Market Research or Fail
So you’ve got a killer idea for a business — amazing! But before you lock in your logo, order 500 business cards, or spend hours building a website... you need to do one very important thing first:
Market research.
Yes, we know. It doesn’t sound as exciting as designing your brand or launching your Instagram, but trust us: this is the step that can save you from wasted time, money, and energy.
Let’s break it down — here are the 4 types of market research you need to know and why this matters before you ever launch your business.
1. Primary Research
What it is:
This is research you collect firsthand. It can include interviews, surveys, questionnaires, focus groups, or one-on-one conversations with your ideal customers.
Why it matters:
It gives you real insights into what people actually want and need — not just what you think they want.
How to do it:
Host a casual Q&A on Instagram stories
Send a simple Google Form to friends or potential customers
Chat with people at a local event, coworking space, or networking meetup
Questions to ask:
What would make you buy this product/service?
What are you currently using instead?
What’s frustrating about the current solution?
💡 Tip: Even just 10 conversations can give you huge clarity.
2. Secondary Research
What it is:
This is data that’s already been collected by someone else. Think: market reports, industry studies, census data, competitor websites, and social media trends.
Why it matters:
It helps you understand the broader landscape and where your business fits in. You'll get insights on customer behavior, spending habits, and demand.
How to do it:
Google “[your industry] market trends 2024”
Browse competitor websites and social media
Use free tools like Statista, Pew Research, or IBISWorld
Read blog posts, podcasts, or articles from leaders in your niche
What to look for:
Growth trends in your industry
What customers are paying for
What’s missing in the market
💡 Tip: Keep an eye out for gaps you can fill or underserved audiences you can speak to.
3. Competitive Analysis
What it is:
A deep dive into your direct and indirect competitors — what they offer, how they price it, how they market it, and what their customers say.
Why it matters:
It helps you define what makes you different and better. You can’t stand out if you don’t know what you’re standing next to.
How to do it:
List your top 3–5 competitors
Visit their websites and socials
Read their reviews on Google, Yelp, or Etsy
Look at their customer pain points and raving fans
What to note:
Price points
Product/service features
Tone of voice and branding
Gaps or common complaints
💡 Tip: Your goal isn’t to copy — it’s to identify your unique edge.
4. Target Audience Research
What it is:
Getting super clear on who your dream customer is — their habits, goals, challenges, and values.
Why it matters:
You need to know who you're talking to before you create anything — your offer, your website, your social posts, all of it.
How to do it:
Create 1–2 customer avatars
Use Instagram polls or TikTok comments to gather insights
Join Facebook groups or Reddit threads in your niche
Observe what people are asking, celebrating, or complaining about
What to define:
Age, location, and lifestyle
Hobbies, values, and goals
Challenges your offer can help solve
Where they hang out online
💡 Tip: Speak directly to this person every time you write, design, or sell something.
Why Market Research is a Game-Changer
💥 It prevents costly mistakes
💥 It reveals hidden opportunities
💥 It shows you what real people actually want
💥 It gives you confidence to move forward
When you're building a business — especially a side hustle — your time and energy are valuable. Market research is what helps you build a smart business, not just a pretty one.
Ready to start your own side hustle the right way?
The Launch Your Side Hustle Toolkit includes editable worksheets and prompts to walk you through all of this research — and more. So you’re never guessing, just growing. 💻✨
📥 Join the waitlist here → TOOLKIT WAITLIST