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Startup Advice: Find Your Target Market



Now that we have defined the problem and come up with what we think is a quality solution to that problem, we know need to look and see if there is big enough market for your solution to consider developing a business plan.

How To Find The Size Of Your Target Market

Know Your Market
Visit trade shows and network with other people who are professionals in your niche. This will give you a good grasp on the industry you are trying to enter.

Another great resource is trade publications - they will give you an insight into the industry from a trade perspective.

Talk To People
Wherever you are take the opportunity to ask people what they would look for in the type of product or service you are considering. This will give you a very broad range of potential customers - all with quite different responses.

Spy On Your Competitors
If there is a product similar to yours already on the market why not look at where they sell their product, try and find out how popular it is and find a way to gauge the amount of sales that they have. This will give you a great idea on how big your target market is.

Making sure that you have a big enough market to make your product or service profitable is one of the most important steps in the startup process.

If you get this wrong you may end up with an amazing product with no one to sell it too.

More resources:
http://www.entrepreneur.com/article/226360

Don't be the product, buy the product!

Schweinderl