Opinions expressed by Entrepreneur contributors are their own.
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.
More from Entrepreneur
Kathleen, Founder and CEO of Grayce & Co, a media and marketing consultancy, can help you develop a brand strategy, build marketing campaigns and learn how to balance work and life.