Market Research

The easiest way to succeed as a new business is to be thoroughly prepared. Therefore, a considerable amount of research needs to be gathered before you decide to open a business. Questions and areas that need to be researched include:

Target Market

• What are the demographics of our market?
• What is the size of our target market?
• How does our target market make buying decisions?
• How often does our target market buy our product/service and how much will they spend on it?
• What do customers expect from this type of service or product?
• How do we reach our target market?

Market Trends

• Is our market growing, stable, volatile or trendy?
• Is our market saturated or open to new players?
• What is the size of our marketing in terms of customers and revenue?

Competitors

• Who are our competitors? Are they successful?
• Are there other businesses providing a similar or related product or service? Are they successful?
• What is the market share of the competitors?
• What are the business models of my competitors?
• How do my competitors reach the market?
• What is our competitive advantage?

Contact the SBDC in your area for additional assistance in compiling market research.