Business Handbook
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Template
Market Research Template
Work through each section to validate your business idea before you invest time and money.
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1. Your Business Idea
Start by clearly defining what you are offering and the problem it solves.
What is your product or service?
What problem does it solve?
What makes it different from existing options?
2. Your Target Market
Define exactly who your ideal customer is.
Who is your ideal customer? (age, location, income, lifestyle)
How large is the potential market? (estimated number of people)
Where do your target customers spend time online and offline?
What do they currently use to solve this problem?
3. Competitor Analysis
Research your top competitors and identify where you can stand out.
Top 5 Competitors
#
Competitor name
Their price / offer
Their strength
Their weakness
1
2
3
4
5
What gap in the market do you fill?
4. Demand Validation
Gather evidence that real people will pay for your solution.
Google search volume for your key terms (use Google Keyword Planner)
Social media groups / communities discussing the problem
Conversations with potential customers (aim for at least 5)
Evidence people will pay (existing products, crowdfunding, pre-orders)
5. Your Positioning
Define how you will position yourself in the market.
What is your unique selling point (USP)?
How will you price relative to the market?
What is your target customer willing to pay?
Your positioning statement
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