There are many questions that must be asked and answered before plunging into a new business venture. Thorough research can mean the difference between success and failure. You will subsequently need to collect information from several areas.

• Are there sufficient numbers of customers to support your business?
• What are your competitors like?
• Should you be starting your business on a small scale, perhaps from home?
• Where can you source suppliers?

Download a text alternative of this activity.

Check what the 'Business advisor' thinks about researching competitors.

You may also like to try the discussion activity 'Promotional activities' to test your understanding.