Evaluation of Business Idea: Market For Side Hustle
Written by Samson Osero on August 23, 2019
A side hustle will take off if there is a ready market for its products or services. Conduct a market survey to determine whether or not a market exists.
The survey can be done orally through talking to people in the area where you will locate the business. While in the area be on the lookout for businesses that are similar to the side hustle you want to start. The presence of such businesses is a casual indicator of the existence of customers in the area. The challenge for a new business would be how to get some of the customers to flock into your business.
In case you find out that no business exists that offers products or services of your side hustle idea, talk to residents to obtain a possible reason. One of the reasons can be that such businesses were started and failed. Reasons for the business failures can provide you with information for making an informed decision for the market issue.
Another possible reason is that customers may exist but no one has ever opened the business. If your side hustle will be a pioneer business, be prepared to take higher risks on opening the business. Some time will elapse before the side hustle penetrates the market.
The above rules of the thumb can provide you with information on the availability of a market for your products or services.
If you are convinced that the market exists, then move on the next stage of business idea evaluation….. finance.
Check on my article tomorrow at 10 am for the financial evaluation of a side hustle business idea.