Performing Market Research

for Small Business Owners

Performing Market Research is Critical to a New business Success

Only 50% (or less) of new businesses will survive 5 years. What makes one business succeed and another fail? While there are a variety of factors to consider, one in particular is worth your time to dig into, and that is:

Commercial Viability

a.k.a. The likelihood that your new business is “viable”, or will succeed, in the marketplace.

How do you know if your new business idea is commercially viable? Start by performing market research using the DIY methods & resources provided below.

Listen to the Start Up Heart Up Podcast episode on “How to Perform Market Research” for your new business or product idea (Season 1, Episode 4).

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Test Your own Market Feasibility

Did you know that 80% of small businesses fail in the first year? Thankfully, you can avoid being part of that discouraging statistic. Take the quiz linked below to find out the market potential, or "feasibility", of your new business idea, and learn tips to increase your likelihood of success!

Take the New Biz Quiz to find out if you are likely to succeed with your new business idea!

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Podcast Episodes on Market Research:

4 Steps To Identify Your Million Dollar Niche - Online Marketing Made Easy Podcast, with Amy Porterfield (#311).

In this episode, Amy walks through the four-step process to identify your niche, including:

• Identifying your main market.

• Niche-ing down and get really specific.

• Do your market research.

• Create your Value Articulator Statement.

• Listen to the episode HERE.