In this section of your business plan, you will demonstrate that the industry’s market size is worth going after, who your main competitors will be if you decide to take a plunge, and how you will be able to carve out a niche for yourself and give your competitors a run for their money.
Planning a business goes beyond analyzing the potential of your offer.
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.
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 must analyze the following three factors as well: These are the major components of a business plan’s market or industrial analysis and it is also known as a SWOT (Strength, Weaknesses, Opportunities and Threats) analysis.
This section of your business plan reveals the chances of your business to achieve success with its offers.
(As a final note, you must never forget that the industry analysis is a vital part of your business plan and it will probably be the most extensive portion of it.
So, take your time to conduct extensive research on your competitors and market trends over the recent years.