Is there a market for my product?

In business, timing is everything. Ensure you are in the right place at the right time and you can gain a head start on creating a successful enterprise. However, launch a product, seasonal or otherwise, at the wrong time and you could have dealt your chances of fortune a fatal blow.

Knowing your customer base and its needs and desires is a vital part of your future success. So make sure you do your research.

Twenty years ago Kally Ellis was working in a French bank when she had a dream that she was destined to set up a florist business. At 28 years old she had only a small pot of savings but the desire to establish something rather special in the flower world and that's exactly what she did. Two decades on she is now supplying some of the world's biggest luxury hotel chains and most glamorous events, including the Vanity Fair Oscar party in Los Angeles, with her unique arrangements. But this success, initially run from a small outlet in the then unfashionable Shoreditch area of London, did not come without thorough research.

'When I say I had a dream, I mean it,' says Kally; 'I literally had a dream one night that I should set up a florist. Some people ignore their dreams. Some people recognise them but don't act on them. But I acted on it as it inspired me.'

Research your chosen market

Given that Kally wanted to give this her best shot she did not go head-long into her launch without finding out how she should go about it. To give her idea the best chance of success she managed to gain some unpaid work experience with Paula Pryke, one of the most influential and innovative florists in the world. The experience she gained there was invaluable, giving Kally a taste of what it would take to succeed in her chosen business. 'Working with Paula gave me an incredible insight into what I needed to do. I needed to be different and offer something no one else was offering,' says Kally.

Find your niche

The same is true of Andrew Valentine, of car rental group Streetcar. The business plan is clearly important, but not as important as launching the right product at the right time. And, says Andrew, ensure you seek advice from the right people, often your friends and family, but also from the wealth of free advice from the likes of Business Link. Andrew and business partner, university pal Brett Akker, spent 18 months considering many different business ideas from consultancy to food production.

'We came up with and looked into hundreds of ideas,' he says. 'We were trying to find a niche, so we were looking at how society was changing and what was missing,' he adds

Eventually the duo struck upon a car sharing club after Andrew heard of a similar service overseas. They had never seen this done in the UK and quickly realised that they could make the innovative scheme a success in this country. Streetcar was launched in April 2004 with just eight cars. It immediately took off, and today the club has over 1,200 locations across 10 UK cities, with European expansion on the cards. A Streetcar hire starts from £4.95 per hour with the first 30 miles of petrol free. The cars are available 24/7 for rent by the hour, day, week or month.

Plan for success

The lesson from both Andrew and Kally is that getting your timing right is rarely a fluke and researching the potential market is absolutely crucial. For Kally the flower business was her one and only idea, something she was determined to pursue. But, for Andrew, Streetcar was the last idea.