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azonic_101 azonic_101 is offline
Newbie
Join Date: Jan 2003
Posts: 1
Market Research

I have an idea for a business that as far as I know has not been done before. I have spoken to friends and family who have all reacted positively. How can I find out if there will be a more widespread need for the service I will be offering as it has not been done before?

Any advice gratefully recieved.
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mattstreet mattstreet is offline
Maven
Join Date: Sep 2002
Posts: 90
RE: Market Research

Hi

Market Research can definately help you decide whether your business would be a good idea or not.
It can be done quite cheaply as well.
It depends on your type of business you are planning to start, is it aimed at people buying things from you, or is it a service to shops etc.
Maybe you could design a questionnaire and ask people/shops to fill it in, in return for a discount or something?, that way, it may give you a better idea or whether they would use your product/service.

Maybe also setup a poll on this forum, and we can then help you out as well - just a thought!!

Thanks
Matt Street
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KevinL KevinL is offline
Entrepreneur
Join Date: Jul 2002
Posts: 46
If it has not been done before then there may well not be any research to give an indication on whether it will be a success. But there may already be research done that shows that your idea has already been considered and those surveyed thought it was a bad idea.

If there is no research you will have to conduct some yourself or alternatively speak to a someone like a professional adviser or possibly Business Link and get their gut feeling about whether it will work or not. With their knowledge about the economy they will have a resonable idea of what will and will not work.
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gary gary is offline
Maven
Join Date: Jan 2003
Location: London, UK
Posts: 95
The first thing you should do is do a search for similar ideas on Google (http://www.google.com) and Google Groups (http://groups.google.com/). Be creative with your searches so you can get as much information as possible.

Next, see if there is a controlling body or organisation in the field your product/service is in. See what stats they have on the market and what products are currently on offer. Same applies to relevant magazines.

Who is your product/service aimed at? Once you've figured that out, do some research on the status of the market - size, growth etc. Stats are readily available through a number of government sites for most industries.

Try to set up a prototype if possible and show it to family and friends. It's a lot easier for them to comment on something they can physically see.

HTH.

Gary

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