Once you've determined what you're good at and what the market needs, its time to do some research. This may seem obvious, but its one area where many would-be entrepreneurs fall short. Just because you like an idea doesn't mean it makes a viable business.
Now is the time to roll up your sleeves and ask a lot of questions. You will need to find accurate, reliable information about your industry, your market, and the companies you will compete against. Much of the information you get will be extrapolated from reports (both from the government and commercial companies), newspapers and magazines, trade associations, university studies, and other research. This type of information is often available at business research libraries, as well as at various online databases. You'll also be doing a lot of investigating on your own. Click on the item below to learn more about how to take advantage these various research methods.
You also might want to speak to a trade group's "publications" department. Many trade groups publish handbooks for companies looking to get involved in their particular industries that contain helpful hints and statistics. Others offer books and courses that can aid you during your start-up phase.
To find out what trade associations follow your industry, consult:
To find these publications, consult the following sources:
Also contact your local chamber of commerce of economic development authority. Since they are looking to encourage businesses to locate in their areas, they can provide you with information on population trends, payroll statistics, income characteristics, etc. Utilities (the gas and electric company) and banks may also have this kind of information available.
Copyright (c) 2010 Studio One Networks. All rights reserved.
|INFORMATIONAL DISCLAIMER The information contained on or provided through this site is intended for general consumer understanding and education only and is not intended to be and is not a substitute for professional financial or accounting advice. Always seek the advice of your accountant or other qualified personal finance advisor for answers to any related questions you may have. Use of this site and any information contained on or provided through this site is at your own risk and any information contained on or provided through this site is provided on an "as is" basis without any representations or warranties.|
301 Arboretum Place, Richmond
Can't find something?
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.