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.
You will learn how to work out if your business idea is original or not
Good businesses start with a good business idea. That's fundamental
People are always looking for the best small business ideas to make money.
People in business often have new business ideas. And Entrepreneurial people have more than most.
However, not every startup business idea is a good business idea and not every idea is original or commercially viable.
In the 10 Vital Questions Before You Start-Up Guide, you will learn how to know if your business idea is good and to work out if your idea is original before setting up a small business. It provides small business advice and outlines what you can do if there are similar products out there. It also discusses patents, designs and trademarks and how to work out your point of difference or unique selling point.
If you are looking for small business help or small business ideas, the 10 Vital Questions Guide will help you find out if your idea is good and outlines 10 key steps to starting your own small business
If you are flying solo, it's worth getting some help and expert advice on how to start-up properly. The focus of Start Up Wise is helping startup businesses to launch and grow. Richard Milne of Start Up Wise in an expert in the early-stage development of start-up businesses and how to launch & grow your business. He has helped hundreds of founders commercialise their new business idea and secure business funding to grow their business.