S1.Ep4: How to Perform Basic Market Research for Your Business Ideas - a podcast by Kae Gruner

Business & IP lawyer Kae Gruner is talking today about how to perform market research for your new business or side hustle. Market research is one of Kae’s 9 Key Business Launch Milestones to get your dream hustle from bright idea to business launch. (Startupheartup.com/milestones for more info...)
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Are you ready to get that gorgeous little daydream out of your head and onto the page, and then into the marketplace?

To give you some context for this episode, here are the 9 milestones:
1. Mindful Ideation
2. Market Research
3. Product Development
4. Pitch Perfection
5. Intellectual Property
6. Legal Protection
7. Brand Creation
8. Marketing Strategy
9. Launch Party!

So, on the market research... WHY go to all that effort? Well, sometimes a great idea just feels RIGHT! Some of us are so in tune with our gut feelings, that we feel justified to move in a certain direction without looking into it further. But, a good saying to remember when making big business decisions is this: “trust, but verify”... All to avoid over-investing in the wrong direction, which saves you precious time & money! So first things first:
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Identify the industry that your business is in, and then determine what niche you are within that industry. Put on your Google hat and investigate how that market is growing. There are in depth paid reports, but you can usually find a few good free summaries to give you a basic idea of market trends. ⠀
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Then, make a list (& update it regularly) of all the major players in that industry and niche, and write down all of their products that are similar or relevant to yours. Make notes on the pricing, promotion, and volume of engagement with customers on social platforms. ⠀
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Also, compare your products by key features and benefits, and see how you fit in to the market and how you can be differentiated. ⠀
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Taking basic steps like these can help you feel confident about pursuing new business and product ideas! If you have an exciting idea, and you’re wondering if it’s commercially viable, take out quiz at startupheartup.com/newbizquiz (Will Your New Business Idea Succeed or Fail?) ⠀
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If you are ready to start your new business, check out our Idea to Launch Business Planning and Strategy Workbook for Entrepreneurs at startupheartup.com/products ⠀

Further episodes of Start Up Heart Up: A Cozy Podcast Home for Everyday Entrepreneurs

Further podcasts by Kae Gruner

Website of Kae Gruner