Conducting Market Research
It's not just for the big fish, but for the guppies, too.
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