YOUR FOOLPROOF GUIDE IN RESEARCHING FOR YOUR BUSINESS IDEAS

Date: September 10, 2021

After binge-watching Shark Tank, The Apprentice, and Dragons’ Den for so long, you’re now ready to build your own business. But where exactly do you start? There’s a disparity between already-done business proposals being presented and the ideas still stored in your head, wanting to be unraveled to release its full potential.

This is why you conduct research.

"I’m not well-versed in research!” you might say. Before diving head first into researching, make sure you’ve done due diligence from the ground up. Get started by making a checklist, laying down your ideas, and giving yourself time. Don’t go empty-handed and list everything you want to research on, let your free-flowing ideas run its course, and allow yourself enough time to prepare. Building a business doesn’t happen overnight.

Once you’re all prepped, here’s how you could do your deep dive:

1. Think of your business’ name, then run a scan

Whether you want to create the next big thing or make your hobbies generate income, you’d want a unique and strong name for your business. A pro-tip? Test your business’ name not only with a quick Google search, but also with a domain name search on GoDaddy. Do this in incognito mode so the prices won’t go up by the time you’ve decided to buy the domain!

2. Conduct a market research

Determine who your target audience is and everything else will fall into place. Once you know who you’re selling to, you’ll also determine where to invest your resources in to effectively reach them. This also means you can develop your product according to their needs or wants, making sure that your product or service will be useful to your market.

3. Check your competition

Knowing and understanding your competitors will give you leverage, as it will give you a direction on how to position your business. So look them up, order from them, test their products and services out. Determining your competition’s strengths and weaknesses allows you to work on your own weaknesses, and go beyond your own strengths.

4. Wanna up the competitor check? Do industry research.

Knowing and understanding your competitors will give you leverage, as it will give you a direction on how to position your business. So look them up, order from them, test their products and services out. Determining your competition’s strengths and weaknesses allows you to work on your own weaknesses, and go beyond your own strengths.

5. Figure the gap out

Stand out from the rest. Identify gaps in the existing market and treat them as opportunities. Address what’s missing that would be of value to an audience, and keep on developing from thereon. When you tap into the gap, you’re stepping out of possibly saturated markets.

Happy brainstorming and building!

Grow your business further with us.

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