Conducting Market Research

It's not just for the big fish, but for the guppies, too.
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If you think market research is something only Fortune 500 companies do, you're wrong. Research is, in fact, far more important for small businesses. A Fortune 500 company can introduce a new product that flops and still survive because its other products are strong sellers. A small homebased business that's attempting to get off the ground with one product or service can't afford to advertise to the wrong target market or set a price that's too high or low.

Excerpted from Starting a Home-based Business