How Do You Research A Business Idea?
• Check out your market. You’ll need to know what your competition will be and which customers you can sell to. If the market is already saturated with your type of business and customers are not looking for another option, you may need to pass on your business idea. • Research every aspect of your business idea. You can fully research everything about the product and the business itself by looking through trade publications, searching online, talking to others in the industry, reading the newspaper and contacting your local Chamber of Commerce. • Do a SWOT analysis. This stands for strengths, weaknesses, opportunities and threats. Strengths and weaknesses are internal and stem from the company itself (e.g., quality service, a flawed product design) while opportunities and threats are factors related to the external sphere, including the economic climate of the marketplace, your competition and your customers. • Contact the franchise coordinator for the business you plan to open, if yo
