Make Sure There’s a Market
Before building a business, make sure that there is a market for your product. Before launching Home Remedies, her contractor referral business, Debra Cohen talked to local real estate agents to find out whether they thought local homeowners would use her service. After launching, those agents became a great referral source for the business.
Cohen recommends making a list of trade organizations, industry associations, websites, newsletters and trade publications to gain as much information as possible about the industry you’d be entering. “Identify who the major players are,” says Cohen, who has since helped more than 300 entrepreneurs launch local contractor referral businesses like hers. “Make a chart of the products and services they offer and identify what will differentiate your product or service from theirs.”
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