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After doing this, they will give recommendations based on what they find. If there are coffee shops already in place, one recommendation they might make would be to include free Wi-Fi as a way to bring in more customers.

Besides, your friends may be 100% behind you in your new venture, but, in case you are hoping to involve others who have actual money to invest, you may need to be able to make a convincing case. Wouldn't it be nice to have anticipated possible questions and be ready with plausible answers? If you are risking your own money, that is perhaps even a stronger reason to do some indispensable planning.

Marketing - How is the product or service priced? How will it be distributed? How will it be promoted? Will it be promoted by the venture or an outside agency? What agency? How have you determined what amount to set aside for marketing? How have you determined product or service forecasts? Possible Data Sources: on-line searches; Amazon; local outlets; trade journals; industry attorneys & accountants; salespeople.

Small business consultants are very much on top of their game. They compile industry reports relating to the business, conduct feasibility studies, as well as studies relating to potential customers.

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