In your business plan, it’s important to describe how you intend to get your products and services in front of potential clients. As you pinpoint the steps you’re going to take to promote your products, you’ll need to mention the budget you’ll need to implement your strategies.
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Your company description should also discuss how your business will stand out from others in the industry and how the products and services you’re providing will be helpful to your target audience.
Ideally, your market analysis will show that you know the ins and outs of the industry and the specific market you’re planning to enter.
Since it’s meant to highlight what you intend to discuss in the rest of the plan, the Small Business Administration suggests that you write this section last. It reveals the company’s mission statement, along with a short description of its products and services.
It might also be a good idea to briefly explain why you’re starting your company and include details about your experience in the industry you’re entering.
In that section, you’ll need to use data and statistics to talk about where the market has been, where it’s expected to go and how your company will fit into it.
In addition, you’ll have to provide details about the consumers you’ll be marketing to, such as their income levels.
If there are any issues that could prevent you from jumping into the market, like high upfront costs, it’s best to say so.
This information will go in your market analysis section.