WCWB Blog
WHAT IS A MARKET ANALYSIS?
As I meet with new potential business owners, I focus first on helping them make a solid business plan. A proper business plan contains a section called “market analysis.”
As I meet with new potential business owners, I focus first on helping them make a solid business plan. A proper business plan contains a section called “market analysis.” This section of the plan is crucial to understanding how your business is going to succeed in the real world and reach the target market you will be centered on. Without a market analysis you may have some obstacles when it comes to competition and size of your target market.
WHAT IS INCLUDED IN AMARKET ANALYSIS?
A market analysis is a detailed assessment of thedemographic you are trying to reach as well as the local or relevantcompetition you will be facing. If I want to start a coffee shop but thelandscape is dense in coffee shops already, I will need to evaluate howprofitable I will be. I may need to find a different location to open shop or Iwill need something unique that all other local shops do not offer. Many experiencedbusiness owners will look for new business developments so they can be thefirst planted in a new area helping prevent other competitors.
WHAT TYPES OF MARKETANALYSIS SHOULD YOU INCLUDE?
Common types of research include customer observation, focusgroups, interviews, and surveys. This simply means you are studying otherbusinesses and their success rate as well as researching available data on theindustry outlook with current and future trends. You need to analyze yourcompany, the customers, and the competitors to better understand your risks andpotential profit. A pricing analysis of competitors and market value of yourproduct will be important to obtain so you can better project your own financialgoals in your business. If your market is not showing great potential afterthese steps are taken, you have time to tweak some things and get onto theright road.
HOW DOES A MARKETANALYSIS HELP MY BUSINESS?
The goal is to reduce as much risk as possible when puttingin time, effort, and money into your new business. Having a solid marketanalysis will determine how attractive the market is for what you will beoffering. It will also unlock new opportunities that will make your businessunique which will create more solutions for the current market. Remember thatthe bigger the market, the more competitors you are going to have. Identifyyour barriers to becoming successful and create solutions to them within yourbusiness plan. I recommend getting a second or third opinion from people youtrust to help finalize your market analysis. Make sure your products andservices stand out from the very beginning!
By: Ashley Whitley WCWB
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