Just like competitor analysis, market research can be quite insightful. It can help you understand your consumers, their demands, their expectations, their buying behavior, etc. Understanding your industry can help you determine the feasibility of a new business idea or simply a new product/service that you want to launch. It can make it easier for you to penetrate a new market, say a different country, city, or culture. A well-drafted market research report can also make your potential investors understand how sincere you are and what kind of potential your business has. 

While creating your market research report, here are some important things you need to figure out- 

• Is there a demand for the products/services that you want to launch in a specific region?
• What is the market size?
• What are the spending habits of your customers i.e. how much budget would they have for your business? 
• What and when would be the best location for launching your business?
• How many competitors are there? If there are enough, is the market almost saturated? Is there enough scope for you to make your business profitable? 

Market research can be slightly tricky but you may not have to hire an agency. You can use standard, inexpensive methods such as surveys, questionnaires, and one-on-one interviews to gather the necessary data. Search the internet or library for consumer reports, industry reviews, newspaper articles, etc. Connect with your target audience online through different forums and communities to find out what's in their mind. The U.S. Small Business Administration also has a resource partner network in case you need help. 

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