Researching the Market when Starting a Business

By Colin Barrow

Part of Starting a Business Cheat Sheet (UK Edition)

Professional business advisers often say that you have to know enough about your market to succeed, without qualifying how much is enough. To understand business areas that are new to you, factors to research and have a sound grasp of include

  • Your customers

  • Your competitors

  • Your product or service

  • The price

  • The advertising and promotional material

  • Channels of distribution

  • Overseas business opportunities