Researching your idea

Do your homework before taking the plunge

Do your research

What is your new business venture idea and where did it stem from?

  • Maybe it involves carrying out a trade that you already have experience in.
  • Maybe you're looking to take over an existing business or buy a franchise.
  • Maybe it's an idea you have already seen being done successfully.
  • Or maybe your idea is unique and totally different to everybody else.

Either way, it's important to carry out some initial research to help determine if it could be viable before taking your idea further. Some important considerations include:

  • Is there a market for the business and is the market growing or declining?
  • Is anybody else offering a similar service in your market area?
  • How many competitors are there in your market area?
  • What do your competitors charge?
  • How could you offer a better product or service than your competitors?
  • How will you get potential customers to use you instead?

There are many ways of finding the answers to these questions, including:

  • Trade publications and industry organisations can help you find out more about trends in your market sector.
  • The internet is a valuable tool for researching your competitors, in particular competitors' websites and telephone listings such as yell.com.
  • You might like to try contacting some of your competitors as a potential customer to get a better idea of their charges and services.
  • Actually speaking to potential customers is the best way of finding out what they think of your idea and whether they would trade with you.

Get in touch

Speaking to local business advisers, banks and accountants can help you gain a better picture of how your business would compare to others in your local area.

Why not get in touch to discuss how we can help you evaluate your business idea.