Market Research
Be sure to conduct market research before opening a business, so that you can:
- Identify trends that may potentially affect your chosen business’ chance of success.
- Identify your competitors, as well as their strengths and weaknesses.
- Build a sales forecast.
Knowing this information lets you make good decisions about your business. Include it in your business plan, especially if your plan is for potential partners or investors or to get funding from a bank or credit union. These readers will want to know that you:
- Have a plan to reduce the risks involved with being in business
- Know who your main competitors are and which strategies will work best against them
- Understand business finance
Module Objective: To understand your external environment and its possibilities.
We designed the following modules to help you learn how to write the Market Research section of your Business Plan.
Market Trends
Your Outcome: A clear picture of the risks in your business. When you know the risks, you can plan to avoid them. Learn more…
Competition
Your Outcome: Knowledge of your competitors’ strengths and weaknesses. Learn more…
Market Potential
Your Outcome: A realistic sales forecast to guide you in your first year. Learn more…
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