How to know the demand of the market?

arnoldnisser · #1 (**permalink**) 27-10-08, 12:32

Hi everybody,

I am new here & I have a question.so pls help me about this.

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!!

Power Lunch Club · #2 (**permalink**) 27-10-08, 12:37

Hello Arnold,

Great to meet you and welcome to SBF, I am sure you will both enjoy and find it a great resource for your future business.

Can you tell us a wee bit more about your future retail business?

Kind regards

Gordon

jemier · #3 (**permalink**) 29-10-08, 06:36

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!!

Power Lunch Club · #4 (**permalink**) 29-10-08, 08:17

Hello Jemier,

Welcome to the SBF and great to meet you.

Can we encourage you to go to the "introduce your business" section itself and tell us a wee bit more about you and your business, it would be great to get to know more about you

Kind regards

Gordon