Because of budgetary constrains, small business owners will have to scale down the research leading to a lower sample size. This will result in accepting a high possibility for error and a lower confidence level in the mathematical predictability of the research. You should expect to budget at least a minimal amount of time and money for research. You could appoint a market research firm and ask them to analyze the market opportunities for you. In the initial phase, appointing a market research firm is likely to be expensive, and you will most probably have to gather the information yourself.
Local newspapers are an ideal source for identifying the business trends and market opportunities.
Business newspapers like The Economic Times, The Financial Express, Business Line and magazines like Business India, Business Today can be a good source of ideas. Even general newspapers like The Times of India, The Indian Express, The Hindu, and The Pioneer helps. Identify those tasks that the large businesses are most commonly outsourcing. Internet has changed the way people do business. Many businesses do not have the full knowledge of the emerging technologies.