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Douglas College > Programs & Courses > Training Group > Self Employment Services > Business Research
Starting a business requires that you have a strong understanding of your customer, product or service, competition and industry.
Market Research is the term used by business when they collect and analyze the above information. Market research is like taking a car for a test drive before you buy it. It helps you to figure out whether or not your business idea could be successful!
Review the information listed below to determine what to know before you start your business. Market research will help you answer many of these questions.
Are your customers the general public or are they other businesses?
What are the products and/or services that your business will provide?
What makes the products or services you provide unique or different?
How much will you charge?
Why will customers choose you over your competition?
How many competitors are in your market area?
List your five main competitors. Identify their: