If you've just started a business, chances are you're also the owner of a brand new website that you must optimize to increase traffic and generate sales leads. It can be overwhelming, but the best way to start is to create an effective business plan by conducting proper market research.

Understanding how the market works and identifying your competitors is imperative for knowing how to structure your business and shape it so it will be successful in the long run.

Here are a few tips on how to do market research like an expert, even if you're a first-time business owner: