Often a motivation for starting a particular business is the excitement of offering a product or a service that we are interested in. But is there a market for this product or service?
If you are in the planning stages of your business, find answers to the following questions:
Do people really want what you are offering?
Who are your potential customers?
Will they want the product or service at the price that you are offering it?
Do your potential customers live or work near your business?
Can you create a demand for your product or service?
Who are your competitors?
How will you differentiate yourself and your business from them?
Will your business be able to compete effectively in price and in product?
What marketing methods are your competitors using?
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