Market Feasibility and Planning

QUESTION: Why research your business idea? 
ANSWER: To avoid costly mistakes!

1. Does a market exist for your product or service?
2. Do you know who your customers will be and can you provide a profile of your typical customer?
3. Have you reviewed pricing standards within your industry? Are you competitive with those standards?
   Is your business seasonal?
4. Will the location of your business affect your profitability? Have you evaluated the strengths and weaknesses of particular locations?
5. Have you evaluated your direct and indirect competition?
6. Is it necessary to conduct any trademark and patent searches?

TIPS FOR MARKET RESEARCH

• Your market research should be presented in a professional manner.
• Use methods of research which provide measurable results.
• Pay closest attention to the opinions expressed by your target market.
• Be sure that your participants' reactions are based on your product or service.
• Research, Reason, Evaluate, Re-evaluate, Continuous Planning.