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To Really Know a Market, Dig Beyond the Obvious

When a local dry cleaner ruined Robert Byerley’s brand-new $100 dress shirt 10 years ago, the Dallas businessman says he would have been satisfied had the cleaners just offered to replace it.

But the cleaners didn’t even apologize for the rust-colored iron mark on the front placket — much less offer to buy him a new shirt. To Mr. Byerley, tired of subpar service at a slew of cleaning establishments, it was the last straw — and the first seed of a new business idea.

He saw a clear opening for a dry cleaner that offered higher quality and service in more convenient locations, even if it meant charging premium prices.

But he didn’t just jump in. His path to a thriving small business, while not wrinkle-free, was smoothed by doing plenty of research about the business ahead of time and asking tough questions of experts and himself. It is the sort of spade work that is imperative before an entrepreneur decides to launch a new business or product, says Michael Gerber, a business consultant and author in Santa Rosa, Calif.

By ANN ZIMMERMAN
Staff Reporter of The Wall Street Journal.

From The Wall Street Journal Online

Full Story: http://www.startupjournal.com/howto/soundadvice/20050511-zimmerman.html?sjcontent=mail

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