A Checklist for Start Up Market Research
- Price: £3.60
- Published: June 2015
- Type: Business Information Factsheet
- Format: PDF
Many new business start-ups fail to carry out basic (and in some cases, any) market research before they start, increasing the likelihood of early failure. Thorough market research is essential to help start-ups find out whether there will be enough demand for the products or services they plan to supply once they commence trading.
If you are a business start-up, the more research you do initially the better your position will be when it comes to making future business decisions. To begin with, it is important to answer the following questions before starting up.
- Is there a genuine market for your business idea?
- How much demand will there be for your product or service?
- What trends currently affect your market sector?
- Who will buy your product or service?
- Who will you be competing against and what are their strengths and weaknesses?
- Are there any potential business partners you could collaborate with?
This checklist will help you consider these and the other types of questions your market research should address and suggests some tasks that will get you started with your research.