{"id":98,"date":"2026-03-07T11:30:42","date_gmt":"2026-03-07T16:30:42","guid":{"rendered":"https:\/\/pressbooks.bccampus.ca\/app2ceo\/?post_type=chapter&#038;p=98"},"modified":"2026-03-28T19:30:58","modified_gmt":"2026-03-28T23:30:58","slug":"what-is-your-target-market-looking-for","status":"publish","type":"chapter","link":"https:\/\/pressbooks.bccampus.ca\/app2ceo\/chapter\/what-is-your-target-market-looking-for\/","title":{"raw":"What is Your Target Market Looking For?","rendered":"What is Your Target Market Looking For?"},"content":{"raw":"<figure class=\"wp-block-image size-large\"><img src=\"https:\/\/pressbooks.bccampus.ca\/app2ceo\/wp-content\/uploads\/sites\/832\/2026\/03\/market-research.jpg\" alt=\"Person researching and analyzing market needs\" style=\"width:100%;height:auto\" \/><figcaption><em style=\"font-size:0.8em;color:#999\">Photo by Unsplash, free to use<\/em><\/figcaption><\/figure>\r\n\r\n<p><strong>Understanding what your customers need drives business success.<\/strong><\/p>\r\n\r\n<p>Once you have identified your target market, the next question is: what must be true before this market will buy from me? Entrepreneurs sometimes assume that offering a needed service is enough. In reality, customers arrive with a set of expectations that must be satisfied before they choose a business. Understanding what is on that list is one of the most important parts of researching a business opportunity.<\/p>\r\n\r\n<div class=\"textbox textbox--learning-objectives\"><header class=\"textbox__header\"><h2 class=\"textbox__title\">Learning Objectives<\/h2><\/header><div class=\"textbox__content\"><p>By the end of this chapter, you will be able to:<\/p><ul><li>Define the \"buying checklist\" and explain what it reveals about a target market<\/li><li>Distinguish between service essentials and legal and regulatory essentials<\/li><li>Identify the key buying checklist requirements for a specific target market<\/li><li>Apply research strategies to uncover what potential customers expect before hiring<\/li><\/ul><\/div><\/div>\r\n\r\n<h2>The Buying Checklist<\/h2>\r\n<p>The buying checklist is the list of things your target market expects to see before it will hire your business. Think of it as answering one question: the target market will not buy from me unless\u2026 Every market has its own version of that list, and discovering what is on it requires talking directly with potential customers and listening carefully to what they value most.<\/p>\r\n<p>Are they qualified? Licensed and insured? Are their prices reasonable? Do they seem reliable? Can they respond quickly if something goes wrong? If those expectations are not met, the customer keeps looking. Every decision you make when launching a business will be shaped by how well you understand this checklist.<\/p>\r\n\r\n<h2>Categories of Essentials<\/h2>\r\n<p>The expectations on a buying checklist generally fall into two categories.<\/p>\r\n<p><strong>Service essentials<\/strong> are the features and attributes your service that customers expect before they hire you \u2014 punctual service, professional appearance, clear communication, reasonable pricing, positive reviews, and availability on evenings or weekends are common examples. These expectations are usually discovered by talking to potential customers or observing how other businesses in your market operate.<\/p>\r\n<p><strong>Legal and regulatory essentials<\/strong> are the requirements that must be in place before you can legally operate \u2014 a trades ticket, business license, liability insurance, WCB coverage, safety certifications, and permits for certain types of work. Customers may not always be able to articulate these requirements specifically, but they expect them to be in place. These essentials protect both the business and the customer.<\/p>\r\n\r\n<h2>Example: No Drip Plumbing Ltd.<\/h2>\r\n<p>Joe is starting a plumbing business. Through research he identifies homeowners aged 35 to 65 with household incomes above $65,000 as his target market. He surveys homeowners and speaks with other contractors to find out what that market expects. He discovers customers want service on weekends and evenings, hourly rates under $80, free estimates before work begins, proof of certification, insurance and bonding, and WCB coverage. He also learns he must complete a code course and certification before he can legally pull permits for certain plumbing work.<\/p>\r\n<p>That information becomes Joe's buying checklist. He now knows exactly what must be in place before customers will hire him.