When researching a new business idea, it’s advisable to start by identifying your target market or audience and buyer personas through their demographics, behaviours, needs, and consumer preferences.
Following this, merchants should analyse their competitors, find data on market trends, and validate the new business idea through testing or feedback from relevant audience segments. Note: This additional level of research and analysis during the early stages of setting up a limited company will be beneficial if you decide to take out a business loan or require investment capital in the future.