Market Research & Planning

For your small business to succeed, you need to know almost as much about your competitors as you do about your own company and customers. Unfortunately, many small business owners make the mistake of waiting until a competitor has opened up shop across the street and is cutting into profits to find out who and what they're up against. A competitive analysis allows you to identify your competitors and evaluate their respective strengths and weaknesses.

A niche market is a subdivision of the market at which a specific product/service is aimed. It gives definition to the characteristics of the specific product/service that is aimed at meeting the specific needs of the market, as well as the price category, product/service qualities and the demography on which this should impact. A niche market strategy may help you focus your resources on obtaining clients for whom your product or service provides the best fit to achieve their goals, address their needs, or solve their problems. Here's how to find one.

Whether you sell a product or service, the price you charge your customer will have a direct impact on the success of your business. Unfortunately, pricing is one of the least understood facets of running a small business. Many small business owners calculate their basic costs, and then pick a price arbitrarily. Arbitrary prices, however, mean arbitrary results. Taking the time to evaluate all the factors that will impact your price – from your expenses to your image to your customers' prices – will help ensure you develop an effective pricing strategy.