For product creation you need to find a market first that would spend money to buy your product. Then accordingly a product should be developed. If there is no market for your product or there is not enough market, your endeavors would not yield fruits.
When you search for a market, you look for things that are in hot demand. Here I am presenting a step by step method to search the market for your product.
First of all you have to select a broad category of the potential niche. This is generally determined by your interest and your previous skills. That does not mean that you cannot choose a different niche but it helps if you have a prior idea.
For example let us say you have studied finance and you have a good knowledge where you can offer your services/products to other people. But finance is very broad category. You need to narrow it further.
You would like to establish a business in subcategory of finance. As a next step we have to see whether there is an available market> If yes whether it is profitable or not.
With your research let us say you have further narrowed on tax matters.
You will start your business on tax matters.
You can further narrow it to income tax, house tax and so on.
But it is important to find their profitability.
Both offline and online research methods are used in product market research.
We would discuss one by one in coming posts.
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