<\/p>\r\n\r\n<h2>Why the Buying Checklist Matters<\/h2>\r\n<p>Each item on the buying checklist has implications for money, time, and preparation. If customers expect free estimates, Joe must account for the time spent visiting homes and preparing quotes. If he needs a code certification, he must plan for the cost and the time required to obtain it. The buying checklist turns a business idea into a realistic picture of what launching that business actually requires. Learning these requirements early prevents frustration and expensive mistakes later.<\/p>\r\n\r\n<h2>Four Elements of Market Demand<\/h2>\r\n<p>The buying checklist helps you understand what customers expect. But before diving deeper into research, it is worth stepping back and asking a more fundamental set of questions about demand itself. These four questions build on each other, and each one sharpens your understanding of whether your business idea is viable.<\/p>\r\n\r\n<ol>\r\n<li><strong>Does the market want the product or service you are thinking of selling?<\/strong><br \/>\r\nThis is the starting point. Is there actual demand for the work? A residential plumber in a growing suburb with aging homes can be confident people need plumbing services. But a trades business offering a niche service \u2014 like decorative concrete stamping \u2014 needs to confirm that enough people in the area are actually looking for it.<\/li>\r\n\r\n<li><strong>Is the market willing to pay for the product or service you are thinking of selling?<\/strong><br \/>\r\nWant and willingness to pay are not the same thing. Homeowners may want a full kitchen renovation, but if the neighbourhood's home values do not support a $60,000 remodel, they may not be willing to spend that kind of money. The market must see enough value in what you offer to open their wallets.<\/li>\r\n\r\n<li><strong>Is the market willing to pay <em>you<\/em> for the product or service you are thinking of selling?<\/strong><br \/>\r\nThis is where it gets personal. Even if demand exists and people are willing to spend, they have to choose you over every other option \u2014 including doing nothing. Do you have the credentials, reputation, or presence that makes someone trust you with the job? A new electrical contractor competing against established firms with years of Google reviews and referral networks has to answer this honestly.<\/li>\r\n\r\n<li><strong>How quickly is the market willing to pay you for the product or service you are thinking of selling?<\/strong><br \/>\r\nCash flow matters from day one. A commercial HVAC contractor may win a large project, but if the payment terms are net-60 or net-90, the business needs enough cash to cover wages, materials, and overhead for months before the cheque arrives. The speed at which money comes in shapes what kind of work you can afford to take on.<\/li>\r\n<\/ol>\r\n\r\n<p>These four questions move from general to specific: from \"does anyone want this?\" all the way to \"will they pay me fast enough to keep the lights on?\" Working through them early prevents one of the most common mistakes new trades business owners make \u2014 assuming that being good at the work is the same as having a market for it.<\/p>\r\n\r\n<h2>Renovating the Idea<\/h2>\r\n<p>Sometimes research reveals that a business idea does not currently satisfy the buying checklist. That is not a problem \u2014 it is useful information. Entrepreneurs often adjust their ideas as they learn more about their target market. That might mean gaining additional certifications, adjusting pricing, partnering with another business, or choosing a different starting market where the entry requirements are more achievable. Entrepreneurship involves researching, adjusting, and improving an idea before committing fully to it.<\/p>\r\n\r\n<h2>Researching the Buying Checklist<\/h2>\r\n<p>Entrepreneurs rarely know their market's buying checklist from the start. It takes research to uncover what customers truly expect. That research might include talking with potential customers, interviewing people who have recently hired someone in your trade, reading online reviews of similar businesses, studying how competitors present themselves, and asking suppliers or industry contacts about common customer expectations.<\/p>\r\n<p>The goal is not to guess. It is to listen carefully and identify patterns. The expectations that come up repeatedly in conversations and reviews are almost always the most important items on the list.