Step 1: Evaluate the potential of your business idea.
When performing market research you must first do a quick and dirty evaluation of your business idea’s potential. Find five potential customers. They can be either people or companies, so long as they are truly representative of your target customers. Make sure each signs a non-disclose agreement, which prohibits them from sharing the information you give them and therefore protects your idea. Once that is taken care of, proceed to tell them about your product or service. Don’t overload them with information, just give them what they need to decide if they would be willing to be a customer or not. Then ask them their opinions. Would they buy your product/service? If so, why? If not, what can you do to make it better? Be sure to make it clear that you want their complete honesty.
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