When it comes to starting a business, two of the most important things are: market and distribution. Today’s article will focus on the former.
Before doing anything, an entrepreneur needs to do all things possible to verify that there is an quantifiable market which the business can operate in. That is the most important thing in determining whether can you make money with a juice bar. Many a times, a business is started with just an idea, without any proper due diligence on whether a market even exists. In this case, we want to make sure that there are people in your area who wants to drink juice from juice bars, rather than making their own through press cold juicers.
In the following, we will take a look at one of the best and free way to objectively access the size of your market: google searches. The hypothesis is that the more searches for juice bars in your city, the higher the chance that there is a pool of hungry customers willing to pay you money for your product.
Using Google Trends to determine market size
To do this, the first thing you need is go to a free tool called Google Trends. Below is how it looks like:
Once you have reach this site, key in the word “juice bar” in the search bar. Below is how it will look.
Notice the rising trend in terms of searches? This is a good sign that the juice bar business is still new and is likely to grow in the coming years. Assuming we are based in the US, we need to scroll down and click the “United States” link under the Regional Interest Section.
Upon clicking the United States link, this is what you will get.
The names of the State is arranged by the number of searches. The higher the rank, the more people are searching for juice bars. If you intend to locate your business in one of these states, it is highly that you will find a sizable pool of potential customers. If your state doesn’t appear in the ranking, you can use the map to see the relative number of searches between states. The darker the color, the more searches there are.
You can click on the “City” or “Metro” link to get information on a city level. It is absolutely critical that your mobile juice bar is operating in one of these cities that have a relatively high search volume. Without such vertification, you are taking on a big risk on potential finding no customers for your business.
Let’s say the city you intend to operate in has a sizeable number of searches. What is next? You then need to know whether you have the means to reach them. That is the topic for the next article which focuses on distribution or simply put: how you can reach your potential customers.