How do I find out if there is a market for my business idea....?

Aodan94

Hello fellow members,
I have a business idea in the back of my mind for about a year now and I haven't a clue what to do next. My idea is neck chains with pendants and watches for both men and women....Please help, I would appreciate the help..!!
According to my research I'm supposed to draw my Ideas out to get prototypes done,

1.where can I get that done here in Ireland..?

2. Are there any websites with really cheap manufactors, that could create my own designs and send them back to me within a few days..?

Thanks

Ronan H

If you want to find out if there is a merket for the product, you will have to do some market research, either yourself or through a company. I'd suggest the latter, but that's not cheap.

Local partnerships (such as Meath Partnerhship) will give startup grants to businesses that they think are viable, but it's a process that you have to go through with them and they will give you part funding for various things along the way, such as market research.

It depends on what your plans are for your business, i.e. are you planning to make it into a proper business or just sell some for a few quid etc. If it's the latter then the local partnership might not be any use, but if you are thinking on a bigger scale then it's worth looking into.

I have no idea about companies that might make your product cheaply and return it to you in a few days. I imagine there would be a lot of work involved in getting prototypes made, but I'm open to correction on that.

Aodan94

Ronan H wrote: »

If you want to find out if there is a merket for the product, you will have to do some market research, either yourself or through a company. I'd suggest the latter, but that's not cheap.

Local partnerships (such as Meath Partnerhship) will give startup grants to businesses that they think are viable, but it's a process that you have to go through with them and they will give you part funding for various things along the way, such as market research.

It depends on what your plans are for your business, i.e. are you planning to make it into a proper business or just sell some for a few quid etc. If it's the latter then the local partnership might not be any use, but if you are thinking on a bigger scale then it's worth looking into.

I have no idea about companies that might make your product cheaply and return it to you in a few days. I imagine there would be a lot of work involved in getting prototypes made, but I'm open to correction on that.

Thank you for your comment. what do you mean by " I'd suggest the latter, but it's not cheap"..?

Ronan H

Aodan94 wrote: »

Thank you for your comment. what do you mean by " I'd suggest the latter, but it's not cheap"..?

What I mean by that is, if you want reliable data from your market research, it's probably better to do it through a professional company who specialise in that sort of thing. You could do your own informal research, but the data gathered might not be reliable, might not be interpretted properly by yourself etc.

My wife is starting a business at the moment and is involved with Meath Partnership. They have agreed to fund a certain amount of her business startup costs ultimately, but market research is one of the steps she needs to follow before she gets to the stage of final funding. They are providing funding (part) to do the research also.

I have seen the quotes from a number of well known market research companies that she has approached and they are, in my opinion, not cheap. I'm not saying they are expensive as such, in fact, the point I'm trying to make is not really about the cost. It's moreso trying to get at what scale you have in mind, i.e. if you were going to pay a couple of grand for proper market research, then you will likely be thinking about a bigger business plan as opposed to selling some items for a few quid, in which case it probably wouldn't be cost effective to spend that amount on research.

Aodan94

Ronan H wrote: »

What I mean by that is, if you want reliable data from your market research, it's probably better to do it through a professional company who specialise in that sort of thing. You could do your own informal research, but the data gathered might not be reliable, might not be interpretted properly by yourself etc.

My wife is starting a business at the moment and is involved with Meath Partnership. They have agreed to fund a certain amount of her business startup costs ultimately, but market research is one of the steps she needs to follow before she gets to the stage of final funding. They are providing funding (part) to do the research also.

I have seen the quotes from a number of well known market research companies that she has approached and they are, in my opinion, not cheap. I'm not saying they are expensive as such, in fact, the point I'm trying to make is not really about the cost. It's moreso trying to get at what scale you have in mind, i.e. if you were going to pay a couple of grand for proper market research, then you will likely be thinking about a bigger business plan as opposed to selling some items for a few quid, in which case it probably wouldn't be cost effective to spend that amount on research.

Thank you, I understand now..!

vinnyme

Hi Aodan, PM me - we have a rapid prototyping machine in house and may be able to guide you as regards funding through CEBs etc...