Once you have identified your business idea and the problem your idea will solve, it’s important to test out the strength of your solution. Researching the competition is a good way to test your idea and benchmark what you will provide against what others may be offering. How will your business stand out and attract customers?
The internet can offer access to market facts and trends which can help you shape your business idea. You can also check out competitor offerings online too, although there is nothing like feedback direct from consumers. Make the most of your existing contacts – friends, family, colleagues, ex-colleagues and suppliers can all be valuable sources of help and insight. Gaining their views can help you avoid making costly mistakes and ensure that you are on the right track. Plus people can enjoy providing feedback and using their experiences to shape a new business idea.