Conducting a SWOT analysis allows you to look at the facts about how your product or idea might perform if taken to market, and it can also help you make decisions about the direction of your idea. SWOT stands for strengths, weaknesses, opportunities and threats. The current data may be studied, compiled and analyzed in various ways that are appropriate for your needs but it may not be as detailed as primary research. Utilize existing sources of information, such as census data, to gather information when you do secondary research. The last thing you want is to take so much stock in what they say, create the product and flop when you try to sell it because all of the people who said they’d buy it don’t because the product isn’t something they’d actually buy. People who say they’d buy something and people who do are very different. Surveying friends and family isn’t recommended unless they’re your target market. You can use questionnaires, surveys and interviews to learn what consumers want. The first stage of any competition study is primary research, which entails obtaining data directly from potential customers rather than basing your conclusions on past data. Take housekeeping, for example-rather than general cleaning services, you might specialize in homes with pets or focus on garage cleanups. If you ever apply for outside funding, the potential lender or partner wants to know: what sets you (or your business idea) apart? If market analysis indicates your product or service is saturated in your area, see if you can think of a different approach. Most entrepreneurs spend more time on their products than they do getting to know the competition. Not sure what business to start? Consider one of these popular business ideas: Does the franchise model make more sense to you?.What kind of support do you have to start your business?.How fast do you need to scale your business?.Can you sell information (such as a course), rather than a product?.What interests and passions do you have?.
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