<\/p>\r\n\r\n<h2>Apply It<\/h2>\r\n<p>Use the worksheet below to begin identifying the key expectations your target market may have. Ask yourself what must be true before your target market will hire you, and consider both service essentials and legal and regulatory essentials.<\/p>\r\n<div style=\"text-align:center;margin:24px 0\"><a href=\"https:\/\/pressbooks.bccampus.ca\/app2ceo\/wp-content\/uploads\/sites\/832\/2026\/03\/Buying-Checklist-1.pdf\" style=\"background:#b71c1c;color:#ffffff;padding:14px 28px;border-radius:6px;text-decoration:none;font-weight:600;font-size:1em;letter-spacing:0.3px\">&#11015;&#65039; Download the Buying Checklist Worksheet (PDF)<\/a><\/div>\r\n\r\n<div class=\"textbox textbox--key-takeaways\"><header class=\"textbox__header\"><h2 class=\"textbox__title\">Key Takeaways<\/h2><\/header><div class=\"textbox__content\"><ul><li>Every target market has a buying checklist \u2014 a set of expectations that must be met before customers will hire you.<\/li><li>Service essentials cover things like reliability, communication, and pricing; legal and regulatory essentials cover licensing, insurance, and certifications.<\/li><li>Understanding the buying checklist helps you anticipate startup costs, training needs, and pricing decisions before you launch.<\/li><li>When a business idea does not yet satisfy the checklist, that is useful information \u2014 it guides preparation rather than signalling failure.<\/li><\/ul><\/div><\/div>\r\n\r\n<h2>Reflect<\/h2>\r\n<p>Think about a trade you know well. What items do you think are on the buying checklist for that market? Which of those items might require additional time, money, or training to satisfy before you could launch? How would you go about researching the checklist for a market you are interested in entering?<\/p>","rendered":"<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/pressbooks.bccampus.ca\/app2ceo\/wp-content\/uploads\/sites\/832\/2026\/03\/market-research.jpg\" alt=\"Person researching and analyzing market needs\" style=\"width:100%;height:auto\" \/><figcaption><em style=\"font-size:0.8em;color:#999\">Photo by Unsplash, free to use<\/em><\/figcaption><\/figure>\n<p><strong>Understanding what your customers need drives business success.<\/strong><\/p>\n<p>Once you have identified your target market, the next question is: what must be true before this market will buy from me? Entrepreneurs sometimes assume that offering a needed service is enough. In reality, customers arrive with a set of expectations that must be satisfied before they choose a business. Understanding what is on that list is one of the most important parts of researching a business opportunity.<\/p>\n<div class=\"textbox textbox--learning-objectives\">\n<header class=\"textbox__header\">\n<h2 class=\"textbox__title\">Learning Objectives<\/h2>\n<\/header>\n<div class=\"textbox__content\">\n<p>By the end of this chapter, you will be able to:<\/p>\n<ul>\n<li>Define the &#8220;buying checklist&#8221; and explain what it reveals about a target market<\/li>\n<li>Distinguish between service essentials and legal and regulatory essentials<\/li>\n<li>Identify the key buying checklist requirements for a specific target market<\/li>\n<li>Apply research strategies to uncover what potential customers expect before hiring<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>The Buying Checklist<\/h2>\n<p>The buying checklist is the list of things your target market expects to see before it will hire your business. Think of it as answering one question: the target market will not buy from me unless\u2026 Every market has its own version of that list, and discovering what is on it requires talking directly with potential customers and listening carefully to what they value most.<\/p>\n<p>Are they qualified? Licensed and insured? Are their prices reasonable? Do they seem reliable? Can they respond quickly if something goes wrong? If those expectations are not met, the customer keeps looking. Every decision you make when launching a business will be shaped by how well you understand this checklist.<\/p>\n<h2>Categories of Essentials<\/h2>\n<p>The expectations on a buying checklist generally fall into two categories.<\/p>\n<p><strong>Service essentials<\/strong> are the features and attributes your service that customers expect before they hire you \u2014 punctual service, professional appearance, clear communication, reasonable pricing, positive reviews, and availability on evenings or weekends are common examples. These expectations are usually discovered by talking to potential customers or observing how other businesses in your market operate.