New business ideas research is one of the most powerful tools for creating a new business. As an entrepreneur, getting ideas and imagining possibilities is the easy part, but research can be the difference between success or failure. Creating a business that has real potential and is destined for great success.
Essentially the basic question you are trying to get the answer to is: are there enough potential customers out there who will want the new business ideas, products or services? What can make you different? Can we compete on price to make the business viable?
Ready to dive in?
Start Your Free Trial Today
Don’t just think about asking friends and family but think about an in-depth analysis of your potential new business ideas market; who are your competitors? What new trends are emerging within the industry? What are the forecasts of the growth of the sector and what is the likely direction it will be moving in the future? Be at the forefront with your new business idea…
Now is the time to create a business plan.
New Business Ideas Research Checklist
Creating a business which has real potential.
What type of Business? Service, Product, Online, Real World. Find your niche!
Solve a problem, find things that dont work, cause frustration or inefficient or ineffective in the way they work.
Ideas come from: Problems you or others have, turn day job or hobbies into a business, or take existing idea and apply it to a different industry.
Think of your idea in terms of the benefits to customers
Research: Examine Market and Industry
Evaluating your idea and business concepts
What other products or services are currently in the market and where will your product or service fit.Is it sustainable or dwindling, saturated or under-served?
Is there significant demand or a real need for your product? Determining your idea’s potential.
Google research, and use Google’s free keyword research tool which will tell you how many people use that search terms.Giving an idea of number of potential customers.
Ask friends and family for their honest opinions.
Determine Viability: Analyse Competition
Competitor analysis is critical to determine viability. Order their products and use their services. Where and how do they sell products or what ways of promotion.
What do they do well? Where are they failing? Can you compete with them? Can you do it better or cheaper. Is this viable business?
Market Research: Potential Customers
Where are they located? How will you reach them? How often will they be buying your product / service and why.
Validate Your Idea. Go to where you think your target customers can be found and talk to them. Listening and talking and absorbing suggestions.This can either support your idea to move forward or ideas to adapt to a need or decide not right for you .
Market Analyse: Customer Demographics
Think about your target customer demographics know your customer. How can you make the product most appealing to them.
Maybe create an minimum viable product (MVP) to test the market for your product or service.
Conducting surveys, questionnaires and/ or focus groups.