Your Market Area Research Checklist

Market research is one of the most important steps to take in setting up a private home inspection business. Use the following checklist to make sure that your investigation is as thorough as possible:

1.     ___ Define your market region.

2.     ___ Find out the population, number of homes sold annually, and the percentage that are inspected prior to sale.

3.     ___ Check local Yellow Pages and professional organizations to determine how many inspectors already practice there.

4.     ___ Calculate your potential market share and income.

5.     ___ Visit and work with local real estate agents to better understand the market and how to work with this major referral source.

6.     ___ Investigate professional organizations, both nationally and locally.

7.     ___ Chart your startup costs, including training, marketing, materials, reports, and office equipment such as computers, phone and fax lines, and personnel.

8.     ___ Analyze the audiences to whom you can market your services, as well as the various possible add-on services you can offer (See Step 7). 

9.   ___ Learn what requirements, if any, exist for practicing in your state or province.

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