Practical research

Research tips

The Internet is definitely the best place to start your research, since it has the potential to yield the greatest amount of information.

Most trade organisations have websites these days, as do trade publications, and every industry has Internet sites you can link into. There are also women entrepreneurs' organisations as well as quasi-official small business networks. They are easy to find on the Net and can be of tremendous help.

Chambers of commerce or local trade organisations are often accessible via the Internet, exist in just about every town in the world, and can be very helpful.

Person-to-person research

As you go about researching information, don't forget that one of the best ways to gather information is to talk to people. If you're at a party or a parent-teacher meeting and you happen to strike up a conversation with someone who works in the field you'd like to go into, ask her or him if theirs is a healthy industry and if it's growing. Ask them what their experience has been and what advice they have to give.

Also, find out if there are any conferences being organised for your intended industry and try to attend. Speak to as many people as you can, and do some person-to-person research on the spot, or ask if you can take someone to lunch to find out more about their business.

Researching location

If you're considering opening up a non-virtual business - that is, one that has an actual location - remember to do your research concerning how viable a particular spot might be for what you have in mind. Whether you're thinking of opening a hairdresser's, an organic food store, a florists or a bookstore, you must appreciate that its success hinges on that old retailer's maxim, location, location, location. Foot traffic, parking, the socio-economic makeup of local residents, competing businesses in the area: all of these things must be researched.