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Trade shows are also a great opportunity to talk to competitors, meet manufacturers, and better understand where things are heading in your industry.
Additional References Creating a short, crisp value proposition is a good gauge for how clear your idea is.
Write this section as if you had one minute to explain your business to a potential investor or customer.
It will force you to understand the industry in which you operate, the overall industry outlook, the existing competition, and your target customer demographic.
[click To Tweet tweet=”there has never been a successful e-commerce entrepreneur that didn’t understand his/her market, cold” quote=”there has never been a successful e-commerce entrepreneur that didn’t understand his/her market, cold”] Before you even get started in writing this section, you need to spend several hours researching your target market.
Then practice it over and over and over again until you feel really confident in explaining it to someone.
Once you write this and are happy with it, use it on your ecommerce store as your company description.
This is just an example of the types of insights one can gain from market research which can drastically alter your business model Google Analytics By using Google’s keyword planner and trends pages, you can get a good sense of how in demand your product is and whether it’s trending upward, or downward.
Google is great for a general idea, just don’t bank on it.
So you’ve decided that you want to quit your day job and start your very own ecommerce empire. But before you become the next Jeff Bezos (and definitely before you quit your job!
), it’s worth spending some time to think about a business plan.