Does your home-based business idea have market potential?

Your home based business ideas need a market to cater too. Market research is golden to the success of your business. The key is to identify a niche and a need in the marketplace. Become an expert in your area and discover whether there is a need for your business.

Those who keep up with technology and effective marketing techniques will come out the winners. Many who cater toward the future trends will have an excellent starting point. Many who don’t will drop out quickly. Some great research tips that I believe are viable for any home office business are as follows:

• Research
- The current and future market
- Product knowledge
- The competition

1. The current and future market are factors to consider during your research. Will the product/service be wanted or needed within the next 5 to ten years? What does the business offer that others don’t?

2. Product knowledge by contacting the manufacturers or local distributors is essential. Find out how long have these products been on the market? Are the products competitively priced? What do the manufacturers’ warranties cover?

3. The competition is a fact of life. If your business can’t compete then don’t start this business. Locate those you consider the largest threat to your business and research how they acquire their customers? What attracted the customers to their products? What could you offer that they could not? Were they willing to reduce an advertised price?

Knowing your market potential is valuable to determine the strengths and weaknesses of your business. There are many information services and resource tools available to aid you in your research both online and off line. The chamber of commerce, yellow pages, trade shows, seminars and of course the Internet are great starting points. The benefits of using the Internet are endless. Nothing beats sitting in the comfort of your own home as you travel the globe collecting valuable information.
Information from all government agencies is available, as well as from competitors, libraries, businesses etc. You can download and print out information without moving from your chair. Also, make it a point to subscribe to newspapers, forum groups, and journals aimed at your area of interest.

Does your home-based business idea have market potential?

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* Articles may be used with permission from Sonia Colon of http://www.myfashionemallblog.net, http://thebizbuzzofalatinamom.blogspot.com & http://scolon1142.avonrepresentative.com/

Comments

Market Survey said…
I chanced upon to view your blog and found it very interesting as well as very informative, i was need such type information, which you have submitted. I really thankful to you, this posting help a huge number of people. Great ... Keep it up!
Hello Market Survey:

Thank you for visiting "The Biz Buzz of a Latina Mom" blog. I'm glad you find it an informative and interesting blog. My goal is to hopefully continue to help people with their own business endeavors.

Please visit again soon!

Sonia

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