How To Find A Marketable Product or Service
How To Find A Marketable Product or Service
You've had an idea but aren't quite sure what to do next, or how to find a marketable product or service to enable you to work from home or to be your own boss. First, you must do lots of research, as the saying goes "Slow and steady wins the race".The more information you can gather about the potential demand for your product or service, about your competitors, about the needs and wants of your prospective customers, the more successful you are likely to be
Some of the questions you may ask yourself when looking for a marketable product or service include:
Is your product primarily for women, men or both? Who is your customer?
When developing a general profile of your customers, you might want to define them by their characteristics such as:
* Age, usually given in a range (20-35 years)
* Sex
* Marital status
* Location of household
* Family size
* Income, especially disposable income (money available to spend)
* Education level, usually to last level completed
* Occupation
* Interests, purchasing profile (what are consumers known to want?)
* Cultural, ethnic, racial background
Will your product or service be able to compete with existing companies?
Where and who else is selling similar products or services. Will you be competing with other marketable products or services that has already been marketed? You will need to conduct some product or service research.
How will you distribute your product or service?
To distribute, you can either start your own company or try to convince an existing company to buy your product or service. It may be easier to start your own business than try to convince another company to distribute your product or service. Many potential buyers are more willing to deal with a company as a supplier than they are to take on a product or invention from an independent person.
How will you promote your product or service?
A product or service is not much use without customers to buy it. How will customers hear about or find your product or service? Some ways to market your product are:
* Business website
* Trade shows, provide deals or free sample
* Advertising in newspapers, on the radio or on television
* Distributing brochures
* Social networking, such as Facebook or Twitter
* Car banners
* Blog
* Word of mouth
* Business cards
* Business postcards
Sometimes you might need to find help from a professional to help get your business off to a great start and for you to learn effective marketing techniques; especially if learning how to market a product or service is new to you or maybe intimidating.
Do you need intellectual property protection for your idea or invention?
Your idea, invention or product may need to be protected from being copied by others. Contact copyright and intellectual property information, to see if you are eligible.
Are there any government restrictions or obligations that could limit your idea?
Check to see if there are any regulations that may prohibit or limit the sale of your product or service or the operation of your business. Regulations, Licences and Permits.
Where can you go for help evaluating and clarifying your marketable product or service?
Contact Canada Business for more information, you can call, visit or e-mail the Canada Business Service Centres and regional partner offices.
What resources do you require to get your business off the ground?
Part of your planning must include some sort of business plan. A business plan is documents that outline the operational and financial aspects of a business and contains detailed business plans and budgets and how the business is going to achieve those goals.
Next, continue learning how to find a marketable prodcut or service by Filling out the form on the first page and then watching the videos on the second page and all the Other Top Online Marketing Techniques to start building and promoting your business today!
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