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The Financial Times Guide to Business Start Up 2014, 27th Edition by Sara Williams

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2

Who will buy?

By now you have probably narrowed down your shortlist of ideas. You may know which market you want to enter; you may have got your eye on a product that you think has potential. What you must do next is to study your prospective marketplace in detail. Researching the marketplace comes before raising money, making profit and cash flow forecasts, finding premises or any of the other steps you have to take to form your business.

This is especially true if you need to raise money for your proposed business and have to produce a business plan. You will not obtain financial backing unless you can show with confidence that you understand the structure of your market and have a clear idea of where your product will be positioned ...

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