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:
- 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?
- 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?
- 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.