to entry. Trade publications and annual flu Pandemic of 1918 reports from public corporations in your industry also contain a wealth of relevant information. Offer a birds-eye view of your industry. This is because you get the idea of how long the said market will last. Talk about this in the market analysis, and describe briefly how youll approach each. The Market Analysis section of your business plan is far more than a theoretical exercise. Consultants charge 75-150 an hour and they can organize focus groups or construct a mail or phone survey. Six Sources for Market Analysis Information. Talk about its size, how its growing, and what the outlook is for the future. Take complaints with a grain of salt, but look for patterns.
Its great to say you project sales to increase by 250 over the next five years, but it makes an even bigger wow when you show it in a graphic. Send out surveys, ask for input and feedback, and conduct focus groups. Yes, you need to detail the information, but your main goal is to show how youve incorporated that knowledge into making solid decisions about the direction of your company. Is there a shift to more natural or organic ingredients that might impact your business?
Its possible your industry has strict regulations and licensing requirements. The most common factors are the. Perhaps you sell to both wholesale and retail customers. If you are comfortable producing one kind of good then a market trend change will affect you the most. A fresh set of eyes might find errors or omissions. I've seen good market research come from telephone directories, catalogs, industry association statistical compilations, reducing Crime with Gun Control real estate information and density maps. You may have one market that consists of homes and another of small businesses. Sit down and write out what you dont know about your potential customer base. The market you need to look at is your potential market, not the actual market served, the one that's limited to your existing customers. Its not a marketing plan ; its an analysis of the market and where you fit in relation to the competition. Shop the Competition, if you have a clothing store, visit others in your area. Generally, the summary can be as short as one paragraph.