To start a new business, the critical question is whether there is a real opportunity. You may believe there is an opportunity but, before you start spending money, it’s worth undertaking some research.

You need to know:

• What is the market size?
• Who are the main suppliers?
• Who are your future competitors?
• What is the value of the current market?
• Who are the key customers?
• What trends are taking place in the market?
• What is the best ‘route to market’?

Spending money on research before starting a new business will save time and money in the months ahead – and may help you to avoid disaster.

See also:

Q30        How do we research the market?
Q31        How do we value the market and assess demand?
Q35        How do we launch new products or services?
Q38        How do we protect our idea?
Q70        Where can we get marketing help?

Q114 What competitor research do we need?