Market Research & Analysis

Market research leads to an analysis of quantitative and qualitative assessments of the market your business will be entering. It looks into the value of the market and the volume of business you can expect, customer segments, buying patterns, potential competitors and any regulations you may face upon entering the market. The goal is to show your business plan’s readers – as well as yourself – that you know the market and it’s big enough to lead to a successful, long-term business.

Professional Market Research & Analysis

Market research leads to an analysis of quantitative and qualitative assessments of the market your business will be entering. It looks into the value of the market and the volume of business you can expect, customer segments, buying patterns, potential competitors and any regulations you may face upon entering the market. The goal is to show your business plan’s readers – as well as yourself – that you know the market and it’s big enough to lead to a successful, long-term business.

Here are a few elements to include in your market research:

• Target audience demographics and segmentation: Depending on if you are going to be a local shop like a restaurant or coffee shop or a national retailer selling goods or services online, your target audience will be different. But no matter how you plan to go to business, this section should include the size of the customer base you plan to have and who the potential customer may be. Include the value of the possible customer segment, so your investors and lenders can understand your industry like you do.
• Target market: The target market is the type of customers – so be as specific as possible, even if you are going into a more general type of business that everyone can partake in.
• Market need: Now you’ll move what need you will fill. Detail the demand for your product or service and how your business will fill the gap. Especially if you have a lot of competition or the market is particularly saturated, describing the need and drivers for the market is important.
• Competition: Explain who your competitors are and what their strengths and weaknesses are. This is a good place to explain what they are lacking, what their weaknesses are and what they could be doing better (that you instead will do).
• Barriers to entry and regulations: In this section, you will focus on proactively answering some questions your investors will have. What barriers are there to entering the market – for you and for future competitors? What will make you successfully be able to navigate those barriers? Some of these barriers may be investments or technology, or regulations. Explain what the regulations are and how your business will stay compliant.

Work With Experts

The business plan consultants at Bargain Business Plan are ready to help you complete the market research for your business so you will have an effective market analysis section in your business plan. Because this section is so important to showing you understand your new industry and the market need for your products and services, working with an expert can ensure all potential questions are answered so you can secure funding and get ready to go live with your new business.