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What's My Line?

What's My Line?

As with any other new entrepreneur, you must decide what product or service you will offer. You've listed your skills and your interests, and you know your family's preferred lifestyle. The next step is to choose a business that accommodates all of them.

You need to ask who will buy your product or service. Make a list of potential customers, and ask friends and family to help brainstorm all possible markets for your product or service.

You should also analyze your competition to plan how you will fit into the marketplace. Look for a unique niche that sets you apart. The more you learn about the competition, the better you'll be able to decide how to position yourself in the market.

Whatever type of home business you want to open, you will need to do market research. Visit your local library and talk to any pertinent local business associations. This will help you identify potential customers, learn about their needs and buying cycles, and reach them to generate sales.