Market demand for products and services. A great service or product will get you nowhere if there's zero need for it. Due diligence and careful, detailed market research are essential in the early stages of starting a business. You need concrete data on your ideal customers, the existing competition, expected growth and demand, market trends, and more. Determine who would buy your product, how often, and why. These types of insights are invaluable and help you make informed business decisions and goals. They help you not only find your niche but adequately plan inventory and forecast sales, too.
