How to do Market Research for a Business Plan

  1. Your numbers. They should be accurate and specific.
  2. Facts. Avoid rambling narratives. Don’t talk entirely from personal experience.
  3. Backup for your figures. Cite all of your sources — clearly.
  • Demonstrate that you understand your market backward and forward. You want to show that you have a strong enough grasp of the market that your idea is the perfect solution to solve their problem.
  • Clarify any statements you’ve made about your market and their interest in your idea.
  • Show the numbers to back up your idea.
  • Key Players: Who are the “big names” in the industry? What products and services are these key players selling? What is their business model?
  • Growth: What is the current growth trend in the industry? Is it getting bigger or smaller? What does the historical data indicate in terms of future predictions?
  • Trends: What are the current trends in the industry? How do these trends impact your business?
  • Who are your direct (and indirect) competitors?
  • What strategies are they using that you may not have employed?
  • What’s their pricing and marketing strategy?
  • What’s the differentiating factor between your business and theirs?

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Mom | Wife | Author | Speaker | Founder — Ashley helps entrepreneurs with great business plans & pitches so they can get funded. Visit www.writtensuccess.co

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Ashley Cheeks

Ashley Cheeks

Mom | Wife | Author | Speaker | Founder — Ashley helps entrepreneurs with great business plans & pitches so they can get funded. Visit www.writtensuccess.co

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