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When looking to start a business, don't overlook the value of solid planning. Great strategy and execution are what set successful businesses apart and give them a competitive edge.
Here are five key steps to bringing your business idea to life and set up for success:
1. Understand potential customers and competitors
It's important to know who potential customers will be to determine how to best reach, attract, and serve them. Identify top competitors, review their business models, and decide how to position your new business competitively in the market.
Here are three low-cost ways to learn more about future customers: