how to conduct market research to start a business

[Deleted member 62515]

it seems that in order to even begin to think of an idea for a business you need to see what the market wants
how do you go about doing it?

 

[hilley]

Affiliate to a e-product and pay with a skimmed card

 

[RVLclassy]

depends a lot on what the product or service in question is, care to provide more information?

 

[Deleted member 62515]

depends a lot on what the product or service in question is, care to provide more information?

no idea
thats why I want to conduct research to see whats desired in the market
so I can begin formulating an idea based on that

 

[slayer69]

I will tell you.

First off, you have to understand what you're essentially looking for is Data, so that you can visualize this data and make observations. From these, you want to draw inferences and based off of your understanding of the inferences, you would like to make business decisions.

I have to appreciate you here since you're asking the right question.

Naturally Data is everywhere, and that leads us to different quality of data sources. The highest quality data source is what we would like and that is what you should always refer to.

Given this, you have to first ask what market you are going to research. Is it technology? Is it Biotech? Is it real estate? What is the market you want to research and extract inferences from?

There are lots of data platforms that specialize in particular industries. Unfortunately, most of them are paid, as with anything high quality. Most of these companies however do publish year-end trends and sometimes free reports time to time, and I highly recommend reading them thoroughly.

Once you've gotten the general idea, it is best to go 5 steps ahead and validate this information yourself. Who are the key players? what are the key players in the industry working on? Is it in accordance to what the reports said? What are some outliers here? why are there outliers here? Does the industry need any more of it?

Asking yourself questions and performing a thorough analysis is key.

Good luck

 

[Deleted member 62515]

Given this, you have to first ask what market you are going to research. Is it technology? Is it Biotech? Is it real estate? What is the market you want to research and extract inferences from?

thats the thing lol I was hoping to find a way to do market research to the most valuable and least known markets
so then I can do market research into that market

 

[slayer69]

thats the thing lol I was hoping to find a way to do market research to the most valuable and least known markets
so then I can do market research into that market

There's lots of things you can look for. EBITDA multiples by Industry Reports, Trends in xyz from Journals, the possibility is limitless. it is a matter of research question.

You can make money a million ways, but you don't want to be in it just for the money you have to pick something you enjoy and genuinely love.