Whether you will be starting a daycare or opening a shop, one of the most important things you can do is take the time to do plenty of research. Begin by finding out the demographics for your area. A free resource is USA QuickFacts. Demographics tell you whether there are young families in your area, how much cash people have to spend and even how many people own a home.

Once you do this preliminary research, find out who else is already targeting your market. Grab the yellow pages and check with your local chamber of commerce for a list of businesses. Then, consider whether you can do something better or different than those businesses. Now, you’re ready to begin planning your new business.

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