2017-02-08 00:00:00 Starting a Business English Determine your market prior to building your product will save you time and money, and should increase the odds of your business succeeding. https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2017/06/08214331/Small-business-jewelry-merchandise-in-drawer-on-display-at-office.jpg Find a Market First, Then Build a Product

Find a Market First, Then Build a Product

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There are certain advantages to determining the market demand for a product before building it, and then figuring out if there is a large enough audience. Working in this order saves you time, effort, and money. The majority of businesses fail within the first few years. Although a certain percentage of failures is due to mismanagement, other failures have resulted from a lack of customers. You may have a wonderful product, but if you have not ascertained if people will buy it, your efforts are for naught. A first step is to find an attractive market. This should be large and easily reached by your business. Next, it is advisable to study this market in-depth and the potential competitors you face. After doing this work, you may decide to serve a niche within the market. At this point, you can focus on developing your product or service to reach the core audience you identified. Doing so in this manner helps you make better decisions in the development stage since you have a lot more knowledge about your potential customer base. Otherwise, you have a product that you have spent a lot of time on, which may not have a receptive market.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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