You have a great idea for a new business! But now what?
The next step is to perform market research, to get a better idea of what to expect when it comes to the ins and outs of opening your doors!
Here are some things to look for:
- What is the demand for your product or service?
- Who is your competition and how long have they been around?
- What is your target demographic?
- Where do you plan to locate your business, and can you afford the costs of renting or buying?
So where do you start?
Although you can pay someone to perform this research, there are many free ways to find demographic and competitive information.
With a simple search you can find a wide variety of federal, state, local, and private data available to search through, ranging from census information to rental costs.
You can even drive through areas of town where you might locate a business. Consider how easy it is to reach, what’s nearby, and what amenities are in the area.
While this research can take a fair amount of time and effort, it can help you have everything you need when it’s time to turn that dream into a reality.