Step 6: Research Your Business Idea

You are excited about your business idea and you are already envisioning all the possibilities. Now is the time to make sure that your Business Idea is indeed viable and you not getting carried away by the sheer excitement.

  1. Use the Power of Search Engines to conduct a thorough Research on your chosen Business.
  2. Get Business & Industry Data from sources of published information
  3. Understand the Needs of End Customers
  4. Learn all about Competition & its Offerings
  5. Dig Deeper to find Gaps in Competition's Offerings and the Hassles faced by customers
  6. Analyse Strengths as well as Weaknesses of existing players; Analyse Opportunities as well as Threats to figure out whether a business opportunity exists.
  7. Make sure that the Business Opportunity is large enough to be attractive and the cost of doing business is reasonable enough for the business to be viable.
  8. Identify Various Customer Segments that exist

How to Research the Opportunity