How to find the market demand?.

If you want to start a business, then it is good thing to know if there is a demand for it. It might be risky to start a buisness when the market is too crowded or you have to sell lots of units to make money. To find the demand you can do a market research. It might be the case you want to start a clothing store. In that case you need to find a niche. You need to decide what type of clothing you are going to sell. In this case you need to specialize in ladies, gents or kids clothing. Or you can focus on a modern maket like a street clothing store. 

How to find the market demand?

Solve a problem: First of all you need a problem to solve. When you are going to start a clothing store. Then it might be the case that the local youth have to travel 50 km to buy streetwear. You can solve this problem by targeting the youth that listen to rap and punk by solving their problem by selling  streetwear. In this case the problem is that the youth is there is no streetwear clothing store in their city. If you want to solve this problem then you can sell and make that extra money by saving their time, effort and money. They are most likely to spend that money they spend on travelling in your store. 

Collect the right amount of insights: Talk to friends, family, rap listeners and punk listeners where they buy their streetwear. You will soon find out if there is a market for the products you want to sell. You can outsource the market research aspect to a firm. They will hold surveys online and offline to gather information to widen your horizon. When the market research firm hold their surveys they will ask where the hip hop and punk youth buy their clothing. You will get to know how far they travel for their streetwear and what that cost. And also if they are willing to spend that extra money on your business, they spend on travelling.

Collect data in numbers: After the market survey you will know how many rap and punk listeners are willing to buy from you. If you know their age and their monthly budget they are willing to pay for street clothing you will be step further. Once you have the product stock in mind let the youth know what type of products you are selling and what it might cost. Through the survey you will find out how big the rap and punk youth problem is not having the ability to have the local access to streetwear. 

Create a product profolio: Showcase your product profolio to the survey takers online and offline. Ask if it is what they are looking for. You will know if they bought similair products previously. At what price the survey takers bought that type of products. And also what they are willing to pay for other variation. In the case of the street clothing you will find out what they bought. A SouthPole hoodie or Fubu hoodie in the past. If so at what price. Then you can decide if it is profitable for you to sell similair products. You will find out is your product profolio is close to products your prospects are looking for. 

Run a focus group: You might want to run a focus group. This means inviting some hip hop heads and punk heads for a meeting. They will answer your questions. This way you can ask what they are willing to pay. If they like to buy from you. What make them come to you. Connecting with these rap and punk fans face-to-face will inspire you. If street clothing your market, you will find out what the annual turnover is by collecting data in numbers. You will find out if the rap and punk fans are rather buy brand name clothing or not.