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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?
Have the number of people in your target market been increasing or decreasing over the last several years? To make an intelligent forecast, you have to start with current conditions, then project changes over the next three to five years.
Market Trends – You need to take a look at trends the same way you look at population and demographics.
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.
In this section, you can cite experts from the research you’ve done-a market expert, market research firm, trade association, or credible journalist.
Market Research Testing – Talk about what kind of testing and information gathering you’ve done to figure out where you stand in the market.
Talk about its size, how it’s growing, and what the outlook is for the future.
Target Market – Who have you identified as your ideal client or customer?
This is the part of your business plan where you really get to shine and show off that awesome idea you have. In writing up your market analysis, you’ll get to demonstrate the knowledge you’ve gained about the industry, the target market you’re planning to sell to, your competition, and how you plan to make yourself stand out.
Be prepared to show you know your market AND that it’s big enough for you to build a sustainable, successful business.