Do your market research
Market research is how you prove there's a real, reachable market — and that you understand it. Knowing your customers, competitors, and industry turns guesses into a plan investors and lenders can trust.
Do this
- Define who your customers are (demographics, location, what they buy and why).
- Study your competitors: who they are, what they charge, their strengths and gaps.
- Estimate the market size and the share you could realistically win.
- Note industry trends and any barriers to entering.
Market Research Checklist
- I know who will buy my product or service and why
- I know my direct competitors and their pricing
- I know my advantages and disadvantages vs. them
- I know my market's size and my likely share
- I know the demographics of my customers
- I know the trends and barriers in my industry
