Section 3: Choose a Product or Service to Promote
Step 2: Market Potential
Step 2: Is there a market for my idea?
This is very easy to get lost here from the very start. Many people, myself included in the past, have come up with a great idea, invested some money and a lot of time in trying to sell the idea, only to find that no one was buying. You’ve likely heard this story before. Well, I had heard it before, too, and I still made the mistake. Please, please, please, don’t do this to yourself.
Here’s the easiest way to find out if people are interested in your product or service.
There are two ways to do this—the expensive way and the free way. The expensive way is to hire a research firm to do the work for you where you spend thousands of dollars and they write a report. It’s likely not necessary.
UPDATE: Go to www.dmoztools.net. It is the largest human-edited directory in the world. Type in a category that you’re interested in or you are passionate about and look for forums. Type in “beauty forum” for example. You want to find out if people are talking about beauty tips or are interested in it.
If you have a category that you want to start a business in, but no one is talking about it, then you’re likely going to fail in that business. If there are forums, there is a market because it means that there are people out there that share a similar set of problems and they are looking for solutions.
From your investigation of the above website, submit a 1-paragraph summary in a Word document to show proof that there is a market for your idea.