Research Guide

Before you start a business or even think of diversifying an existing business it is critical to your success to do your research! Knowing about trends in the economy, competitors in the marketplace, or simply the demographics of your target market, can make all the difference in the success of your enterprise.

Research can be extremely simple like driving past your competitor’s place of business during peak dining hours, shopping at a competing vendor, or as time consuming as interviewing hundreds of prospective clients about your product or service. Regardless of what your next step might be, gather as much information as you can about your industry, prospective clients, the economy, and any area of your business that might give you an advantage in the marketplace.

Now is the time to research your idea to ensure it is viable.

• Do you know who will buy your product or service?
• What will people pay for your product or service?
• Have you determined your total costs?
• Who are your competitors?

While preparing your startup endeavor, be sure to research and understand the market that you will be entering.

Location is a key part of many businesses, and can determine if your business can operate legally.

Look into zoning and licensing rules, as well as permits and planning for the city &/or county prior to signing any lease agreements to ensure your business can legally operate in that location. This can also include homebased businesses, as some homes are not zoned for businesses.

Best to consider while working on your business plan and before registering your business.