Although it is possible to open a business believing ‘If I am here, people will come’, experience shows that this is a high risk route to success. Better to do some research first and find out the answers to some basic questions such as these. Better to be disappointed before bankruptcy than after!
- Who is willing to use your product or service?
- Are your costs going to be less than the value of the product or service to your customers?
- What are the most effective ways of reaching out to your potential customers?
Finding answers to these and other key questions is the purpose of Market Research.
Market Research may seem expensive, but it is much cheaper than funding a badly formulated business idea. Contact us to find out how we might be able to help you to research your idea.