Have a great idea for a business and/or product? The primary reason women are launching new businesses is that they are inspired by an entrepreneurial idea. However, before putting a major investment of your time and money into your venture, experts suggest you conduct some test marketing to decide whether or not a new product/service is worthy of pursuit. How can you prepare for test marketing?

Follow your business plan: A good one will include a marketing plan to reveal those customers most likely to buy your product/service, on whom you can concentrate your test-marketing efforts.

4 Questions to Ask Yourself:

1. What are the reasons potential customers would want to purchase my product or service?
2. What does my product/service have that my competitors' don't?
3. Does my idea follow a short-term trend or one with a potential long-term future?
4. Is my product/service cost-effective and likely to produce profits needed to sustain a thriving business?

8 Affordable Test Marketing Methods

Have a great idea for a business and/or product? The primary reason women are launching new businesses is that they are inspired by an entrepreneurial idea. However, before putting a major investment of your time and money into your venture, experts suggest you conduct some test marketing to decide whether or not a new product/service is worthy of pursuit. How can you prepare for test marketing?

Follow your business plan: A good one will include a marketing plan to reveal those customers most likely to buy your product/service, on whom you can concentrate your test-marketing efforts.

4 Questions to Ask Yourself:

1. What are the reasons potential customers would want to purchase my product or service?
2. What does my product/service have that my competitors' don't?
3. Does my idea follow a short-term trend or one with a potential long-term future?
4. Is my product/service cost-effective and likely to produce profits needed to sustain a thriving business?

8 Affordable Test Marketing Methods

1. Make telephone calls to -- and conduct polls among -- people who have indicated they would like more information about your business.

4 Ways to Evaluate the Results

1. How many people liked your idea and/or product and said they would definitely buy or use it?
2. Did your efforts result in new customers and/or revenues?
3. Did you discover a new market area?
4. If you had a poor response in your community, is there a nearby location better suited to your idea?

Conducting thorough test marketing will help guide you in making strategic business decisions, and make it more likely you'll become a successful entrepreneur.