Once you have identified your market, its important to back up the findings with reliable research.
Through online research methods you can establish an estimate for the size of the market you are in, as well as, the potential for growth. If you are part of an emerging market, research might be more difficult than a well-established market.
Secondary research methods could include:
Information published in newspapers
Trade magazines
Directories
Websites
Using models such a Porter’s Five Forces can help you to assess the competitiveness of your market once you have completed your research. To gain credible research you should consider primary research methods such as:
Focus groups
Observation
Interviews
Mass survey’s
Find out more about the support available to get your business off the ground.