How do I find market for my business?

Once you have your idea, make sure there’s a market  ready for it. 
You know the idea is solving a problem YOU have, but are there other people who also have this problem?

Step 1: Search keywords

Make a list of keywords, related to your business idea, then google it.

• What results do you get? 
• Details of other businesses? 
• Products on e-com sites? If yes, 
• How many products are listed or have been sold?

Step 2: Identify problems

Check search results for blogs or forum threads from people who are looking for solutions your business idea provides. 

• Do they mention any products/ services that you can improve upon?

Step 3:  Using tools 

Then check those keywords into online tools like google trends, jaaxy, kwfinder, etc.  Look for

• How often keywords are searched?
• Where the searchers are located?
• What else they’re searching for?
• Does the searches happen all year long or just during a certain time?

Step 4:  Search social media

Finally, search your keywords on social media. If any businesses appear, 

• How many followers do they have? 
• Do they get a lot of engagement? 
• What can you learn from the comments customers leave? (Praise or complaints)

Finding a business having the same idea as yours have doesn’t mean the death of your idea. Don’t be afraid of competition. Your business idea doesn’t need to re-invent the wheel. It just needs to solve the problem better than your competitors. 

To figure out how you can do this, list ways you’d improve on what they’re currently doing i.e. List your Key Differentiators.

Your key differentiators may be:

• Can you offer higher quality product or service?
• Can you execute better?
• Can you develop better branding & marketing?
• Can you create a better user experience?

Remember, your business also needs to be profitable, so spend some time thinking how your idea will generate enough money to be sustainable.

Finally, its important to get feedback on your idea. One of the worst thing you can do is keep it up to yourself.

How to get feedback? 

You can get feedback from people you trust, people in your field of expertise, and people who work in the same space or industry as the problem your’re trying to solve. Eg: taking feedback from restaurant/ café managers, waiters or cooks if you plan on opening a restaurant.

Be open to criticism and suggestions, and be willing to have your idea change and evolve. A lot of business begin thinking they’re solving Problem A and then realize that they’re actually solving Problem B.

Coming up with a business idea can be overwhelming. It helps to break it down to small steps. Here’s a to-do lists to help you:

•        Make a list of skills you posses.
•        Make a list of your passions and interests.
•        Make a list of any problems you often encounter during your daily            routine or at work.
•           Evaluate how much time you have to spend on starting a business.
•           Evaluate if you have necessary resources to start a business.
•           Make a list of people you trust to give you feedback on the idea.

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