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Side Hustle School
#2864 - Q&A: “How to assess market demand for your side hustle?”
Nov 3, 2024
Discover practical strategies for assessing market demand for your side hustle idea. Learn how to validate your business concept affordably while balancing analysis with experimentation. The discussion highlights understanding your target audience, conducting competitor analysis, and utilizing surveys. Explore the concept of launching a minimum viable product (MVP) to gauge interest before making significant investments. Tune in for useful insights that can steer your side hustle toward success!
05:19
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Quick takeaways
- Defining the target market's psychographics is essential for tailoring offerings and understanding customer needs effectively.
- Simple validation strategies, like surveys and MVPs, can assess market demand without significant investment or resources.
Deep dives
Assessing Market Demand for Side Hustles
Understanding market demand is crucial for any side hustle idea. Before committing significant time and resources, one should define the target market clearly, focusing on psychographics rather than just demographics. This includes identifying the ideal customer's interests, values, and needs, which can help tailor offerings more effectively. Additionally, researching competitors can provide insights into whether there is an existing market and how one might differentiate their approach.
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Discover
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