Research, Research the Market!

Many people think they have done their share of research before setting up stall. But when the business starts, they find that they have little or no customers! Just because your spouse or your best friend told you that your business idea is good does not mean it is really good. Always do extensive research - get the hard-copy facts. Let's say you have a great recipe for making kaya balls. You plan to sell them in a nearby shopping mall, but you don't know how many potential customers you have. Take a day off from your routine, get a pen and a notebook, and spend the entire day in that mall observing people - count how many people go in and out of the mall, how many people near the site of your future kaya-ball stall. Categorise the people into their respective age groups (children, teenagers, adults, the elderly). Everyone loves kaya balls, but children and teenagers love them more. Now you have some real market research - for the cost of virtually nothing! Try to be more thorough - observe potential customers on the weekends ( this is the time when most people flock to shopping malls). From your research data, you can be more confident of your plan when you move forward.