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.
