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It’s very easy to get caught up in the excitement of new ideas when starting a business. But once that excitement wears off it is critical to be sure whether or not you have a viable market for your product or service. In Part 1 of this article series I talked about using Google AdWords, free surveys and associations for determining whether or not there is a hungry market for your products and services. Here are three more ideas to consider.

1. Trade Magazines

If you can find trade magazines associated with your new business then you know that you are dipping into a viable marketplace. Simplly do a Google search for “your topic trade magazine” and see what pops up. Don’t be discouraged if nothing comes up. Try other phrases that might describe your business. If you still don’t get any results this doesn’t mean that you give up. I am sharing several ways for you to identify a viable marketplace so be sure to keep working.

2. Send a Quick Email to your List

If you already have an ezine or newsletter list, then send a quick email asking what their biggest goal, desire, obstacle or problem is as it relates to your business. This is similar to sending a survey but you will get to read responses in their own words which can be an invaluable way to do quick market research. Similarly, when you are sending surveys, be sure to include some open-ended questions so that you can read “real” responses.

3. Ask Your Colleagues

If you aren’t already, you need to begin associating with like-minded business owners. Join local associations or attend meet-up groups in your area. If you’d prefer to keep to yourself, then at least get involved in social media sites such as Facebook, Twitter and LinkedIn. You can learn invaluable information vicariously through your friends and colleagues by simply asking what’s working for them and these details what is their marketplace asking for.

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