Are you thinking about starting a business?
do you have a great idea, but feel unsure if it will succeed?
If you answered yes to either of these questions, then this video is for you!
In this video Rich discusses the important step of market research. It is the simple step of looking at "who else" is doing, what you plan to do!
Who are the players or competitors already operating in your market, providing the same or similar products or services? How many of them are there? If there is only a few players, is there room for another player in that market? What is the size of the market? Will it support more players? Is there any data available?
If your business is a brand new idea, then you will have to invest in educating potential customers of the features and benefits that your product or service offers them. If there are already competitors in the market, then they may have already paid for that education.
Generally speaking, the more players in the market, the easier it is for you to enter and survive as a new player, as you only need to take a small percentage of each to gain traction.
It is easier to be Me Too, rather than Brand New!