How To Get Started With Market Research and Evaluate Business Opportunities
In this episode of the Startup Daddy Podcast, I talk about how to conduct initial market research to determine of there is a market or potential market for a particular product or service. I also talk about some ways to evaluate an opportunity and some tools I use for market research.
Today’s feature segment is about research. Specifically market research. You have an idea, and you need to determine if it will make you money. The first thing you need to do is determine of there is a market for your idea. In other words, PROSPECTS.
I discuss ways to use Google Search, website keyword tools, Twitter, and others, to determine if there are people looking for what you want to sell.
The websites I talk about in this episode are:
The Google Adwords Keyword Tool
Let me know what you think. What are some tools you find useful to get a lay of the land for your market?
Listen here:
Thanks for producing this great resource. Your style of presentation is a pleasure to listen to and I just get the feeling I am chatting with a friend whilst learning from that. Keep it up Ian!
Thanks for the useful info. It’s so interesting
Sorry for the link to my blog, I work as a maintenance person/volunteer Chair of a trail commission/ dad of a 1yr old/ partner to a great woman and I just put the baby down for a nap and happened upon your site while searching through iTunes. I have to say that starting a business is on the horizon and I have a few inklings of ideas so I need to keep developing them into a reality of sorts. The time and energy factor is really a big issue. Just getting your head straight and down to a project is an issue. Anyway, times a wasting I like the set up of your blog. I’m downloading a few podcasts now. Thanks
Hi Justin,
1st- No need to apologize for link. It's common practice and perfectly acceptable. I'm glad you have decided to go down the path of starting a business. I know all too well about the time and energy issues. First, make sure to keep all of those ideas in some document- Call it, “Business Ideas” or something (I use a Google Doc). Write them all down. You never know which one is going to rise to the top. For time, try to get a consistent thing set up if you can. Work it out with that great woman to have a hour or so every day at a certain time, to think about and work on your business. If you wait for that “down time” it will never come. If you get something going, you will need much more time, but just get the ball rolling to get used to taking some time to work on just your business ideas.
Good luck!!
Hi Justin,
1st- No need to apologize for link. It's common practice and perfectly acceptable. I'm glad you have decided to go down the path of starting a business. I know all too well about the time and energy issues. First, make sure to keep all of those ideas in some document- Call it, “Business Ideas” or something (I use a Google Doc). Write them all down. You never know which one is going to rise to the top. For time, try to get a consistent thing set up if you can. Work it out with that great woman to have a hour or so every day at a certain time, to think about and work on your business. If you wait for that “down time” it will never come. If you get something going, you will need much more time, but just get the ball rolling to get used to taking some time to work on just your business ideas.
Good luck!!
There is some real gems in this audio you posted. Thanks so much my Amigo!!