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In this lesson, you embarked on the critical task of conducting preliminary market and competitor lessons using Google Search, an essential step in understanding your business landscape. This lesson process involved recording your findings in Google Docs, providing valuable insights into your business, potential customers, and competitors. These lesson notes serve as a foundational element in developing a comprehensive business plan. By delving into the specifics of your target market, you gain the necessary knowledge to tailor your business plan for optimal engagement with and sales to your intended audience. Furthermore, identifying your competition and analyzing their strengths allows you to pinpoint competitive advantages and carve out a unique niche for your business within the market.
Throughout this lesson, you employed various lesson techniques and documentation skills. This included using keyword searches to gather specific information about your business and market, conducting thorough market lessons to define your target audience, and engaging in competitor analysis to comprehend the operational dynamics of your competitors. Your documentation process in Google Docs was enhanced through the use of text formatting, headings, bullet points, and hyperlinks, all of which contributed to a well-organized presentation of your findings. Additionally, you created a detailed table to analyze competitors’ strengths and strategize how your business can effectively compete against them. To supplement your efforts and gain further insights, contacting a SCORE mentor can be invaluable. SCORE mentors offer personalized advice from experienced business professionals in your area. The skills practiced in this lesson, combined with resources from SCORE.org, are instrumental as you progress in writing your business plan and embark on starting your small business.