 TITLE: How to Start an Online Business CONTENT: Complete Some DIY Market Research\n---------------------------------\nBefore you spend time and money launching your business, do some research to make sure it's a good idea that has a customer base. If they fit your target market, friends and family can provide initial feedback; you can show them product samples or ask how much they'd pay for what you're selling.\nYour loved ones want to be supportive, of course, but they may not be totally honest out of fear of disappointing you. That's why it's important to do some outside research. Ask yourself the following questions, and answer truthfully:\n*   **Will this business fill a need in the marketplace?** It can be hard to break into a competitive market unless you're offering something truly unique. There are hundreds of companies selling iPhone accessories on Amazon, for instance, and it could be quite difficult to stand out.\n*   **Who is my competition?** What makes my business different and better? Perhaps you have unique expertise, a one-of-a-kind product or a compelling personal story.\n*   **What is my target market?** Is it big enough to support my business? The more narrowly you can define your target market, the better. Selling to \"mothers\" is too broad; selling to \"suburban moms ages 20 to 30 with children under 5 and high disposable income\" is better. Use data from the SBA, Bureau of Labor Statistics, National Bureau of Economic Research, USA.gov and the Census Bureau to research potential markets.\n*   **How will I make a profit?** Writing a business plan can help you estimate the cost of providing your product or service and the price you should charge to make a profit. This doesn't have to be a full-length business plan; however, creating a \"lean\" business plan or \"business model canvas\" can't hurt. (You'll find plenty of templates online.)\nYou can get free advice and assistance with market research and other aspects of starting an online business from SCORE or your local Small Business Development Center (SBDC). END