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10 Steps Before Starting a Small or Home Business

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Step 2: Know Your Market and Your Competition

When you are starting a small or home business, understanding small business marketing concepts, like getting a handle on the potential market for what you small business will have to offer and the value proposition of your small business is very important. Here are a few things to consider:

  • Who is going to buy your product or service?
  • Will you market to businesses, to consumers, or to both?
  • What traits do you think your "typical" customer or client will have?
  • Is the need for your product or service not currently being met or is it already saturated?
  • Is there something about what you have to offer that will allow you to beat your competitors?
  • How will you differentiate yourself from your competition?
  • What is your value proposition? What is your competitive advantage?

More on small business marketing basics and on Internet marketing.

  1. About.com
  2. Money
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  4. Before You Begin
  5. Get Small Business Marketing Savvy - Know Your Market and Your Competition

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