Market research and competitive analysis
This lesson is a guide published on sba.gov.
Read the guideWhat you'll get
The SBA's section on researching your market lists six questions to answer before you commit, on demand, market size, income and employment, location, how many similar options exist and what customers pay for them, and what to compare when you study competitors. It also points to free federal data and says surveys and interviews can fill the gaps, so it works as a test of a local service before you quit a job.
Do this week
Find five businesses in your area that offer what you plan to sell, record what each charges and whom it serves, and write down where you could be different.