Market Research: Business Viability
Market research forms an essential part of your business plan. Your market research will reveal the size of your target market and how much money is spent on similar products or services. From this information, you can extrapolate the data to estimate the market share you are likely to capture. This can be a very revealing test of you business concept. For example, if you need 40 clients a month to break-even but your research shows you will only capture 15, then your business concept is not viable.