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Use local sources to determine unique characteristics about your trading area. How far will your average customer travel to buy from your shop? Where do you intend to distribute or promote your product? This is your trading area. Estimating the number of individuals or households can be done with little difficulty using national census data to be found at your library or town hall. Your local statistics office or chamber of commerce can identify what the average household spends on goods and services. Neighbourhood business owners, the local Chamber of Commerce, the Government Agent and the community newspaper are some sources that can give you insight into unique characteristics of your area. Question: What are the statistics on the people in your area?Step 3List and profile competitors selling in your trading area.Refer back to the data you collected in your market research.Get out on the street and study your competitors.
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