Conducting Market Research
The second step is to understand the market that you are in , this is very necessary as it helps you to validate your business idea.
Identify Customer Needs –
After identifying your potential customers , identify what they really want.
Analyze Competitors –
If there are already an existing business , look for their strong and weak points , look for where to make improvements and then look for where you can differentiate.
Evaluate Demand and Pricing –
The demand of the good is another thing that you need to evaluate , this also enables you to determine the right strategy
You can also leverage on technologies such as google trends , and industry reports to be Equipped with more valuable market insights.