If you are interested in opening a small business in addition to knowing what products or services shall offer, you must know which is the market for that product and what is the competition that exists. Compression of the market is going beyond “I sell coffee so my market are coffee drinkers.”

The market must be broken down so that you can get a clear picture of who your ideal customers. Some of these questions will help you define who is your primary market:

1. “Where are your customers?

2. How they work, having fun?

3. What are their meeting places?

4. Where do they get money? Ie if your market is teen must look at the parents

5. What are the characteristics?

6. What are your common goals?

7. What things influence your decisions?

You also need to define their competition. Sector and find out if those who are doing something in the same area. There are two main ways to find your competitors.

1. Google

2. Asking

Google search market. Consider what are the major players, have a look at their sites. Check the paid advertisements that appear on Google itself, to see as they present these in public.

Get out there and find out who is the best in the business. Go where your potential customers are buying products and services sector.

Find out what else is missing and that things can make your products or services better. The market speaks, start listening.

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