Starting a Business: Research before jumping in

By Pachi | Jul 29, 2008

Market ResearchThe common reason why startups die early is because they didn’t do enough research. Most of them straight away start working, form a company, develop a product etc without doing proper market research. Doing ground work is a must before jump into forming a company and taking the next step. For instance, if you’re of planning of establishing a rental car company that will rival car hire galway and other top notch companies, you should first decide if it will be located near airports, bus stations, and rail stations among others. With this, you can also determine your target market and analyze the impact of the product or service in the market.

By doing ground work you get a clearer picture of the market. You will get to know about:

  • Demand in market for your product
  • Competitive products in the market
  • Market Size
  • Helps you know more about your potential customers

Most importantly, you will know if there is a need for your product in the market.

Knowing the above parameters helps you minimize the risk and must be a part of your “Should I, Should I not” decision making process.

So next time you get an idea, instead of straight away jumping into forming a team, company, taking the next BIG step, do market research, and know more about what you are getting into.


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9 Comments so far
  1. Starting a Business: Always have a backup plan | Arbit Blog August 3, 2008 2:53 am

    [...] First of all, we need to avoid getting into these kind of situations. A proper market research will go a long way. I had stressed how crucial research is in one of my previous posts - “Starting a Business: Research before jumping in“. [...]

  2. Ben @ dBusinessOpportunity February 21, 2009 5:11 pm

    Sure, good points. And if you are in an ONLINE business, then there is one more thing:
    You need to do *Keyword Research* — find the keywords related to your business that you have a chance of ranking for, in the search engines.

  3. How not to lose a Business plan competition? | Arbit Blog February 23, 2009 2:46 am

    [...] already blogged about how important market research is. Market Research must, at the minimum, [...]

  4. Mick June 2, 2009 3:17 pm

    Hey there well i have been looking for this info for a long time it really helpedme run my business better.

    Micks last blog post..Gordon Gekko “Greed is Good”

  5. Starting a Business: Always have a backup plan | rapid-DEV.net June 15, 2009 11:41 am

    [...] First of all, we need to avoid getting into these kind of situations. A proper market research will go a long way. I had stressed how crucial research is in one of my previous posts - “Starting a Business: Research before jumping in“. [...]

  6. How not to lose a Business plan competition? | rapid-DEV.net June 15, 2009 11:43 am

    [...] already blogged about how important market research is. Market Research must, at the minimum, [...]

  7. Beryl July 10, 2009 9:33 pm

    How to plan your Company

  8. Car insurance claims >> http://onlinecarinsuranceclaims.com/ November 24, 2009 1:56 am

    [... - http://www.arbitblog.com is another useful website of advice. Online Car insurance claims [… -

  9. Otomatik Kepenk Adana January 19, 2010 1:55 am

    Research before jumping in? Great information thank you. otomatik kepenk adana

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