- Revenues for your category in your local market, regionally and nationally.
- Know how many competitors are out there.
- Determine if the market is new and growing or static and mature.
Or is there a way you can create a new niche where you can be a number-one provider? Once you have a handle on the reality of the market, you can make better decisions about how to jump into it, or find a more creative way of serving it (even if you come in as a supplier or vendor serving those companies).
4. Put your ideas to the test. There are a lot of ways to test your ideas inexpensively -- from creating a simple web page to putting your retail products into existing stores on consignment.