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?. ![]() Do you prefer to work from home or at an office or workshop?.How much time do you have to invest in your business?.What Kind of Business Should You Start?īefore you choose the type of business to start, there are some key things to consider: You can also sell a digital product so there’s little overhead. Instead, you can take an existing product and improve upon it. Your business idea also doesn’t have to be the next Scrub Daddy or Squatty Potty. Once you have your idea, measure it against whether you’re good at it and if it’s profitable. ![]() If you already have an idea, they might help you expand it. These questions can lead you to an idea for your business.
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