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
Recent Blog Posts
ENGAGE CUSTOMERS TO BOOST SALES: EVENT IDEAS FOR RETAIL BUSINESSES
Event Ideas for Retail Businesses!
BUILDING WEALTH AND FINANCIAL SECURITY AS A WOMAN BUSINESS OWNER
Financial Security as a Woman Business Owner
GREEN GROWTH: BALANCING PROFIT AND PLANET IN THE NEW ECEONOMY
BUILDING GENUINE CONNECTIONS WITH COLLEAGUES THROUGH SHARED INTERESTS
LEVERAGING AUTOMATION TO STREAMLINE YOUR WORKFLOW
LAUNCHING A MENTAL HEALTHCARE CENTER
A guide to mental healthcare.
NAVIGATING SMALL BUSINESS SUCCESS
A guide to running a small business efficiently.
BEYOND THE BRICK-AND-MORTAR
Beyond the Brick-and-Mortar: Exploring the Boom in Online Small Businesses
LEADERSHIP DEVELOPMENT
Leadership Development: A Pathway to Personal Growth and Employee Wellness
APPLYING FOR GRANTS
What is the typical process when applying for grants?
LEVEL UP YOUR TIME MANAGEMENT
Time management is on another level once you become a business owner. Let’s take a look at how we can increase our time management skills to meet the needs of entrepreneurship!
WHAT THE HECK IS SEO?!
Many business owners do not know what SEO is or its importance and it could be drastically hindering their business.
UNDERSTANDING GRANTS
Many people come to the WCWB asking about grants so I thought it would be helpful to explain what grants are and the process of obtaining one.
STARTING AN EARLY LEARNING CENTER
Opening an Early Learning Center in Washington State involves several steps and requires compliance with certain regulations and licensing requirements. Here's a general outline of the process.
2023 BEST BUSINESS PRACTICES
Here are some general business practices that have been widely recognized as effective and continue to be relevant in 2023.
IMPORTANCE OF DIGITAL LITERACY
Being a business owner requires a level of digital literacy that not all feel they can meet. It is crucial to increase one's expertise regarding digital literacy in today's technology-driven world for several reasons.
GETTING A LIQUOR LICENSE IN WASHINGTON STATE
Those looking to sell, manufacture, import, or distribute will need a liquor license in Washington State.
STARTING AN ADULT FAMILY HOME
Having worked with a client recently in preparing for her adult family home opening, I wanted to take time to share some crucial information for this type of business venture.
10 TIPS FOR WOMEN IN BUSINESS
There are so many women who have forged a path and have become inspiration to others seeking their own business.
BARRIERS FOR ENTREPRENEURSHIP
It is important to recognize the barriers associated with entrepreneurship to better plan around them.
WHAT TO KNOW BEFORE STARTING AN ONLINE STORE
The benefits, disadvantages, and process of an online store.
BUSINESS OWNERS BECOME LEADERS
Whether you consider yourself a leader or not, the moment you choose to be an entrepreneur, you take on the role of a leader.
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.”
YOUR BUSINESS IS A CULTURE
Whether you decide to create a culture or not, your business will default to one. As newer business owners and business expanders, you have the ability to start your business off right with a basic set of values and goals.
MAINTAINING MOTIVATION
Women decide to start their own business for many reasons and these reasons can change over time. I have met a lot of women who have started an at-home business simply because they were mothers and couldn’t afford not to work. I was one of those women.
