Market Research

Market research answers the most important question a new business owner can ask: will people actually pay for this? Skipping this is how entrepreneurs end up building something no one wants — or entering a market so crowded that standing out is nearly impossible.

What to Research

Demand. Are people actively looking for what you want to sell? Search volume data shows how many people search for your product or service monthly. Low volume is a warning sign.

Competition. Who is already doing this? How are they positioned? What do their customers complain about? Heavy competition is not automatically bad — it confirms demand.

Target customer. Talk to real potential customers — strangers, not friends. Ask about their current solution, what frustrates them, and what they would pay for something better.

Pricing. What are competitors charging? The gap between what customers say they will pay and what they actually pay is almost always smaller — plan accordingly.