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A market analysis is just that: a look at what the relevant business environment is and where you fit in.It should give a potential lender, investor, or employee no doubt that there is a solid niche for what you’re offering, and you are definitely the person to fill it.
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.
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?
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.Include demographic information on the group you’re targeting, including age, gender and income level.This is the place to talk about the size of your potential market, how much it might spend, and how you’ll reach potential customers. Similarly, if your product or service is geared toward a high-end clientele, you need to make sure you’re located in an area that can support it.They are: A business plan is not a document written once and then forgotten.Economic and market forces in your day-to-day operations will cause you to review the document every year to see where you have met your objectives, where you haven’t, and how to revise the business plan when you find out more about the market conditions.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.If not, when it comes time to deliver your business plan to a potential investor, they will quickly spot the lack of factual data to back up your business promises and they will most likely walk away.To get a strong Market Analysis section, make sure to do your homework and include relevant data, graphs, and charts to make your case.New market conditions will also impact how you proceed and will need to be included in a newer version of your business plan so that your business stays nimble and is flexible enough to meet new challenges with clearer insights than before.This will ensure the survival of your business in the short-term and provide a good basis for long-term prosperity.