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Question posted by isabellag (2 points) 3 years ago.
That's a tremendously good question. You can likely find some statistical market research regarding the size of the handbag market, but that will only tell you how many people buy handbags and who they are (demographics) which tells you quite a bit and is very important, but it doesn't indicate their willingness to buy YOUR designs (psychographics).
That will be tough to do without producing a few samples to shop around to consumers and/or potential retailers. Do you have some preliminary design specs that you can shop around?
If not, you can certainly indicate such in your business plan. It's okay if you don't have ALL the answers, and you can always update your plan as your business grows. But you'll earn respect from your audience if you acknowledge the aspects of your plan and/or business that need to be determined.
Answer posted by mduncan (10,539 points) 3 years ago
Thank you so much for your quick answer. I guess my biggest test is when I have the first handbags to sell? The whole reason why I'm wrtiting the business plan is beacuse I'm trying to get a friend to invest in it. Is really hard for me to have just one sample of the handbag, because all of the materials that will be used in them (metal logos and metal accesories) can only be made in big quantities. Just to have a matrix for the metal logo is around 600$.
Either way, my main selling channel will be my website. I have developed some e-marketing strategies so far to boost the website and make it profitable, but, here is my other question. Ho w can i define my demographics this way?
Thanks so much again you guys are awesome!
Comment posted by isabellag (2 points) 3 years ago
Is it possible for you to represent the design another way? Are there drawings, etc. that can be used to demonstrate the product?
You're probably going to hate hearing this, but you may have to bite the bullet and use some of your start-up capital on a prototype. It's going to be spendy, but it's not uncommon for this to be a major upfront cost for a new business.
As for demographics, you could be looking at a number of different things -
Gender of your expect customers
Typical annual spend on items such as handbags
Average per purchase amount
That's just to start. The valuable demographics will be anything you can tell about your potential customer that is unique to them and that indicates a consideration for you.
You're basically trying to define the customer first. Who are they and what do you know about them?
Once you have a set of characteristics identified, you can begin looking for data. For example, if you define your customer as someone who spends $500 or more on handbags, how can you then define how large that group may be?
It's tough...in fact, it's one of the toughest parts of jumping into business for yourself.
You can use your website to help define your demographic research. If you have a new customer contact form, for example, you can ask for some basic data that can help (age, for example).
Let me know your thoughts, I'm curious as to how you're coming along. I also apologize for the delay in my response, I was experiencing some computer difficulties....
Comment posted by mduncan (10,539 points) 3 years ago
Just thought I'd check in. How are things going? Have you given any additional consideration to your business?
hi there, iam just using this conversation as this describes my situation well. my query to you is how can i do market research about my handbags if they will be liked by my customers? do i need to use internet or FB for this? can you guide me
Comment posted by vinju (0 points) 2 years ago
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