What are some good methods you have used in the past to research a business idea?
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Free registration at the forum removes this block.Thanks, this is always a good one. I'm thinking more of data analysis? Tools that you can use to investigate the behaviourTalk to potential customers of the business, and see what they say.
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@Andy Black Thanks for the like Andy. I actually learned that from you! Useful strategy!Go to google keyword planner and search up the sort of terms a customer would search if they were interested in your value offering. Use those data to get an idea of the demand for your offer.
Ensure you use terms with buying/hiring intent.
E.g. If your idea is to sell art brushes made of goat hair, search 'buy goat hair art brush' etc.
Go to google keyword planner and search up the sort of terms a customer would search if they were interested in your value offering. Use those data to get an idea of the demand for your offer.
Ensure you use terms with buying/hiring intent.
E.g. If your idea is to sell art brushes made of goat hair, search 'buy goat hair art brush' etc.
You said business "idea" so I'm not sure how much data you have. One thing you can do is look for same / similar businesses in Business Reference Guide, and Business Valuation Blue Book, or similar publications. BRG in particular has useful insights because they have specialist business brokers writing about businesses they encounter in the wild. Plus all the numbers you might expect, like valuation methods, multipliers, EBITDA ranges, etc. often they'll have "things to look for" that are opportunities or potential weaknesses. All that stuff is there ti inform someone who is buying or selling a business, but it's just as useful if you're creating one.
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