Question

What are some sources of information you can use to investigate your business opportunity?

Remind us of your business idea and share some examples of what information you obtained from the sources you used.

If you provide a truly new product or service, where did you find relevant financial information?

Answer 1

answer-

Information for any business decision or opportunity is very important because information are facts which helps us to guide our decision. my business idea is to open a fast food restaurant. for opening the fast food restaurant , i would use following sources of information-

Primary source of information- Primary source is the fresh data which is not used by anyone. In this i would do market analysis where i want to open my restaurant.

for example- i would go to market and see if there are more and less competitors in the market. like there is one or two or too many restuarnats in a city or area.

i would conduct surveys by asking customers what type of food they like, what type of food is not available, what prices they expect, what kind of service they expect etc.

the secondary source of data- This data is already available like magazines, reports,online data. for my restaurant business, i would analyze the reports of famous restaurant and see what financial data is present and how they manage that data.

i would also use online source like websites, peer reviewed articles to gather information for my business.

like i find that Full-service franchise restaurants can run its new owners from $750,000 to $3 million or more. Fast food restaurants cost the franchisee from $250,000 to $1 million and up for initial set-up and franchise fee.

Opening a new restaurant costs about $50,000 to $75,000, and that's the bare minimum you'll need. Those are the figures for a small restaurant such as a café or diner. If you don't have enough money to fund the start-up costs, you have financing options. like banking institutions or angel investors etc.