Market Considerations

Market research is critical prior to establishing an SME. 

Information that should be collected includes:

• The product or service requirements of the target market. Do people actually want the product / service you're offering? 

• How much customers would be willing to pay for such a product or service? 

• Will the costs of promotion and the methods of promotion to appeal to the target market?

• The size and characteristics of the target market (enough customers to make the business viable?)

• Current state of the market (competitors, threats and opportunities)

• Location: zoning regulations will impact where to establish the business. Visibility and access is critical for most (not all) SMEs.