Determine the "market need" of your business idea with these top strategies

Whether your business is just an idea or you're in the research phase, it's never too early to think about determining market needs. It is essential to determine what consumers want from your product and to identify a target audience.

However, there are many ways to effectively determine market needs for your particular product or service. To help you do that, eight members of the Young Entrepreneur Council explain some specific strategies for uncovering the need for your idea. Follow their recommended tips to complete this essential part of your business search.

1. Identify solvable issues

Don't overthink it. Too many "ideas" get stuck at the starting gate and never turn into reality due to overthinking. I'm the founder of six different companies, and each of them was built on the same concept: identify a problem that I can solve and people are willing to pay me to solve it. Not every idea will be the next Uber or Facebook, and if you spend your life trying to make it, you might be disappointed. My businesses are not unique. I have not developed proprietary tools. I've always been able to leverage or build on existing systems and build a better mousetrap. There will always be someone willing to pay for expertise, and if you can identify these areas and capitalize on them, the market will be happy to pay a fair price for a quality experience. - Frank B. Mengert, ebm

2. Talk to potential consumers

The only thing that matters is whether customers want to buy your product. Talk to customers about it. To validate if they would buy your product if built, try to get some form of commitment from them. For example, ask them to commit to being a beta user, say they would spend X amount of money if you built certain features, or ideally say they would pay upfront to become a beta customer . If you can get solid commitments from early customers, you know you're on the right track. If you've had a lot of conversations but can't get someone to commit, you might want to rethink your idea. - Ashwin Sreenivas, Campfire

3. Track VC Dollars

One of the best ways to identify a substantial and profitable business opportunity is to look at where the venture capital dollars are going. VCs push money to areas where help is most needed. If you see growth capital in one area, you can bet the business ideas involving that will be pretty good. Otherwise, you're wasting time solving a problem that's too small. Also, and just as important, you need to talk to customers. Let the market tell you where to go; do not rely on your own brand. - Kevin Marcus, Versium Analytics, Inc.

4. Google It

Do a Google search. What question would a potential customer type into Google to find a product or service like yours to meet their needs or solve their problem? This is the question you...