Getting started

Researching your business

Before jumping in and investing money, you’ll want to do some market research. Here are some key points you will need to consider. The more you know the better chance you will have of success in today's competitive market. 


What need are you fulfilling 

Who is your audience? What need can you fulfill for them that they aren't getting met by your competitors. What new or better service can you provide. How popular is your product or service in today’s market.  Is there lasting interest or is it a short fad.


Look at your competition

A quick google search should help give you an idea of what your competition looks like. What’s the competition like?  Have a look at there web sites and see what they offer. What do they lack in the market that you could fill. Is your product or service special in some way?  What would set you apart and give you the edge in that market?


Your pricing

What is your pricing like compared to your competition.  Will you be able to make a profit while covering costs. Does it reflect market value while still rendering a good return. Can you keep up with the bigger competitors pricing? Do you offer a bit more value that might justify the higher cost or are you priced too high. Or are you priced too low and unable to turn a profit with a smaller buying power then the big stores.


These are but a few things to think about when starting out. There are many important things that could effect your business and the more you know the better. Depending on your business type and your past experience will determine if you want to tackle the research or hire out. There are many options for finding some one to do the research for you. You could contact universities and hire students in business to the work in exchange for your reference. Or you could hire some one on line to do it for a small fee. There are lots of great places to hire a free lancer. Upwork is one place. They have many categories to choose from.