Understanding the Potential Market for Your Business

What is one of the most important steps when starting a business according to the passage?

• Understanding the potential market

• Creating a business plan

• Hiring employees

• Securing funding

Why is it important to know your market?

• To tailor offerings to meet customer needs

• To reduce production costs

• To expand globally

• To hire the right employees

What should you research to identify your potential market?

• Competitors and their customers

• Product pricing

• Office location

• Employee benefits

How can you gather information about the needs and preferences of potential customers?

• Conduct surveys or interviews

• Analyze social media trends

• Review financial statements

• Consult with suppliers

What should businesses do to remain relevant and competitive according to the passage?

• Keep an eye on market trends and changes

• Increase advertising budget

• Hire more staff

• Expand to new locations