For every 100 brilliant ideas, only one may actually make it to market. Sometimes the need is not there and sometimes the price that must be charged is simply too high to make it worthwhile. Whatever the case, it is up to you to find this out before you spend money on prototypes or office space. This is where market research comes into play. A few well-worded questions to people you view as prospective customers can save you time and money chasing markets that do not exist.
Research can also indicate what type of businesses have the potential to succeed.
After Fiona Merry of Halifax was injured, first in a car accident and then at work, she realized she had to find something less strenuous than her retail position. Knowing only that she wanted to open a business unique to the Halifax area, Merry began to talk to people. When she heard of internet caf s in Toronto, Merry and partner Moira Lloyd recognized an opportunity. With limited backgrounds in computers and the hospitality industry, the women took a chance and are now nearing the end of their second successful year of operating the Ceilihd Connection. Find sufficient financial backing.