Lesson 2: Researching the Market & Competition

Let’s take a moment to learn how to research your market and competition.

Once you have a clear understanding of your business idea, it’s time to research the market and competition. You’ll need to know who your potential customers are and what their needs are. Additionally, understanding your competitors is vital—what are they doing well, and where can you differentiate yourself?

To do this, start by conducting online research. Use tools like Google Trends, social media platforms, and industry reports to gather data. Identify your direct competitors, assess their strengths and weaknesses, and look for opportunities where you can stand out.