Why You Need to Conduct Market Research Before Commencing Development of Your Start-Up Idea
You will learn about the importance of market research
Before you invest your time, money, and resources into pursuing a new start-up idea, you ensure that you know who your target market really is, you need to ensure that your planned product or service is in demand, and you need to understand how much people are willing to pay for your product or service. The willingness to pay might also depend on the style of payment - subscription model, compared to outright payment. Free for basic functionality or services, with payment only required for better or additional services (a 'freemium' model).
It is important to get answers to these questions before you invest too heavily with your time and money. After performing market research you should have clarified whether there is a large enough pool of prospects who’re willing to pay for your product or service. An added benefit is that you may uncover areas where the competition is lagging behind, which you can use to your advantage to stand out from the rest.
The focus of Start Up Wise is helping startup businesses to launch and grow. We're Start-Up Experts in how to launch & fund your business. Richard Milne of Start Up Wise in an expert in the early-stage development of start-up businesses and has helped hundreds of founders to secure startup business funding.
In the 10 Vital Questions Before You Start-Up Guide, Start Up Wise founder, Richard Milne, outlines the five critical early-stage phases you need to get completed before you attempt to raise serious funding for your startup from investors. He also provides some insight into what investors are thinking about and looking for so they can make an informed decision prior to investing in a new start-up business.