How To Choose A Market For Your Startup Or Small Business

Many aspiring entrepreneurs are busy writing a business plan and trying to figure out how to start a business.

Some are ready to get started.

But most are not yet ready because they haven’t yet determined how their new business will make money.

It’s not unusual when an entrepreneur or small business owner has a tough time describing the potential customers for their new business’s products and services.

This is a problem. Without customers, there is no revenue.

If you try to sell your products and services to everyone, you will waste time and money.

When you choose a market for your startup or new business, you should consider these five main factors:

  • 1: How many customers are in the market?
  • 2: Can these customers pay for your products or services?
  • 3: Do these customers have the need you solve?
  • 4: How many competitors are competing for your customers’ business?
  • 5: How does your business compare to your competitors?

In this video, I discuss each factor: