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Now, starting a business is even much more important because there’s a lot more at stake than passing or failing a grade.So, you must not leave out any aspect of research undone.
If you don’t device strategies for pushing ahead of the competition, you will just enter the industry and join the survival race that you may never win.
So, you need to introduce an innovation that will threaten your rivals.
Here are some factors you should consider: You can get lots of helpful information about your market from government sources, trade associations, financial services firms, online data providers, and free resources on the web.3.
Analyze industry forces and trends You will need to outline what’s happening in the industry from many perspectives that would help the reader get the full gist on whether the market is lucrative or not.
Remember, it’s either you differentiate or you fizzle out fast! Assess the industry / market size After analyzing your direct and indirect competitors, you will need to analyze your chances of standing firm even in the face of stiffer competition.
Your first step in market research is to get an idea of how big the opportunity is and why it’s worth going after.Fine-tune your analysis After the steps discussed above, cross check your analyses to ensure that your findings are factual and your figures are accurate.Another handy tool to have in your arsenal when conducting industry research is the almighty Porter’s 5 Forces Analysis.A business plan highlights the future objectives of a company, often relating to how the company will sell their product.It also explains proposed strategies to meet sales goals.You are trying to see how you can push ahead of them by filling a loophole they never noticed all these while.Some people find it hard to leave their workplace for the restaurant at lunchtime, but it’s either they do it or go hungry.This means finding out how many customers you are catering to and much revenue you are likely to make.This is a convincing first step to lure in whoever is reading your business plan to become intrigued and dig further into your findings.You are going to offer a product or service with a clearly defined customer base, and you are confident that you will be successful in the long term.Well, if the above applies perfectly to you, then you have not completed your assignment.