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?
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.