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Many new entrepreneurs think success is all about developing a great product or service, but actually it's all about selling it. Before you spend tons of time and money developing your product, make a prototype or develop a clear and concise description of what it will be, and do some market research. Figure out who your prospective customers will be, and go talk to them! Ask questions. Find out what they'll pay. Consider their feedback and modify your design accordingly. Look at other companies that are selling similar products or services. Find out what they charge, how they market and what their competitive advantage is. Go into their stores and watch their customers. Find out what they are doing and why, and how customers respond. Once you think you have a clear understanding of what market wants, then move ahead with your product or develop your service.
You'll also need to decide what kind of company structure will best fit your plans (S Corp., LLC, sole proprietorship and so on). These three articles will provide you with more information on following topics: Reasons to incorporate, Inc. vs. LLC and LLC basics.
If possible, work out of your home for awhile or rent minimum space and equipment necessary to run your business. It's important to keep your overhead as low as possible, at least until things start to take off. Resist temptation to rent a nice office and fill it with furniture and equipment. I used to think that was impressive, but I came to realize it was just expensive.
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