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Your company description can also incorporate your mission statement.This is an opportunity for you to gain a better understanding of your startup.
Customers won’t have a reason to switch to your brand if it’s the same as the company they already know and trust. Your differentiation strategy could involve your price and quality.
If your prices are significantly lower, that can be your niche in the industry.
Before you start seeking legal advice, renting office space, or forming an LLC, you need to put your thoughts on paper. You’ll also be able to share this plan with others to help you get valuable feedback.
I don’t recommend starting a company without consulting people first.
For example, you may start by saying your target market lives in North America, and then narrow it down to the United States.
But as you continue going through your market research, you can get even more specific.
To figure out your target market, start with broad assumptions and slowly narrow it down.
Typically, the best way to segment your audience is using these four categories: As I said earlier, start broadly.
But this information will be based on your target market.
For example, let’s say you’re in the clothing industry.