Choosing a Target Market

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Consider the following when choosing a target market.

Can you identify numerically how many people/businesses are possible customers? Determine the actual number of potential customers in your targeted area.

Can you reach your target market by the means available to you (i.e. web site, advertising)? It is important to ensure you are able to promote and provide your product to your customers.

Can you determine how much market share you require to sustain you business financially? The market you are targeting must be large enough to ensure that you are able to sustain a profit. A restaurant targeting children may find that its market is too small if it is located in a senior’s community, which only has occasional children visitors.

Is your potential market reachable? You must have the resources and knowledge (or how to obtain the information you need) to effectively reach your market, initially and on an ongoing basis.

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