Lesson 1: Introduction
ASSESSING A MARKET
Major concerns when starting any new business:
- Is there a demand for this product in my area?
- Who do I sell to?
- How do I go about finding customers?
- How stiff is my competition?
- Is there any competition?
- Are there enough customers near me to make this venture viable?
- A big portion of answering the above question gets back to Diego's segment on assessing your current and future financial needs.
Understanding the existing market already near your farm:
- The first thing to do is to follow the existing trails of sales streams blazed by similar businesses in your “area”.
- Understand that if there is any local food scene happening in your area, you simply need to 'hack' the work of those who have gone before you.
- Begin by researching the competitors in your area.
- Your “area” is defined as a 1.5-2 hour radius around any areas (urban or rural) you intend to market into.
- Typically you'll need to focus on urban areas only.
- This is NOT a 1.5-2 hour radius around your farm.