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Starting a small business is no small decision.
But despite the countless sacrifices and challenges small business owners face, an overwhelming 84 percent of small business owners would do it all over again.
If you’re thinking about taking the plunge and starting a business of your own, there are some key steps you need to take first.
These tips spring from what I see successful entrepreneurs do and what I see those who come up short not do.
Here are the 10 things you need to do before starting a business
1. Develop a powerful message
What customer problem are you solving that potential customers are willing to pay for? This is often called the value proposition.
Also, why will your business be operationally and financially successful?
2. Focus on the customer and fully understand the market
There are many examples of companies that do not have the best product/service or are not first to market, yet are very successful because they have mastered online marketing and sales.
Research the demographics of your potential customer base and understand their buying habits.
Watch competitors, talk with similar businesses, browse your competitors’ websites, and understand what their customers are saying about them on social media.
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