Market Analysis For Business Plan
This is the part of your business plan where you really get to shine and show off that awesome idea you have. In writing up your market analysis, you’ll get to demonstrate the knowledge you’ve gained about the industry, the target market you’re planning to sell to, your competition, and how you plan to make yourself stand out.
Be prepared to show you know your market AND that it’s big enough for you to build a sustainable, successful business.
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?
In this section, you can cite experts from the research you’ve done-a market expert, market research firm, trade association, or credible journalist.
Market Research Testing – Talk about what kind of testing and information gathering you’ve done to figure out where you stand in the market.
For a successful market research and analysis business plan, you will need answers to many critical market research questions.
What demographic is your product or service most likely to appeal to? How have other products or services similar to your own done over time?
The questions will be different for every type of business, but it’s important to think about the types of changes that could affect your specific market.
First, you need to gather your resources and collect data to get the numbers right.
Let’s go over how you can do market research for a variety of topics included in your Market Analysis section.
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.