Market Assessment for business establishment

i.Observe the Local Market:

The environment would offer vital clues for starting rewarding ventures. For example, it can be retirement homes for ageing population. It could be a holiday resort to entice people earning good salaries. It could be developing a religious spot -emphasizing peace, tranquility, rejuvenation of mind and soul etc.

ii. Look at the Customer:

The changing tastes and preferences of customers would be ready made source of valuable ideas. The need to look good is making many young boys and girls to spend heavily on hair dressing, personal grooming, beauty salons, fitness, power dressing, perfumes, burgers, pizzas, gourmet coffee, designer pens, etc. One needs to have a critical eye for detail in order to exploit the oppor­tunities that present themselves from time to time.

iii. Observe Markets All Over the Globe:

Global market changes could be pointers to a change in trends in local markets as well. When global markets are crazy about latest cell phones, trendy watches, designer clothes, IPads and I-phones, Tablets etc. you can be sure of customers in local markets getting impacted sooner than later. Many entrepreneurs have picked up these trends and made a huge fortune in recent times— especially by joining hands with producers from markets such as South Korea, Taiwan, Singapore, China etc. (known for cheaper varieties of cell phones, tablets etc.)

iv. Look at Existing Products/Services Closely:

The entrepreneur can look at existing products and services offered by Indian as well as foreign companies to find out the ‘gaps’ that could be exploited profitably. You have the famous examples of Chik shampoo in sachets, use and throw kind of perfumes, cheaper detergents in the form of Ghadi, Nirma etc. Think back 30 years ago.

Did you find anyone in the field of anti-virus software, internet service providers, laptops, domestic fire protection devices etc.? One can think of converting raw wood into finished lumber. It can be fine-tuned to get designer beds and almirahs, dining tables, sofas of various kinds and put them all in a Furniture Mall! An existing service can be improved -such as getting fresh vegetables straight from farmers to city population through a home delivery service.

v. Mass Media:

The mass media is a great source of information, ideas and often opportunity. Newspapers, magazines, television, and nowadays the Internet are all examples of mass media. Take a careful look, for example, at the commercial advertisements in newspaper or magazine and you may well find businesses for sale. Well, one way to become an entrepreneur is to respond to such an offer.

Exhibitions another way to find the ideas for a business is to attend ex­hibitions and trade fairs. These are usually advertised on the radio or in newspapers; by visiting such events regularly, you will not only discover new products and services, but you will also meet sales representatives, manufacturers, wholesalers, distributors and franchisers. These are of­ten excellent sources of business ideas, information and help in getting started. Some of them may also be looking for someone just like you.

vi. Surveys:

Surveys conducted by reputed organisation on changing hab­its, tastes, preferences of customers could prove to be valuable sources of business ideas. Sometimes the age profiles of customers living in a locality might prompt an entrepreneur to start a fast food centre near a College, a designer watch show room in a posh locality, a beauty salon near a school etc.

vii. Complaints:

Complaints and frustrations on the part of customers have led to many a new product or service. Whenever consumers complain bitterly about a product or service, or when you hear someone say ‘I wish there was … “or” If only there were a product/service that could …” you have the potential for a business idea. The idea could be to set up a rival firm offering a better product or service, or it might be a new product or service which could be sold to the firm in question and/or to others.

viii. Brainstorming:

Brainstorming is a technique or creative problem-solving as well as for generating ideas. The object is to come up with as many ideas as possible. It usually starts with a question or problem statement. For example, you may ask “What are the products and services needed in the home today which are not available?” Each idea leads to one or more additional ideas, resulting in a good number.