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The road to being your own boss starts with starting your own business. For many budding entrepreneurs, however, starting a small business from scratch seems easier said than done. The thrills of starting a new business are often balanced out by the challenges and worries that come with any new venture. And yet, the rewards are well worth the hardship. After all, a not-so-surprising 84 percent of small business owners say they would do it all over again despite the challenges, according to insight from Constant Contact.
When starting your own business, it can seem like you’re in way over your head at times. Fortunately, this article can help you navigate those uncertain waters and avoid some common pitfalls that often doom fledgling businesses. Below, we’ll break down a few key knowledge points about starting your own business, along with some helpful examples.
Do Your Homework
You might have a great idea for a small business, but only market research can tell you if it’s one that you’ll actually make money on. Many small businesses in the U.S. have fallen prey to starting out in the wrong market or overestimating demand for a particular product. Here are a few questions you should ask yourself before starting a new business:
Does demand exist for your product?
How many people are likely interested in your product?
Where are your customers and can you reach them?
How much are your customers willing to pay for your product?
What are the economic factors among your customer base? These typically include income levels and local employment rates.
Is the market already saturated?
Gathering demographic information is also key to genuinely understating your market. Age, family size and home ownership stats are useful for further honing your marketing.
How to… Read More
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