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Market Analysis This is the part of your business plan where you really get to shine and show off that awesome idea you have. Of course, your product or service is the best! A market analysis is just that: Target Market — Who have you identified as your ideal client or customer?
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.
Are there or ,? Market Need — What factors influence the need for your product or service? Did the need exist before or are you trying to create it?
Why will customers want to do business with you, possibly choosing you over someone else? Have the number of people in your target market been increasing or decreasing over the last several years?
By how much per year? To make an intelligent forecast, you have to start with current conditions, then project changes over the next three to five years. Market Trends — You need to take a look at trends the same way you look at population and demographics.
Is there a shift to more natural or organic ingredients that might impact your business? How might energy prices figure in? The easy availability of the internet and smartphone technology? Who have you spoken to about the viability of your product?
Why are you confident of its success? Again, if you can, cite experts to back up your information. 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. 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.
A specialized product no one else can manufacture? A service that takes years to perfect? Regulations — As we touched on above, you should cover regulations as a barrier to entry.
Doing an analysis of the market really gives YOU the information you need to figure out whether your plans are viable, and tweak them in the early stages before you go wrong.
So, where do you start? Research is the key here, and there are several sources available. The Internet — Some of the first information you need is about population and demographics: Census Bureau has an impressive amount of these statistics available.
Business USA is another good source for links to the U.
Departments of Labor and Commerce, among others. 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. 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.
Real estate agents can be a source of information on demographics and population trends in an area.
Catalogs and marketing materials from your competition are useful. Many industry associations have a great amount of relevant information to use in putting your analysis together.
Trade publications and annual reports from public corporations in your industry also contain a wealth of relevant information. As a customer, what problems do you have that need to be solved? How does the competition work to solve those issues?The market analysis section of your business plan comes after the products and services section and should provide a detailed overview of the industry you intend to sell your product or service in, including statistics to support your claims.
The largest construction market globally is residential accounting for 40% of the total construction market) in the startup of the company and has put together this business plan to seek financial assistance from other sources.
Interior Decoration Business Plan Market & Sales Analysis. Interior Decoration Business Plan Market & Sales Analysis – No matter how beautiful and professional your interior decoration designs are, revenue or turnover comes from target market, marketing plan and your business structure.
A key part of any business plan is the market analysis. This section needs to demonstrate both your expertise in your particular market and the attractiveness of the market from a financial standpoint. Jolly's Java and Bakery bakery business plan market analysis summary. Jolly's Java and Bakery is a start-up coffee shop and bakery.
Sep 27, · Market analysis and your business plan It’s smart to write a business plan, especially if you are beginning a new business venture. Even if you’re a sole proprietor or don’t intend to borrow any money to get your business off the ground, it’s important to have a clear plan in place/5(95).