When entering a new market, you need to research. Without planning or knowing what you’re doing, chances are that you aren’t going to make it big. This is the same for most instances, actually. Below are some questions you should ask yourself, and others, before starting something new.
Would you buy it? - If you were in the customer's shoes, would you really pay that price for this product? Is it appealing enough, would it stand out in front of competitors? Would you come back for more? If not, why not? Fix that.
Would they buy it? - Assume whether people are going to buy your product or not. If you think no to this question, re-evaluate why you are doing this. Maybe even ask others to gain a better perspective.
Who already does it? - Check online trade directories, look at who’s offering similar items already. Go into stores and view related items. Does your product have an advantage over these? Look at the size of the market you’re entering, there could be sales everywhere you go for similar goods.
Where is it done best? - Find your largest competitor. Have a look at the most popular selling items in the market, and take note as to how they sell them. Go surprise shopping, there’s nothing wrong with posing as a customer, buying from your competitors and seeing how they do it. It’s a great insight for your future systems.
Is there a market? - It’s extremely hard to come up with an entirely new idea these days, so if there’s nothing that already exists, start to be cautious, and check over everything. Best to let someone else pioneer a similar venture and improve upon it. Or, if you’re very sure and want to start immediately, lucky you!
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