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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.What happens when you enter an examination hall without having studied for the exam at all?
Remember, it’s either you differentiate or you fizzle out fast! Assess the industry / market size After analyzing your direct and indirect competitors, you will need to analyze your chances of standing firm even in the face of stiffer competition.
Your first step in market research is to get an idea of how big the opportunity is and why it’s worth going after.
You are trying to see how you can push ahead of them by filling a loophole they never noticed all these while.
Some people find it hard to leave their workplace for the restaurant at lunchtime, but it’s either they do it or go hungry.
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.If you are a budding entrepreneur, or you are planning to start a new business; then below are the exact steps to follow when conducting an industry analysis for a new business:1.Analyze the competition Of the three factors listed above, the competition may prove the most difficult to analyze, especially if you are new to the industry. You can start by looking at your direct competitors.If you don’t device strategies for pushing ahead of the competition, you will just enter the industry and join the survival race that you may never win.So, you need to introduce an innovation that will threaten your rivals.CHAPTER NINE: Part A – How do you conduct industry analysis for a business plan?Do you need help conducting market research and industry analysis for your business plan? So you have a great business idea, you have refined and fine-tuned it, and you are ready to launch.You are going to offer a product or service with a clearly defined customer base, and you are confident that you will be successful in the long term.Well, if the above applies perfectly to you, then you have not completed your assignment.If you are planning to start a new restaurant in an area, your direct competitors are other restaurants within that locality, while your indirect competitors are those that are slightly remote but still around.Now, you are not just counting the number of rivals you have.