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How best can I do a market feasibility study?

basilbasil subscriber Posts: 2
edited September 2008 in Grab Bag
I have registered a new company with my cousin Kennedy. We would like to sell T-Shirts/Golf Shirts to schools is South Africa, where we are based. We have done a research on potential suppliers and we are very happy about what we found. Our next step is to do a market research on how best we can get information on the schools` needs so that we will give them the best service.  We need advice from the community members on this subject as we would want to draft a business plan once we have finished our market feasibilty.
 
Basil
 
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Comments

  • foodietwoshoesfoodietwoshoes subscriber Posts: 3
    Hi Basil, one of the best ways (in my opinion) to study the customer is to study the competition. How are your products like theirs, what can you offer that they don`t,  and how do the costs compare?
    Then reach out to your potential customers directly and ask them what they`d like better from your services. I would call them and ask a uniform set of questions. Don`t make it too long or they won`t answer. It`s a start!
    Jennifer
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  • basilbasil subscriber Posts: 2
    Jen and Jeff
     
    Thanks for your contribution. I will take a leaf out of your words. I had never thought that you can use the internet to do a survey.
     
    Basil
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  • Professor2020Professor2020 subscriber Posts: 0
    Basil,
    Here are some important questions to ask yourself:
    -Do they need my product?
    -Why do they need YOUR product?
    -What is better about what you want to do than what currently exists?
    -Who is currently selling a similar product to my target audience?
    -Who is my target audience?
    -What price would they pay for my product and am I willing to do it for that price?
    -How many will my target audience buy and does that make it profitable enough for me to pursue?
    -How many will they order?  How much can they up-front so that I can pay the manufacturers their starting order fee?
    -Who will carry the inventory them or you?
    -How much will it cost to start this company?
    -How much do I have to start this company?
    Once you`ve done some soul searching on those questions finding out if their is a market can be done via surveys online, phone (call your potential clients and ask them) and mail.  Selling to schools is much easier and more targeted than the general public so I highly recommend that you just pay phone people or the best thing to do is ask them yourself.  You`ll get valuable information like what turns them on or off.  Is there a need.  What can you do to stand out and get the orders.
    Being schools there aren`t millions of buyers but targeted buyers per school.  Invest the time to ask directly and it will pay you back huge. 
    Read my favorite business book "$500 Startup:  A step by step guide to starting a business with $500 or less".  It gives great how to`s for starting an online business but the money savings in starting any kind of company will be worth the $10 as an e-book or get the printed version.  I`ve been raving about this book and asked how to get it so here is the link to it:  Go to http://stores.lulu.com/500DollarStartUp
    Good luck!
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