<\/p>\n<p><strong>Legal and regulatory essentials<\/strong> are the requirements that must be in place before you can legally operate \u2014 a trades ticket, business license, liability insurance, WCB coverage, safety certifications, and permits for certain types of work. Customers may not always be able to articulate these requirements specifically, but they expect them to be in place. These essentials protect both the business and the customer.<\/p>\n<h2>Example: No Drip Plumbing Ltd.<\/h2>\n<p>Joe is starting a plumbing business. Through research he identifies homeowners aged 35 to 65 with household incomes above $65,000 as his target market. He surveys homeowners and speaks with other contractors to find out what that market expects. He discovers customers want service on weekends and evenings, hourly rates under $80, free estimates before work begins, proof of certification, insurance and bonding, and WCB coverage. He also learns he must complete a code course and certification before he can legally pull permits for certain plumbing work.<\/p>\n<p>That information becomes Joe&#8217;s buying checklist. He now knows exactly what must be in place before customers will hire him.<\/p>\n<h2>Why the Buying Checklist Matters<\/h2>\n<p>Each item on the buying checklist has implications for money, time, and preparation. If customers expect free estimates, Joe must account for the time spent visiting homes and preparing quotes. If he needs a code certification, he must plan for the cost and the time required to obtain it. The buying checklist turns a business idea into a realistic picture of what launching that business actually requires. Learning these requirements early prevents frustration and expensive mistakes later.<\/p>\n<h2>Four Elements of Market Demand<\/h2>\n<p>The buying checklist helps you understand what customers expect. But before diving deeper into research, it is worth stepping back and asking a more fundamental set of questions about demand itself. These four questions build on each other, and each one sharpens your understanding of whether your business idea is viable.<\/p>\n<ol>\n<li><strong>Does the market want the product or service you are thinking of selling?<\/strong><br \/>\nThis is the starting point. Is there actual demand for the work? A residential plumber in a growing suburb with aging homes can be confident people need plumbing services. But a trades business offering a niche service \u2014 like decorative concrete stamping \u2014 needs to confirm that enough people in the area are actually looking for it.<\/li>\n<li><strong>Is the market willing to pay for the product or service you are thinking of selling?<\/strong><br \/>\nWant and willingness to pay are not the same thing. Homeowners may want a full kitchen renovation, but if the neighbourhood&#8217;s home values do not support a $60,000 remodel, they may not be willing to spend that kind of money. The market must see enough value in what you offer to open their wallets.<\/li>\n<li><strong>Is the market willing to pay <em>you<\/em> for the product or service you are thinking of selling?<\/strong><br \/>\nThis is where it gets personal. Even if demand exists and people are willing to spend, they have to choose you over every other option \u2014 including doing nothing. Do you have the credentials, reputation, or presence that makes someone trust you with the job? A new electrical contractor competing against established firms with years of Google reviews and referral networks has to answer this honestly.<\/li>\n<li><strong>How quickly is the market willing to pay you for the product or service you are thinking of selling?<\/strong><br \/>\nCash flow matters from day one. A commercial HVAC contractor may win a large project, but if the payment terms are net-60 or net-90, the business needs enough cash to cover wages, materials, and overhead for months before the cheque arrives. The speed at which money comes in shapes what kind of work you can afford to take on.<\/li>\n<\/ol>\n<p>These four questions move from general to specific: from &#8220;does anyone want this?&#8221; all the way to &#8220;will they pay me fast enough to keep the lights on?&#8221; Working through them early prevents one of the most common mistakes new trades business owners make \u2014 assuming that being good at the work is the same as having a market for it.