you are about to compete.The following headings will help guide your thought processes and keep your research on track.

USP

The Unique Selling Point is what will set you apart from your competitors. It could be product, price, quality or service; or a combination. It's what makes your product or service different and stand out from the crowd. 

Customers

It is essential to know exactly who you are selling to. It is very probable that you will be selling to more than one type of customer.

Prices

You need to know how much a customer is willing to pay so that you can create your pricing structure.

Competitors

By finding out what your competitors are doing, you can challenge them on price and service.

Product

It is essential to find out what potential customers think of your product. 

If you are developing a product:

You can find out more about developing a product here

Tips

Market research is not something you do just once. You need to make changes and adapt your ideas based on any feedback and then research your amended idea. Continue the process of adapting and researching until you are entirely happy. 

The following video from the Business Support Helpline offers lots of useful advice.

Useful Links:

Growth Hub providers – help with market research

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Contact us:

Growth Hub engagement officers can offer you up to 12 hours free advice and assistance. If you would like to contact the Growth Hub team or arrange a call back to discuss starting a business click here.