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“They would get both this by their own experience of having dealt with the market before and through market research,” he says. “There’s a lot of good market research available in Ireland. Irrespective of the sector, if they search for it, they’ll find out what the market is looking for and can then tailor their product or service to suit.”

Networking as part of your market research

Once you have an idea as to what customers want, test your proposition by asking people, he says. “Go out and talk to people who would be potential customers and say, ‘Look, I want to set up this service or product, what would I need to do to persuade you to be my customer?’ It’s worth your while doing your own personal market research. There are a lot of people willing to talk and help.”

Approaching potential customers before setting up

Xavier does not believe that enough companies do their research before setting up. “A lot of guys go with a notion in their head or a gut feeling. The better ones do their own market research. They go to meet potential customers before they actually set up.”