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That’s a Great Idea, but is there a Market?

March 28, 2013

Daily Read – That’s a Great Idea, but is there a Market?

So you’ve come up with the next big idea–in this case, an eco-friendly rubber chicken. Before you walk into your boss’s office to say adios, make sure there is a market for your chicken. Here are three simple steps for every aspiring entrepreneur to quickly ascertain whether your chickens will come home to roost.

  1. Google Search. Doing a simple keyword search on Google you can see if potential competitors are paying to have ads in Google’s sponsored results. This will tell you whether there is a market for the product you are researching. Generally speaking, the more ads that show up the larger the market is. Obviously this only holds true if there is a similar type product/service already on the market.
  2. Price Points. The next market research you should consider is the price points at which your potential competitors are offering their goods or services. You will be able to determine your profitability in the industry.
  3. Distinguishing Your Goods or Services. One final aspect to consider – how will you win the battle for business? What is going to set you apart? You need to determine what makes you distinct – so you’re not just another face in the crowd.

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