You’ve finally singled out a great business idea and are now so fired up to launch it. You’re imagining what your store would look like, even down to the detail of what drapes to hang in your windows. You see hordes of people lining up to buy your products and you know for certain that your dream of becoming your own boss will finally come true.
But before you get way ahead of yourself, it would be good to have a bit of reality check. A good way to ensure you’re not just building castles in the air is to take concrete steps to know if there is a market for your business, how big it is, how it regards the product or service you’re going to offer, and the best strategy to reach them. In other words, you have to do market research.
GET IT TOGETHER
While it appears that conducting research is crucial to a business startup, many enterprises have actually flourished without it. Nevertheless, by simply looking into whether or not there exists a market for your product or service could help minimize the risks you will have to take.
“You don’t really need anybody to conduct initial, early stage entrepreneurial style market research that’s effective not only to save on cost but also to understand your market,” says Brad Geiser, director for strategics, creatives, and market research at Geiser-Maclang Marketing Communications Inc., a strategic communications firm that uses the concept of guerrilla marketing to serve clients in the retail, food, service, and other sectors.
What most startups with no resources can do is use guerrilla marketing as a strategy to increase their chances of surviving against the much larger, well-funded, and more established companies. With guerrilla marketing, entrepreneurs can tap their own network to get insights into their business concept and its potential market.