First, Take a Deep Breath
Research is time-consuming work. In order to do quality research, you will need to consult many different information sources. You should consider visiting your local library, in order to take advantage of the resources in their collection. Give yourself plenty of time, and divide your work into small, manageable pieces.
We recommend that you start by researching your specific industry. Then move on to researching your competitors, and finally, your target customers. Once you have researched these three areas - industry, competitors, and customers - and addressed the major questions in each section, you can begin to formulate your business plan.
Learning how to conduct business research is a valuable skill to have. It will not only help you create an effective business plan; it makes you more information literate and enables you to make good business decisions.