I think these days, especially in recessions and tight funding climate, the most important step in starting a new business is finding your customers first, then work on delivering the solution.
It seems counter intuitive at first as most of the time I hear people tossing out ideas for new products or services, then scratching their heads and saying, "Who can I sell this to?"
It's evident in the real estate market right now. In a sellers market, housing inventory is the scarce commodity, and finding a good house at a deal is where the value is. Today in a buyers market, the value as an investor might actually be in finding a good renter first, instead of finding that good REO deal, because there is plenty of inventory available.
I'm trying to apply this in brainstorming on new biz ideas. This probably applies more to those seeking new biz ideas in a general sense across various industries, instead of a person who has a long time experience in a specific vertical that already knows what solutions will have a demand.
How do you find a solid customer base, find out their needs first?
What are the resources to look at to find out what consumers want?
Where do you go to find out the problems of consumers/businesses in order to deliver a solution?
Your input?
It seems counter intuitive at first as most of the time I hear people tossing out ideas for new products or services, then scratching their heads and saying, "Who can I sell this to?"
It's evident in the real estate market right now. In a sellers market, housing inventory is the scarce commodity, and finding a good house at a deal is where the value is. Today in a buyers market, the value as an investor might actually be in finding a good renter first, instead of finding that good REO deal, because there is plenty of inventory available.
I'm trying to apply this in brainstorming on new biz ideas. This probably applies more to those seeking new biz ideas in a general sense across various industries, instead of a person who has a long time experience in a specific vertical that already knows what solutions will have a demand.
How do you find a solid customer base, find out their needs first?
What are the resources to look at to find out what consumers want?
Where do you go to find out the problems of consumers/businesses in order to deliver a solution?
Your input?
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