No one can start a business without doing market research first. Well, you can, but you’re risking everything if you don’t consider the market before making a move. The truth is, the needs of your target audience might be very different from what you want to offer, which means they will not be interested in your products or services.
Even if you’re considering franchises such as window cleaning or janitorial service franchise opportunities, the importance of market research cannot be overstated. Thankfully, with access to the Internet, you can find most of the information you need.
No matter how ingenious you think your business model is, there are plenty of information available from existing market studies that will help you decide if it’s worth pursuing. Real estate companies, for instance, release case studies and market reports that inform investors of the current real estate climate and the demand in specific locations. Even the changing food preferences of people in a particular geographical location can be available to you from aggregate websites. The kinds of companies that populate a particular business district will also give you an idea of how much potential your franchise has for success. If you get the timing, demand, and product right, you’ll have a good chance.
Some of the industry research you want can be available for a price, but don’t let this discourage you. There are plenty of other sources that are free if you do a quick Google search. The search itself can already give you some idea of how much demand there is for a product or service, and the search results offer you links to resources you can peruse on your free time. Market research is not something you should do in one sitting to appease your mind. Devote some time to look into all aspects of your business model that will be drivers for success.
Google Trends is an excellent place to start when you’re considering a new business venture. This is especially useful if the product you want to offer is something that hasn’t been done before. A quick look at the trends will show you what customers are looking for, and you can use this as a baseline for how receptive they will be to your business model. You’ll also be able to scope out your competition and use their current position in the market to decide if the business is worth pursuing.
There’s no better way to search for gaps in the market than turning to industry leaders and looking at their current limitations. They’ve already made a name for themselves in a particular industry, but even they can’t address all the market pains. This leaves room for your business to thrive and perhaps also partner with them if you plan your move wisely.
The more research you do before you start a business, the better. Whether you’re franchising or starting from scratch, do your due diligence to give your venture the best chance to succeed.