Three Steps For Researching A New Business Market

SPOILER ALERT: The classic movie Field of Dreams tells the story of an Iowa farmer who hears a voice saying, "If you build it, he will come”, and sees a vision of a baseball diamond. He then mortgages everything to build a baseball field. While he does experience initial financial hardship, he ultimately meets “Shoeless” Joe Jackson and the rest of the 1919 Chicago White Sox, reunites with his late father, and sees his baseball field become a financial cash cow.

If only real life worked that way.

Unfortunately, aspiring small business owners cannot just build something and expect consumers to follow. The steps between having a business idea and deciding to launch a small business require an understanding of who will buy your product or service. Oftentimes, people only rely on family and friends to determine if their business is viable, but conducting market research might be the right way to go if you are just getting started. Here are three steps that you can take to maximize your business's chances of success.

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