EVALUATING YOUR MARKET
If you are thinking of starting a new business or expanding into new markets, proper market evaluation is critical to success. While it may sound deceptively simple to figure out if a market exists for your product or service, it's probably one of the most challenging requirements of business. The process involves scrutinizing your competition and your customer base and interviewing potential suppliers.

The information collected can help you, if necessary, adopt your product or service to better meet customer needs. In some rare cases, it might lead to a totally new, but financially rewarding venture. This Financial Guide covers some of the basic considerations of market evaluation. It is intended as only basic introduction to a complex determination to help focus the thinking for those businesspeople with limited experience in marketing. In many cases, a professional guidance can be extremely helpful

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MARKET RESEARCH
Finally, research on competitors is extremely important. Visit industry trade shows to find out what your competitors are selling and how they are marketing their products. Similarly, stay current on information in industry magazines and publications. Research data will help you develop the basic assumptions in your financial projections and tell you whether or not to go into business. Once you have obtained and analyzed this information, it becomes the foundation of your business plan. You should not view market research, however, as a one-time activity. Once you establish your business, you should continually be in touch with your customers. You may also have to adapt your product/service and/or marketing strategy to keep up with your customers' changing needs.

There are any number of benefits to conducting market research. It can help you #

So, how should you go about conducting your research? Two of the most important first steps are defining your goals and organizing the collection/analysis process. Maintain a set of well-documented and easily accessible files so you can store and retrieve data as needed. In general, you should be well-established in the U.S. market before committing resources and taking on additional risk to explore export markets. Some products, such as used equipment that is obsolete in the United States but new to other countries, may be particularly well-suited for exporting right from the start. Whatever your product or service, it is never too early to explore its export potential.

QUESTIONS TO ASK
Your research should ask these basic questions:

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SUMMARY:
A small business owner must know and understand the market. Market research is simply an orderly, objective way of learning about people the people who will buy from you and sustain your business venture. With this information, you can pick one or two export markets to explore initially. You can add more markets later, as your export skills develop. Now you are ready to conduct more in-depth market research on this target market(s), just as you did before establishing your business.