Researching Your Market

7. What Does It All Mean?

7.1 Effective market research will show you if you can gain a viable share of the market. But the preparation doesn't end here.

• Your market research is one of the most important first steps. The amount of time you spend doing research depends on the type of business you are starting.
• Don't allocate a fixed timeframe - your research will only be finished when you clearly understand your market and where you intend to position yourself in it.

7.2 Once you are up and running, continuing your research will allow you to keep on top of your customers' needs and ahead of the competition.

• Keep looking out for new areas of growth, whether this is improvement of your product or potential new markets.