When entrepreneurs start their own businesses, they don’t just take their idea and start running with it – they expend a serious amount of time and effort researching where their product or service fits into an already overflowing market.
The same standard also applies to freelancing, as you need to carry out a similar vein of research to ensure that the service you want to sell has legs in the current climate. Thorough market research can help you find your ideal client base, where your talents and skills are in demand, while also cancelling out industries that aren’t the right fit for your service.
Need more convincing? Here are more reasons why market research is absolutely imperative to launching a successful freelancing business.
Learn your most lucrative markets
Conducting market research gives you the ability to locate the industries and business types where you are most likely to experience demand for your specific skills, which in turn will maximise your potential earnings. Not only does market research put you in front of the right people, it also highlights client bases where your work may go undervalued due to fleeting demand.
See what others are doing
There is a good chance that the service you are hoping to sell is already being offered by somebody else in the freelancing world. Market research not only locates your competitors but provides insight into the services they are offering and how much success they have drawn from them. From there, you will be able to see how your business fill a gap in the market by offering something that your competitors do not.
Find the right timing
There is only one way to see if your freelancer business will thrive or struggle to survive, and that is by conducting some quality market research into the need for your service in the current climate. If your idea turns out to be in demand, great – go ahead and continue building your freelancing business. In contrast, freelancing services showing little demand will be better off pivoting or restructuring their offering to cater to market needs.
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