Give some thought to the following questions. Customers, competition and location remain the most important aspects of business and should be high on you list when doing research. Finding customers will be one of your most expensive cost. Once you get them, you need to keep them. Knowing your competition and having a convenient location (whether online or a physical location) can give you the edge.
I. Do prospective customers have a need for your product or service?A. What segment of the population does your product or service appeal to?
B. Are there enough people who want the product or service?
C. What is the purchasing power of the population base?
D. Will your chosen market continue to support your business?
II. Will the business be able to compete?
A. Who are the competitors and how many are there?
B. How well are the competitors doing?
C. What are the strengths and weaknesses of the competitors?
D. Where are the competitors located?
E.. What are the hours of operation of competitors?
F. What advantages does your product or service provide?
III. Is the proposed location of the business adequate?
A. How accessible is the location to the market population?
B. What is the availability of labor in the area?
C. What are the costs of obtaining, developing and maintaining the site (online and/or brick and mortar)?
D. What are the current or future community developments?
Possible Market Research Resources
- Bing
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Just use Google, or Bing, or any other search engine to find information. Keep in mind the source of this information and how it supports or detracts from your idea. This is a good way to find competitors or trends in the marketplace.
Demographics
- www.yellowpages.com
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A very good way for many of the trades to see their competition. Search by a category (i.e., plumbers, carpenters). This will not tell you everything, but will give you a good idea of your local competion.