www.smallbusinessbc.ca When it comes to researching your business, people don’t know where to find answers. What questions to ask? What tools are available to use? Market research is key to understanding the viability of our businesses. Without it, we can’t truly understand who wants to buy our product, or if there’s enough profit to make a living. We won’t know who our customers are, what the competition is up to, or how new trends will impact our business. A great way to start your research is by investigating three key elements of your market Identify your target market. Considerations range from age, income, and ethnicity to personality, values and attitude. Know your competition. Use business directories, web searches and industry knowledge to gather the latest information on your competitors. What are the current and future trends of your market? Consider technological opportunities or threats and exploring social media outlets. You can approach these points by using a number of free services online. ‘Survey Monkey’ will help you create a survey. Social media outlets such as Twitter and Facebook are a great way to distribute your surveys online. There are also websites that will help you. BC BizMap has information about your target market. Vancouver Public Library Online Databases will help locate customers and identify competition and of course, smallbusinessbc.ca is full of useful information. Once you have acquired market research, create a viability report that

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