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Making Easy Money: Market Research and Your Niche

Jun 7, 2008
You should talk with some local bankers who make loans to help you do your market research. These bankers are familiar with similar businesses in the area and might be able to tell you how well businesses like yours are doing.

Contact industry and trade associations. Typically, they have their own market studies that are available for a fee when learning how to make easy money.

Run a test ad in your local paper. See what kind of interest in your product or service is generated by the ad. Of course, don't dabble in false advertising by making promises in the ad that you won't be able to keep. This can include delivery within two weeks when it would take you longer just to get the product in from your supplier. If you only have 50 samples on hand, offer them to the first 50 how can I make easy money ad responses.

The next step is finding your niche for your product or service. Suppose that you conclude that your idea is just great. Now you have to go one step further and continue to refine your business concept so that you can find your niche.

Perhaps somewhere in your home you have a niche - a little cutout recess in the wall that's set apart from the rest of the area. That's sort of what a business niche is. It's what sets you apart from everyone else in your area.

Let's say, for example, you determine that your area can support another travel agency that you plan to run from your home. How do you plan to distinguish yourself from the competition? Are you going to offer lower prices? Are you going to offer better service?

Are you going to confine your business to a particular specialty of travel, such as the cruise-ship business or bus tours? Whatever you can do to separate yourself from your competitors will work to your advantage.
Don't think that specializing, which trims your market size, is necessarily bad. There may be plenty of room for your specialization, and it might just help you target your potential customers much more accurately.

To help you determine your niche, you must look at who your competition is. What are they doing right? What could you do better? What's the competition failing to do that you may be able to do?

The market research that you conducted to determine whether there would be demand for your how can I make easy money business may have already exposed the strengths and weaknesses of the competition. If not, you can size up the competition by becoming a consumer yourself and sampling what's out there. For example, suppose you want to start a residential cleaning service. Call the competition and see how they respond.

Did they get back to you promptly? Were they friendly? Helpful? Responsive to your needs? Their negatives can be your positives. Try out their service in your own home. Did you like their work? Their price. You can learn a lot from doing this, and at least your windows will be clean.
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