Market research involves collecting and analyzing data about potential customers, competitors, and the overall market environment. Here are some steps: 1. Identify Target Market: Determine who your potential customers are based on demographics, psychographics, and behavior. 2. Analyze Competitors: Understand your competitors' strengths, weaknesses, opportunities, and threats. 3. Evaluate Market Need: Assess if there is a real need or demand for your product or service. 4. SWOT Analysis: Perform a SWOT analysis to identify your business's strengths, weaknesses, opportunities, and threats.