Answering these questions can help you choose the best product for your business. It should ideally be something that plays to your strengths. For instance, if you have expertise in herbal personal care items, you can focus on that rather than selling electronic accessories or smartphones.
Steps of researching and planning your business:
1. Find the right product to sell
2. Understand the demand for the product
3. Analyze your competitors
4. Analyze your target market
5. Identify challenges and ways to overcome them
Once you have decided on your product based on your research, you need a plan to make your business a reality. Your plan must include your business’ vision, mission, objectives, USP, start-up capital, anticipated expenses, desired income, and future milestones. You can also explore some business planning tools
to see how you can streamline the process even further.