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Research your business idea (New Business Checklist)

The old adage that "knowledge is power" is true. The more information you have about your business idea in particular and about business in general, the better off your startup will be. Research every aspect of going into business and get to know your market intimately. As you research your idea, collect all your information in one place and organize it. This is the information you will use to flesh out your business plan.

As you research your idea, there are some key questions you should be asking:

  • How large is the market for your product or service?

  • What is the general profile of your customer?

  • Who are your competitors?

  • Why will customers choose your product or service over the competition?

  • Where is the ideal location for your business?

  • Can you open the type of business you want to in that location?

  • When is the ideal time to start your business?

  • What price should you charge for your product or service?

Here are some good resources to utilize while researching your idea.

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