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How Would You Make Sure There Really Is a Market For What You Sell?



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How Would You Make Sure There Really Is a Market For What You Sell?

Google the search query "small business ideas" and you'll find thousands of articles which will  purportedly provide you with this valuable information. Truth though is while some of the business ideas listed in some of the articles are great, they won't be viable for everyone. 

Before starting a business it is important that you do some research, find out if there is a market for what you'll be selling. Friends and family could be willing to buy what you sell so if you need to evaluate how profitable your business might be, don't pitch your idea to them. They'll probably motivate you to "go for it" which won't be of much use to you in the long run.

Track down your potential customers on social media or even in the real world on the streets and ask them if they would be willing to buy what you want to sell. This way, based on the information obtained you could estimate your potential sales and profits helping you decide quickly whether it will be worth it to start a particular business. 

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amelia88

I think one of the biggest things is researching any competitors to get a feel for what they’re doing and what they’re selling.

Hard to do though if you’ve got a groundbreaking product in a new industry though.



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Alania

@amelia To be honest with you Amelia, I think you're right, but in part. Because competitors could be mistaken, and therefore it could end up with failure. Unless obviously you're checking on the popular competitors, then it's an entirely different story. But you gotta understand, that our and their budget limits and options are different.



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emiaj55

I think you have a good point there. We should always take into consideration our and our competitors finances in marketing. Still, it is still good to check out your competitors and how they do things. That way if you have a lesser budget, you could plan around their marketing strategies. This way you could device a marketing strategy that could compete with them on a lesser budget.



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Youngshark

This sounds like a line straight from the book "The art of war ". It details the strategy that helps the best commanders win wars and it can apply in business too.



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Martinsx1

This is absolutely true and I completely agree with you on this about getting to know everything about your business products and services competitors because it's when you are well aware of whom you are sharing the business customers with and what he or she brings to the table that you would know how to counter the competition and come out on top.



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stbrians

I want to begin selling Amazon and eBay products and need to research for more information. Researching produces good fruits.



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Enyi

You're right we can deduct from other sellers how they are doing with the product.if the product is really flying we can uniquely follow their means and maybe add a bit of creativity to it.



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NerdIndeed

This. Study competitors and look at the performing ones then try to copy what they do while also bringing something you came up with, mix it up. This happens a lot in e-commerce, especially in the product research phase.



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menchuuy58

I agree with you. One needs to do a research first before launching to any business.



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iambeth

Know the offers your competitors are giving to clients and provide a better one like making products more affordable or give special discounts. It will lure more customers to buy from you. I like how competition benefits consumers.



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Kakashi2020

There's a market for any kind of product made. There are three important factors to consider and that is:
1. The products Target Market and it's size.
2. Most effective way of tapping the market.
3. The Markets response to your product and alignments if any.



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stbrians

The product target market. How big it is means worldwide for me and my products.

now the problem is how to tap into the market. It is hard. Offer some tips.

How will the market respond? I do not know



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cmoneyspinner

  • Sometime I ask family and/or friends if they would buy a certain item.
  • For sure, I check the social networks to see what's being advertised and what the buss is about it.
  • If it is a certain site where I want to market my products, I check it to see how many people are already on it trying to sell the same thing.



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stbrians

Sometimes you sell online and these options do not apply. What do you do? I would like to sell Amazon and eBay products. How will I be sure of the market?



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overcast

I think asking friends and the relatives and their friends to visit specific page. And then having affiliate links on that page is a good idea. I have seen that work out. Though that may not work for all though. Because some people prefer to visit the site directly.



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davedaot04

Right on, that's what I probably do too, and really just think about, "Is my project really necessary for everyday life?" Does people really want to buy my product because they need it or they need to rather than they just want or might not want it.



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Jeane

I think one of the biggest things is researching any competitors to get a feel for what they’re doing and what they’re selling

This most certainly will get you answers very quickly. And if you get to know who your competitors customers are, all you have to concern yourself with after that is convincing them to try your services or offer them discounts so they can buy what you sell.



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Alania

I'll obviously as the first priority will analyze the market and the desires of people. Being among the people of the society I know what they crave for. Usually, one of the best ways is to have many friends on Facebook and see what are they discussing. People in my country want either new devices or unique fast foods. I'd say it's cheaper to go for the 2nd option.



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Martinsx1

Exactly! It's the reason why conducting a market research would be very important to any new business because it would give you all the necessary information needed to put the business through the proper channels which would let you get the best out of your online business.

Operating your business without appropriate information would be like running the business blind.



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stbrians

Needs and demands of people is also a factor. With demand comes to supply and we are in business.



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Enyi

We can even carry out a survey I know my friends on Facebook will love to filled out a survey to enable me find out what they really want to buy. I have a group also could also discuss in the group.



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knnon

Usually when starting out, only a few family and close friends will ever buy any of your products. You'll have better luck with strangers. I don't know why this is so, but it's what I've noticed a lot.

Researching the market and competitors is a good advice. This usually gives you a head start specially when you've just started out.



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emiaj55

I have notice the same way. Well it actually depends on whether you are selling products or services. When you sell a product, usually some of your family would buy once or twice. Depending on the quality they might or might buy from you again. You have greater chances with friends but it is the same case. It all depends whether you are selling goods. If not after a while they would even try to avoid you.

When you are offering services on the other hand, you would have better chances with strangers than your friends and family. Those who are close to you may see you and your service as something out of quality, that they would rather go for other's services than your own.



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stbrians

Starting a business is not butter and bread. It is something quite difficult to do. Yet we have to and soon become masters.



