Business feasibility study

Kaizen Market Research helps clients to enter into a new business with a data-driven and strategic approach.

Need of market research before the start of a new business

The need for Market Research for New Business entry is as follows:

• Market research can help a new business entry to identify and evaluate the opportunities and challenges in the market, and to develop effective market entry strategies and tactics to achieve their goals.
• Market research can also help a new business entry to understand the needs and preferences of their target audience, and to create products or services that meet or exceed their expectations.
• Market research can provide valuable insights into the market size, growth potential, profitability, and competitive landscape of a new business entry, and to benchmark their performance against the best practices in the industry.
• Market research can reduce the risks and uncertainties associated with a new business entry, and to increase the chances of success and sustainability in the long run.

Business feasibility study

Planning to enter into a new business? → Have you conducted a business feasibility study

• Do you know what is market potential of this business?
• Did you check the size of the market and the TAM – Total Addressable Market?
• Did you check the scope of a new player in the market?
• Could you identify the supply-demand or need gap in this market?
• Did you check the ROI or payback period for this business?
• Did you check the opportunities available for a new entrant?
• What can be your USPs to enter in this market?
• Do you know which are the low-hanging opportunity?
• Did you measure that the business is profitable and scalable?
• Have you made a forecast of your sales in this business?
• Have you checked the level of competition in this business?
• Have you checked on who is your target market and their need?

Benefits of the business feasibility study

Some benefits of market research study for new business entry are as shown below:

• It helps to identify the needs and preferences of potential customers and how to meet them effectively.
• It helps to assess the size and growth potential of the target market and the level of competition and differentiation.
• It helps to determine the best pricing, distribution, and promotion strategies for the product or service.
• It helps to reduce the risks and uncertainties associated with launching a new business venture.
• It helps to evaluate the feasibility and profitability of the business idea and to make informed decisions.

The market research study helps clients by generating a business feasibility report which helps them to make the right decision “to go” or “not to go” for a business. The market research report helps the client to also prepare a market entry strategy. Kaizen market research is one of the best market research agencies in Gujarat and has also achieved an award as the best market research agency in Mumbai. There is a feasibility study method developed by the best analyst of Kaizen Team. If you want a market assessment before you start a business, get in touch with Kaizen Team now.