10 Step Program
Session Menu

1. Self-Assessment
2. Business Idea
3. Market Analysis
4. Management Skills
5. Business Planning
6. Forecasting
7. Financing
8. Support Help
9. Venture Launch
10. Monitor Progress
Graduation!

10 Step Venture eMentoring Program™

Session 3: Market Research & Analysis

There must be a market for your goods or services, or you cannot have a business.

A systematic process of market analysis and research will help you to determine whether there is a market opportunity. Identifying who will buy what you are offering, why they will buy, when they will buy, and how much they are willing to pay are just some of the critical issues touched on in this critical step.

This is another step where going to the trouble to gather data and being very honest with yourself is critical to your future success. The good news is that you do not have to be a trained statistician to analyze your market place, nor does the analysis have to be costly. The rest of the good news is that there are numerous resources where you can find the data and that will help you to understand what the data tells you about your market.

In this session, you will now determine whether there is in fact a potential market for your business idea. The first section is an article about why market research is so important along with some ideas about how to get started. The worksheet that follows will help you organize your ideas, and show some questions that need to be answered. There are numerous sources of market data – these are shown, along with links to resources in your local area, all to help you answer this critical question:

Is there a market for my business idea?

Now – on to 3a: Why Market Research & Analysis?

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