So, like most people, I have a few ideas for small businesses that I think would succeed, but I really don't know how you go about testing that theory in advance - i.e. how to conduct market research on a small business scale. For instance:

• How do you go from having a mere hunch that a particular retail business would do well at the corner of 9th & Elm to actually compiling a reasonable estimate of customer demand in the area? Or if such a place already exists and you think you could run it more effectively, how do you estimate its value to make a purchase offer to the owner?
• If you think there's room for growth in the regional or national wholesale market for an existing product, how do you find out if that belief is accurate or at least empirically supported?
• Or suppose you come up with some new product idea that you think would be popular. How do you test the waters to see if it's worth pursuing?

I realize there are tons of resources on the Net and in print for doing market research, developing a small business plan, etc., but I figured the collective wisdom of the Glade might help point me in the right direction. Anyone have experience in these areas and/or know of some particularly useful informational resources I should start with?

Or if such a place already exists and you think you could run it more effectively, how do you estimate its value to make a purchase offer to the owner?