Always consider the financial capacity of your target audience before setting up your business.

[Stardom22]

When considering that you may find out that the existing businesses is already enough for sustaining the available market so can think of going to somewhere else.

 

[SilverLance]

Understanding the financial capacity of your target audience is crucial in determining the pricing strategy, marketing approach, and overall success of your business. By tailoring your products or services to meet the budget constraints of your customers, you can attract and retain a loyal customer base.

 

[Kross]

When you price your products wrongly from the financial position of your target market, you surely stand to lose.

 

[SilverLance]

Pricing your products too high can alienate customers who cannot afford them, leading to lost sales and revenue.

 

[Stardom22]

Businessmen should really conduct a very vivid research on the market for the business that they are intending to start for that reason.

 

[SilverLance]

Gathering data and analyzing market conditions, businesses can minimize risks and maximize opportunities for success.

 

[Starmix]

It is of vital importance to know your target market.They are your prospective buyers. Also know what they mostly buy to get ready when you are about to start opening your business in the first day.

 

[Suba]

I have encountered the same case, a few years ago when I opened a food stall, many workers came for lunch, some even bought food when they were working overtime. However, the chef who had experience in the hotel asked to change the food stall into a restaurant, after changing, there were only two or three visitors a day, they were managers and above. Of course, the profit could not cover the operational costs which eventually closed.

 

[Starmix]

I have encountered the same case, a few years ago when I opened a food stall, many workers came for lunch, some even bought food when they were working overtime. However, the chef who had experience in the hotel asked to change the food stall into a restaurant, after changing, there were only two or three visitors a day, they were managers and above. Of course, the profit could not cover the operational costs which eventually closed.

That was not a good idea. Just imagine the losses. Two or three customers cannot suffice expenses. What did you do? It is best to restore it to stall.