The first and most important part of any business analysis that must be done is Market Research. The probability is that, if you are a solopreneur, or you own your own small business, your product is something that you like, use or need. You are, in effect, your own target market. As such, this is a great starting point because you already have an idea about the age, gender or background of potential clients. There are many ways that you can conduct market research both formally (using a third party to undertake qualitative data analysis) and informally (by looking at the business models of your direct and indirect competitors). Whilst doing this, it would be a good time to start a benchmark analysis too. Ultimately, the more research and information you have, the more informed your decisions will be and the more prepared you will feel.
For more information on market research and the different types, have a look at this article from Forbes.