It’s a tough question.

One of the most significant factors in causing a business to fail is creating the product/service first, and the market (the need for the product/service) second.

This is the opposite of what many people think needs to be done to create a successful business.

Talented people who have great ideas start many businesses. These folks may be great at what they do or know, and they are often great technicians. Unfortunately, many of them never investigate whether there is a real market (need) for the products/services they wish to offer.

Clever and successful entrepreneurs find the market first.
As the late great Gary Halbert always said… “Find The Starving Crowd”

Discover who needs what, and then they focus on creating or locating the product that will fill that need.

To be successful, you must find out whether or not anyone actually wants the product/service you intend to offer.  If you discover that people do want your product/service, then you need to find out if they are willing to pay for it (and if so, then how much).

The very best proof is to do a “market test” to determine whether or not your marketing message will sell your product.

Many publishers will produce a list of 40-50 different titles for  books that they are thinking about printing in the upcoming months. Ask you select your favorite titles. The response that the list generates helps the publisher to determine which titles, if any, the public might be interested in buying.

BMG music use to do this test, and may still do it: they mail sheets of stamps, each containing a different musical artist. The selections that people make when they return their order form help BMG market the music that is most popular.

Anyway, before spending a fortune on your latest business idea, please make sure there are enough people and interest so you are not wasting your time, money and efforts on a product, service or idea that never had the chance of succeeding.

What markets do you need to discover, and what business ideas do you need to test before you invest in them on a large scale?

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