Know Your Market

What can market research do for your business?

Market research will help you discover who wants to buy your product or service (senior citizens, young people, men, women, fitness fanatics or golfers, for instance), how much they're willing to pay for it, the best ways to let customers know your company exists and how your company will be viewed in the marketplace (as a luxury service or product, as a great bargain, as a necessity and so on).

Excerpted from Starting a Home-based Business