How do I research the need for a spa in a particular area?
I want to open a spa, but I need to do a lot more research on the area. How do I go about doing that, such as exploring the need and/or want for a spa is in a specific area?
Yes, you do need to do research. Initially, it is basic market research.
Who are your target buyers?
What is their demographic profile (age, sex, income level)?
Where do they live (most retail buyers live within a certain mile radius of a retail location)?
What is the average price point for the type of sales you are looking at promoting?
Who are your competitors?
Are they local or franchised?
What yearly revenue do you estimate they have?
What level of revenue do you need to succeed--to get the profit margin you need to thrive?
These questions should help prompt others. You can find good templates online or in a bookstore or library to help with additional research questions. The better the questions you can formulate and answer, the better equipped you will be to handle the unexpected that will
come up in your startup.
All the best.
Brad Sugars is the founder and chairman of ActionCOACH. As an entrepreneur, author and business coach, he has owned and operated more than two dozen companies including his main company, ActionCOACH, which has more than 1,000 offices in 34 countries.