Biz Info: Market research/Evaluating your idea

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Will Your Idea Work?

A critical and objective assessment of your business idea will help you understand the attributes and benefits of your product or service. Knowing your product or service inside and out will also help you identify the resources, time, people and money required to make your new venture a success.

A common word used when assessing an idea is 'feasibility', which refers to the ease at which something can be done. Conducting a feasibility assessment is especially important when you are developing a new product, improving an existing product, changing marketing strategy or expanding or contracting your business. Feasibility may also be thought of as the capability of being used or dealt with successfully. It is that word - successfully - that gives feasibility assessment its real value as a planning and risk management tool.

Video: Thinking of starting a business:

Starting a new business can be both an exciting and scary experience. You feel you've got an amazing idea, but where do you start? This video identifies a few of the key things you need to consider when thinking of starting a business.

Is Your New Venture Realistic?

Is My New Venture Idea Profitable? – This factsheet will assist you in assessing the feasibility of your business idea. It is designed to help you screen out ideas that have limited opportunity, allowing you to invest your time, money and effort into ideas with a high potential for success
What is a Feasibility Study? - This site from Iowa State University is part of an Ag Decision Maker series and is a helpful guide that covers topics such as the Pre-feasibility Study, Go/No Go-Decisions, Feasibility study vs. Business Plan Reasons Given Not to Do a Feasibility Study and Reasons to Do a Feasibility Study
Review Your Finances: Making the Money Work - This factsheet shows you how to analyze the financial side of your new enterprise.

Identify Resources
Do You Have the Resources to Make Your Idea Work?

Considering Your Options: An Inventory of Possibilities - This factsheet will give you a way to explore existing resources and evaluate new ideas.
Collaborate for Success - Successful enterprises are often the result of collaboration. This factsheet highlights the benefits and key elements of collaboration
Assess Your Resources: Examining Production Requirements - This factsheet will help you determine the feasibility of producing your product. Worksheets are provided to help you judge the feasibility of producing a product or providing a service
Choosing a Consultant … An Investment in Your Agricultural Business - This factsheet offers a perspective on how to look for, hire and work with a consultant.

Market Research
You have a great idea for a new product but who will you sell it to? Do they want or need your product? Are other businesses already meeting their needs? How much will they pay? This is where market research becomes crucial. The following video will start you on your path to obtaining the information you need.

Video: Market Resource for Your Agricultural Product/Service:

Have You Done Your Research?

Market Research - The purpose of this factsheet is to help producers and processors understand the importance of and how to conduct market research.
Conducting Market Research - This site provides a number of links to information on why and how to conduct market research
Identify Your Market: Right Buyer, Right Price - This factsheet will help you describe your idea and uncover market opportunities.

Trend Analysis
What are the Trends in Your Chosen Industry?

Market Trends - Frequently Asked Questions - Answers to common questions about market trends and links to further information from Alberta Agriculture and Rural Development
Consumer Corner - This Alberta Agriculture and Rural Development website is a vehicle to share consumer related information with Alberta's agriculture and food industry. Articles will include information about what consumers are buying and why they are buying it.
Trends in Retailing - This newsletter contains items that analyze developments in the food industry.

Phone the Ag-Info Centre, toll-free in Alberta at 310-FARM (3276), for assistance.

For more information about the content of this document, contact Kathy Bosse.
This document is maintained by Ordella Knopf.
This information published to the web on November 10, 2016.
Last Reviewed/Revised on October 29, 2018.