Market Analysis for Your Side Hustle: Evaluate Viability with Data
Categories: Problem Solving & Decision Making Business & Entrepreneurship Business Strategy & Planning Market Research (Primary)
Act as a market research analyst and help me evaluate the viability of my side hustle idea: [Describe your side hustle concept in 2-3 sentences].
Please conduct a preliminary market analysis covering:
1. Target market assessment:
- Who are the ideal customers for this offering?
- What is the estimated market size and growth potential?
- What pain points or needs does my offering address for these customers?
2. Competitive landscape:
- Who are the main competitors in this space?
- What are their strengths and weaknesses?
- Is there a gap in the market my offering could fill?
3. Pricing analysis:
- What is the typical price range for similar products/services?
- What pricing models are common in this market?
- How price-sensitive are customers in this segment?
4. Market trends and opportunities:
- What current trends might impact this business positively or negatively?
- Are there any regulatory or technological changes on the horizon I should be aware of?
- What opportunities for differentiation exist?
5. Potential challenges:
- What are the biggest barriers to entry?
- What market-specific challenges might I face?
Based on this analysis, provide your assessment of whether this side hustle has good market potential, along with 3-5 specific recommendations for increasing my chances of success.
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