Industry Analysis Business Plan

Industry Analysis Business Plan-61
It’s both quantitative, spelling out sales projections and other pertinent figures, and qualitative, giving a thoughtful overview of how you fit in with the competition.

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You do need to be brutally honest here, and also look at what the potential roadblocks are-anything that might potentially stand in your way as you try to meet your goals and grow your business.

Barriers to Entry – Lenders and investors need to have a reasonable assurance they’ll be paid back, so they’ll want to know what would stop someone else from swooping in, doing what you do, and grabbing half the available business. It’s possible your industry has strict regulations and licensing requirements.

For example, if women aged 18 to 54 are your target market, you need to know how many of them there are in your market. Market Need – What factors influence the need for your product or service?

Did the need exist before or are you trying to create it?

If your field is covered by regulations, you do need to talk about how they apply to your business and how you’ll comply with them. Local Chamber of Commerce – A lot of local information can be gotten from the chamber of commerce in the area where you plan to operate.

The Market Analysis section of your business plan is far more than a theoretical exercise. Census Bureau has an impressive amount of these statistics available. Often, they can provide details into what the general business climate is like, and get even more specific about how many and what type of businesses are operating in their jurisdiction. Other Resources – When actual statistical information isn’t available, you’ll often be able to put together a good picture of the market from a variety of other sources.

It might be helpful to try analyzing your position in the market by performing a SWOT analysis.

You need to figure out their strengths and the weaknesses you can exploit as you work to build your own business.

Focus on how the product or service you’re offering satisfies what’s needed in the market.

Market Growth – While no one can predict the future, it’s important to get a possible idea of what business may be like down the road and make sales projections.

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