Find Your Niche Before Opening New Company

Before jumping into deep water, investigate the market

Is nothing worse than opening new company, where is no enough demand, for the product you want to sell.


Lets consider the situations:

1. You see few companies selling product at good price. 
Ok there must be the demand then. 
So I open company right?
But hold your horses!
Check first the historical data on the market. 
How many and for how much product is sold per given period. 
Can you make profit based on that data?

Ok it looks not that bad. So I can open now?
But wait!
Check how many competing companies is there, and how many products on average sell each of them.
Look inside your potential competitor companies. Do they produce? do they sell?. 
Can you offer better deals?
Can you produce more productively?
Are competitor are active? 
etc..

2. On other hand, you see only few products on the market, for certain product. 
So assuming there is no demand for it, right?
Again, check as above. See if products are sold and how often.
It may be, that demand is quite high, and there is simply not enough raw materials produced etc.
Such market, may be potential area of your interest.

3. You are also may be considering opening company, as part of your production chain. With main focus, on providing cheaper goods to your other companies, while any spare stock, simply selling back to the market, or store for later times.

4. You may be willing to produce cheap at the start and sell later at higher price, by holding your stock. But that will require high initial capital investment.

5. this are not only options but just examples. And there is much more that may be involved.


Evaluate market heading

Do you expect increase in production soon and the higher demand? Or maybe slowdown? 
Take right time, analyse data, information, calculate, read and ask. 
PipsTycoon community offers number of media channels, to find information.

Now based on that, you should be able to estimate, if demand was / is / will be there.
Or maybe is worth to investigate different product area. Don't get lock on one product. 
Look everywhere. 

All best to you fellow Tycoons

Check out exemplary video, about Opening New Company, in Tutorials section of this site.

Last Update: 2016-12-01 00:00:11

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Find Your Niche Before Opening New Company

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Last Update: 2016-10-13 00:00:00

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Last Update: 2016-10-09 00:00:00

Server An Logo

PipsTycoon Newsletter September, 2016

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