Research your competitors

No matter what type of business you are starting or running, you will have competitors. Even if there is no other business offering exactly what you plan to sell, there is very likely to be other products or services your target customers are using to satisfy their need. To be successful, you need to research the competition and find out as much as possible about what they sell and how they sell it. Competitive research is something you should plan on doing on an ongoing basis, too. If there really aren’t any other competitors, it’s possible there isn’t a market or a real need for what you want to sell.

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