Why You Should Conduct Market Research

Canada Goose sale Starting a new business without a Startup Plan is like traveling a canada goose uk outlet winding road at high speeds with a blindfold on: it’s exciting for a mile or two, but you will quickly slam into an assortment of unforeseen obstacles without ever reaching your final destination. Even if you survive the ride, you’ll always regret the journey. Canada Goose sale

The very first step on any Startup Plan should be to conduct market research to validate your idea.

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Canada Goose Parka It’s odd how many of my business analogies end in the horrific death of the entrepreneur. Odder still is that conducting market research is something that many entrepreneurs either forget to do or more often than not, choose to ignore. Canada Goose Parka

canada goose clearance sale The problem is they’re afraid their market research Canada Goose sale will tell canada goose factory sale them canada goose store what they don’t want to know, that their big idea their baby ain’t so cute after all. They fall victim to what I call “Ugly Baby Syndrome.” canada goose clearance sale

canadian goose jacket It’s a tough pill to swallow when market research tells you that your baby is about as attractive to the buying public as the Canada Goose Online south end of a north bound mule. That’s why many entrepreneurs choose to ignore the results of market research and plow ahead as planned; fooling themselves, their families, and their investors, believing that they know the market better than the market knows itself. I buy canada goose jacket cheap have Canada Goose Coats On Sale a word for these entrepreneurs. They’re called “idiots” and the world of business failures is full of them. canadian goose jacket

canada goose black friday sale So why is conducting market research such an important step in the startup process? Because well http://www.canadagoosesalesus.com conducted market research can verify whether or not there really is a market for your product or service, period. canada goose black friday sale

If there is a verified market, great, forge ahead. And if the research shows a problematic market that you’d be best to avoid consider yourself lucky that you found that out before mortgaging the house to start the business.

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Canada Goose Outlet A market should canada goose black friday sale be hungry for the product you’re selling; otherwise you will find yourself trying to sell a product to an apathetic market that has no use for it. I equate it with trying to sell houseplants to homeless people; there’s just not much of a market there. Canada Goose Outlet

Canada Goose Jackets I can’t tell you how many times I’ve consulted with startup entrepreneurs who think they have canadian goose jacket a “can’t miss” business idea, but their opinions are based on their own emotions, not on real world data. They’re in love with their ugly baby and won’t take “no market” for an answer. Canada Goose Jackets

Just because you love your product does not mean the masses will. So conduct your market research thoroughly, honor the results, and adjust your plans accordingly.

canada goose deals So how do you conduct market research? Thanks to the Internet it’s often as easy as going to your favorite search engine and typing in the name of the product and industry you’re interested in. You should find a number of industry organizations and associations, many of which publish statistics about their industry and make them available free or for a fee. canada goose deals

Canada Goose online In the case of my retail business I found an industry association that supplied me with excellent market and industry data for a few hundred dollars; which saved me tons of canada goose outlet time, so it was money well invested and the data was much more in depth and well researched than anything I could have come up with on my own. Canada Goose online

canada goose clearance The government also publishes market and industry data and it’s usually available for free (hey, you paid for it on the front end with your tax money). You can also find information on industry related forums, message boards, search engines, forums, uk canada goose and newsgroups. canada goose clearance

canada goose coats on sale And don’t forget to research your competition because there is much you can learn from them. canada goose coats on sale

canada goose I did on the ground research by going into Canada Goose Outlet the stores Canada Goose online of my future competitors canada goose coats on sale and noting things like selection, pricing, cleanliness, and customer service. Doing that canada goose uk shop helped me validate my theory that the market I was contemplating would support a bright, clean store with fair prices and excellent customer service. canada goose

buy canada goose jacket Localized market research can also tell you whether the area where you’re planning on opening your business is sufficient enough to support your efforts. buy canada goose jacket

buy canada goose jacket cheap You may canada goose have a great product with Canada Goose Parka a viable market, but not on the street where your store will be located. Localized market research will help you locate your business in the optimum spot. We’ll talk about that more in an upcoming column on scouting and choosing the perfect location for your business buy canada goose jacket cheap.