Identifying An Opportunity

The first thing you do when you set up a business is to identify an opportunity.

When you have decided on a product / service you need to investigate the market:

• Is there demand for the product ?
• Is the idea profitable?
• If it can be easily manufactured / provided?
• If you will gain customers from your competitors

Market Research

• Market research is the process of gathering and analysing information about customers and market needs
• This enables you to find out the wants and needs of customers
• Initially look at sources of secondary research about the market
• Then you would use primary research to find out about your specific business