Knowledge is power
Research can be the key that unlocks business success, so it’s worth finding out as much as you can about your future market and competitors. Here are some areas that you'll need to think about when researching your business idea and some organisations that can help.
When researching your business ideas, ask yourself:
- Is your market growing? Or changing?
- How much competition will you face when starting a new business?
- Has anyone else already developed your business ideas?
- How would your business differ from your competitors’?
- What do your competitors charge?
- What don’t your competitors do very well?
Need help researching your business ideas?
- Our free Barclays Get Ready for Business seminars can also give you the opportunity to get expert advice about making your idea work. Free seminars and workshops
- Many business owners have practical advice to share on how to start a business. It's worth asking local business people about their experiences and taking the time to read a few books by successful entrepreneurs.
- You can also get plenty of information on how to start a business from trade and industry publications, your local Enterprise Agency and Business Link
The next step: planning
Once you've researched your business idea, it's time to create a detailed business plan. Learn more aboutplanning your business