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A market analysis is just that: a look at what the relevant business environment is and where you fit in.
As a customer, what problems do you have that need to be solved?
What would you like to be able to do better, faster, or cheaper that you can’t do now? Shop the Competition – If you have a clothing store, visit others in your area.
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.
Barriers to Entry – Lenders and investors need to have a reasonable assurance they’ll be paid back, so they’ll want to know what would stop someone else from swooping in, doing what you do, and grabbing half the available business. It’s possible your industry has strict regulations and licensing requirements.
Focus on how the product or service you’re offering satisfies what’s needed in the market.
Market Growth – While no one can predict the future, it’s important to get a possible idea of what business may be like down the road and make sales projections.
Who have you spoken to about the viability of your product? Again, if you can, cite experts to back up your information.
Competitive Analysis – There’s no way to succeed unless you’ve examined your competition.
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. Market Need – What factors influence the need for your product or service?
Did the need exist before or are you trying to create it?