Step 1 – Market Research

Market research will tell you if there’s an opportunity to turn your idea into a successful business. You find customers for your business.  Competitive analysis helps you make your business unique. 

Competitive Analysis

Your competitive analysis should identify your competition by product line or service and market segment. Assess the following characteristics of the competitive landscape:

  • Any barriers that may hinder you as you enter the market
  • The importance of your target market to your competitors
  • Indirect or secondary competitors who may impact your success
  • Market share
  • Strengths and weaknesses
  • Your window of opportunity to enter the market

SizeUp Tool

The SizeUp tool helps small business owners discover how their business stacks up against competitors by city and industry. It’s a market analysis tool you can use to:

  • Create benchmarks against existing businesses
  • Map where competitors, customers, and suppliers are located
  • Find the best places to advertise

There are several reliable sources that provide customer and market information at no cost.