<\/p>\n<h2>Renovating the Idea<\/h2>\n<p>Sometimes research reveals that a business idea does not currently satisfy the buying checklist. That is not a problem \u2014 it is useful information. Entrepreneurs often adjust their ideas as they learn more about their target market. That might mean gaining additional certifications, adjusting pricing, partnering with another business, or choosing a different starting market where the entry requirements are more achievable. Entrepreneurship involves researching, adjusting, and improving an idea before committing fully to it.<\/p>\n<h2>Researching the Buying Checklist<\/h2>\n<p>Entrepreneurs rarely know their market&#8217;s buying checklist from the start. It takes research to uncover what customers truly expect. That research might include talking with potential customers, interviewing people who have recently hired someone in your trade, reading online reviews of similar businesses, studying how competitors present themselves, and asking suppliers or industry contacts about common customer expectations.<\/p>\n<p>The goal is not to guess. It is to listen carefully and identify patterns. The expectations that come up repeatedly in conversations and reviews are almost always the most important items on the list.<\/p>\n<h2>Apply It<\/h2>\n<p>Use the worksheet below to begin identifying the key expectations your target market may have. Ask yourself what must be true before your target market will hire you, and consider both service essentials and legal and regulatory essentials.<\/p>\n<div style=\"text-align:center;margin:24px 0\"><a href=\"https:\/\/pressbooks.bccampus.ca\/app2ceo\/wp-content\/uploads\/sites\/832\/2026\/03\/Buying-Checklist-1.pdf\" style=\"background:#b71c1c;color:#ffffff;padding:14px 28px;border-radius:6px;text-decoration:none;font-weight:600;font-size:1em;letter-spacing:0.3px\">&#11015;&#65039; Download the Buying Checklist Worksheet (PDF)<\/a><\/div>\n<div class=\"textbox textbox--key-takeaways\">\n<header class=\"textbox__header\">\n<h2 class=\"textbox__title\">Key Takeaways<\/h2>\n<\/header>\n<div class=\"textbox__content\">\n<ul>\n<li>Every target market has a buying checklist \u2014 a set of expectations that must be met before customers will hire you.<\/li>\n<li>Service essentials cover things like reliability, communication, and pricing; legal and regulatory essentials cover licensing, insurance, and certifications.<\/li>\n<li>Understanding the buying checklist helps you anticipate startup costs, training needs, and pricing decisions before you launch.<\/li>\n<li>When a business idea does not yet satisfy the checklist, that is useful information \u2014 it guides preparation rather than signalling failure.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>Reflect<\/h2>\n<p>Think about a trade you know well. What items do you think are on the buying checklist for that market? Which of those items might require additional time, money, or training to satisfy before you could launch? How would you go about researching the checklist for a market you are interested in entering?<\/p>\n","protected":false},"author":422,"menu_order":4,"template":"","meta":{"pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-98","chapter","type-chapter","status-publish","hentry"],"part":79,"_links":{"self":[{"href":"https:\/\/pressbooks.bccampus.ca\/app2ceo\/wp-json\/pressbooks\/v2\/chapters\/98","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.bccampus.ca\/app2ceo\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/pressbooks.bccampus.ca\/app2ceo\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/app2ceo\/wp-json\/wp\/v2\/users\/422"}],"version-history":[{"count":20,"href":"https:\/\/pressbooks.bccampus.ca\/app2ceo\/wp-json\/pressbooks\/v2\/chapters\/98\/revisions"}],"predecessor-version":[{"id":1160,"href":"https:\/\/pressbooks.bccampus.ca\/app2ceo\/wp-json\/pressbooks\/v2\/chapters\/98\/revisions\/1160"}],"part":[{"href":"https:\/\/pressbooks.bccampus.ca\/app2ceo\/wp-json\/pressbooks\/v2\/parts\/79"}],"metadata":[{"href":"https:\/\/pressbooks.bccampus.ca\/app2ceo\/wp-json\/pressbooks\/v2\/chapters\/98\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.bccampus.ca\/app2ceo\/wp-json\/wp\/v2\/media?parent=98"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/app2ceo\/wp-json\/pressbooks\/v2\/chapter-type?post=98"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/app2ceo\/wp-json\/wp\/v2\/contributor?post=98"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/app2ceo\/wp-json\/wp\/v2\/license?post=98"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}