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Alania

That's a good prospect. I gotta say, that starting to sell your business inventory to relatives is a good idea. But you can't sell it to your own family, it sounds kinda wrong. There might be hard feeling about it from both sides. Perhaps ask about the friends of your friends. Sounds better.



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knnon

Exactly! Sometimes even relatives ask for unfair discounts. And it's so hard to say no to them. Yes that's true, friends of friends would be best to ask, even strangers honestly would make better customers.



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iambeth

I agree that family ask for absurd price cuts. And sometimes your family would buy for their friends. Makes you question if they're really on your side. LOL.



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knnon

Sometimes you don't even need them to buy anything, but just have them tell people about your business. That's honestly a lot of help already. But sometimes it seems even that is hard for them to do. And you're right it does make you question who's side they're on! How Would You Make Sure There Really Is a Market For What You Sell?



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Martinsx1

The social media sites are very correct platforms where you can easily seek out potential customers for any kind of business you want to start up.

All you need to do would be to know how to target your business clients and get the most appropriate clients traffic to your business.



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Barida

There is a note of warning when we are trying to make use of the social media and that is the fact that potential rivals may use this opportunity to spy on what you are doing and use better resources to better you on that.



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stbrians

I find it hard to target audience in social media. It is a good place to find a market. Social media us a good market though.



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luv2xacosta

There are a lot of factors to consider when putting an online business. You're correct, one should know first who are your prospect clients and how are you going to deliver it to them? Doing a business is not an easy thing, if you want your business to be a success always know what the things that works best for you.



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Corzhens

When you have plans of putting up a business of selling products, you need to do a market study. That is where you will find if there is indeed a good market for your intended products. With the internet you can perhaps make a search of the stores that sell your intended products and if there is no store selling it then that is a unique product. You can also do an informal survey in the social media so you will get the feel of the general public at least inside your network.



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overcast

I agree doing market study is what makes the idea work more effectively. You can see that many of the market studies are a bit harder to work around with. So in order to experiment with, you have to test with different ideas.



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Barida

This is a great way to start up a business. An example is when one is trying to start a chill drinks business and situate the business in a place of residence, you will notice that there won't be much sales unlike when it is closer to a market place where many people will be in need of it.



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kaushikangara

These are useful tips. Researching on the availability of people interested in your business and the profit that you can generate out of it is the most important thing to do. Also, make sure you have enough capital to start off with as there be situations where things might go wrong and you would need a revamp or a start over. Marketing your business is also equally important. Use powerful tools such as social media and Youtube.



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stbrians

There Are so many factors one needs to consider when starting or running a business. You have to be alert and change when things become difficult.



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Enyi

To capture a market share one must look out for it's target market and get them a quality product then go on persuasive advertising to create awareness. When once one know what the people wants then marketing the needed products will be very easy.



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JBeleren

I think being in tune with the times and knowing what is needed by the young adults is a good practice to know what is relevant business wise. This demographic are what makes something trend nowadays and getting the pulse on what drives them and makes them tick would be highly beneficial for anyone who wants to sell a product.



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kaushikangara

I agree with you. Targeting a particular demographic area is a good choice. Sampling will definitely help people know that you are about to launch your product and you get necessary feedback from people about how the product is and whether they would like any changes in the product.



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antonToledo

Starting a business is not an easy thing to do. In business, there is a saying work now and be paid later and results won't come that easily. When you start a business make sure you have enough business skills and knowledge. My advice is to look for business models that had been proven to be effective it is easier that way than to form the scratch. Marketing your product is also a key to a successful business you can easily do this by using social media, but all the technicality would be useless without this to the most important thing and that is perseverance and hard work.



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stbrians

A person starting the business should be bold and persistent. Nothing comes on a silver platter. One had to work towards success. Business is like that.



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jaymish

I think that the new frontier for market research is social media. I think that sites like Facebook and Instagram can show you how popular an idea is by the number of likes and views that an item receives. Off course you will have to do other additional research but I think that social media makes a good starting point to do your market research.



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burgosmichael24

A feasibility study or a market research will help you in that problem. You should know first that your product is based on needs. You should also make a research on your target market online and offline. Study their needs, their way of spending and their power of spending. Study on your competitors. Study their strength and their weaknesses. Make your own SWOT Analysis. These things can help you in starting your own business.



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stbrians

Feasibility study is easy offline. How do you do it online? I think this one will bring results. Am sure if this.



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rlpzbeermoney

I would do a test run of the product and see how it goes from there. Similar to a restaurant doing a soft opening before opening full time. Trial and error plays a big part if you don't have means to a feasibility study. You may risk losing money but hey it's to know the market.



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stbrians

Running a test is the only way you can know about the market. I used to make and sell homemade Yogurt. I just did a test for the market and found a good market. It was a lucrative business. I used to make about $500 as profit a day. When I became sick I left the job. That is the problem with a sole proprietorship.



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Kakashi2020

Before a product is released into the market or even during its conceptualization there are viability tests which it has to pass. After that a market test or product testing is done to see if there are changes to be made just to ensure that it would have a good reception to the market.



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menchuuy58

I am really sure I have a market to sell my product. For example in food business, there will always be a market for it. People daily needs to eat food.



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Jeane

in food business, there will always be a market for it. People daily needs to eat food.

Location is rather important for a food business I believe. Assuming that you desire to open a restaurant then you'd need to find some place where it will more likely to attract customers.

A restaurant in a residential area may not perform that well because people there are less likely to eat out. If it is in town, close to an area where lots of people work or have their businesses, there's more money to be made there.



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davedaot04

I would make sure it would sell in the market by searching about what I should sell and see if it's the demand of the People if this is something that people needs to buy rather than just want to buy. For me most of the people buy the things they buy because it's necessary or for others because they just love it and they maybe rich.



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