DO MARKET RESEARCH
When you come up with your business idea, it is good practice to check and see if your idea exists already. If it does, ask yourself, how will your idea be better and different? This is part of the process of what is known as "market research". It means you will have to research and see what the market is and is like for your business.
1. Start researching your potential rivals or partners within the market.
2. Identify your customer market, who will be your customers
3. Identify what value you will bring to those customers
4. Validate all of this through customer discovery.
Customer discovery is essentially talking with your customers through surveys, interviews, phone, or face to face. This allows you to collect data and see if there is a need for your business idea.
Check out the links and videos below to give you more information and tips on conducting your own market research!
RESOURCES TO HELP YOU CONDUCT MARKET RESEARCH