How to know the demand of the market? RRS feed

  • Question

  • Hi everybody,

    I am going to start a retail business, before starting a retail business I just want to know the demand of the market. I think in retail industry it’s important to have quite an intelligent look at market. I am looking for some tips which will help me in earning good amount of profit and ways which will help me to understand the need of market.

    Thanks a lot for your future help!!

    Thursday, October 23, 2008 12:38 PM

All replies

  • Yeah! It’s really very important to know the demand of the market. First of all perform a feasibility analysis to make sure that the business you want to start is going to be beneficial. Retail is a fast growing industry but it requires quite a study before actually going into it. There are some methods like SWOT analysis to have a idea about market trend and actual potion of market. As it’s important in this industry to cater to right market and in retail industry market position of area where you are going to start your business is vital. Requirement of market should always be taken care off.  To earn a good amount of profit you have to hit the bull’s eye with a needle precision. Hope this will help you to some extent.

    All the best for future!!

    Friday, October 24, 2008 9:20 AM
  • To be honest you should already know all this before even considering starting your own business. Just be careful because if you jump straight into it without knowing much, and by the sounds of things your experiance is limited, then you obviously risk losing EVERYTHING and that aint fun. So you should probably go learn a bit more first but keep a close eye on your intended market.
    Tuesday, December 16, 2008 3:41 PM