With so much at stake, business owners need assurance that their project won't fail. Help for new or expanding businesses is the focus of a Kansas State University Research and Extension publication titled, Analyzing Local Markets, in the series Building Healthy Communities. The publication is intended as a guide for business advisors, said David Darling, the publication's author and an Extension specialist in community economic development. The publication lists several factors that may determine the success of a business. They include competition, spending patterns, area income levels and strength of the local business community.
Advice includes where to locate a business, trends to consider and how to make a marketing plan.
Much of the advice is based on market research done at K-State. Then they will be able to estimate their market share now or in the future. Supported by county, state, federal and private funds, the program has county Extension offices, experiment fields, area Extension offices and regional research centers statewide. Its headquarters is on the K-State campus in Manhattan.