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Analyzing the target audience for a new business

On Behalf of | Mar 21, 2024 | BUSINESS & COMMERCIAL LAW - Entrepreneurs

If you’re trying to start a new business, one of the first steps to take is to identify the target audience that you have. These are the individuals that you expect to buy your goods or services.

Many businesses fail because business owners do not properly identify the correct audience or because that audience doesn’t exist in the area where they start the business. So what types of things should you consider?

What problems do people have?

First and foremost, your business may identify a key problem. Perhaps people in the area don’t have enough recreational opportunities, so you’re starting an indoor gymnastics center. If there is a demand for a product or service that doesn’t exist in the area, those in need become your target audience.

What behavioral patterns do they have?

You also just have to consider the type of people in the area and what behaviors they engage in. Is there a vibrant nightlife scene or is it a quiet neighborhood? Do people prefer indoor or outdoor activities? How does your business intersect with these behaviors?

What are their financial abilities?

Finally, it’s worth considering the financial situation of people in the area. How much money do they tend to earn, and how much disposable income do they have? What do they like to spend this disposable income on? Some businesses would be successful in wealthy areas but simply can’t be supported in other economic environments.

If you have identified your target audience and the location where you’d like to open your business, then you just need to know what legal steps to take to get started.