Stockpoint Stock Quote Contact Us Send us your comments, requests and feedback. I am just starting to develop a business plan for a wine bistro in a suburban downtown area. How do I determine if the area will be receptive to this business or if there is room for another restaurant in town. You are wise to consider conducting a thorough analysis of your market instead of plunging head-on with your planned wine bistro business.
Market analysis is the foundation of a business sales and financial plans.
However, a good analysis of the market entails comprehensive market survey, the costs of which may be beyond the reach of many small business owners. Shop the marketplace and get some feel about business conditions. A strong demand means there s probably another room for a supplier. The firsthand information that they can provide could be very useful in developing your business plan. Check the Yellow Pages to see how many wine bistros already exist in your area.