POVLITZ Inc | Business and Entrepreneur

Before you jump in, indeed before you do anything, you first must figure out if there is a market for your proposed business. The first law of business is (or at least should be): You must fulfill a market need. If there is no one around who wants or is willing to pay for your proposed product or service, your business will fail; it is as simple as that. So before you name the business, or get a business license, or take out an advance on your credit card, you need to do some market research.

Is there a market for a woman-oriented bookstore in your neighborhood? Market research will help you find out. Analyzing the market and industry is a way to gather facts about potential customers and determine the demand for your product or service. The more information you gather, the greater your chances of capturing a segment of the market. That is why youneed to know your potential market before investing your time and money in any business venture. You don’t want to waste time or money on a bad idea.

In essence, you must ask yourself whether anyone wants or needs your proposed business. In addition, it is equally important to research your potential competition, and the industry in general, so you can have a good idea about what you are getting into. By figuring out your potential market, your likely competition, and how you will stand out from the crowd, you greatly increase your chances of success.

There are several methods you can use to gather the market information you need. The following descriptions of some of these direct and secondary methods will help you decide which methods may be best for you.

To be Continued…..