RESEARCH YOUR MARKET THOROUGHLY

It’s not wise to dive in and start a business without doing some proper research. You might have a hunch that a certain idea will be a success, but there may well be a lot that you don’t know. Information is power, and it enables you to make better, less random, decisions. Research your market thoroughly by asking these sorts of questions:

• If your business is going to operate in a specific area, will the market support it? For example, if you plan to open a restaurant, how many already exist, what type of service do they offer, and what are their prices like?
• How do you plan to position your business – up-market, mid-market, or down-market?
• Will the area support another business such as yours or is the market already saturated?