Conduct thorough research and analysis for your new business.
Business plans do more than just secure funding for new and existing businesses. They can also help develop business ideas, determine viability of the business and outline goals and strategies when launching the company. This can be done with the market research and analysis section of most business plans.
As you begin to understand the specifics of the new industry you are entering, there are some additional facts and insights you should gather to be better prepared to launch a business. Some of the key components of your market analysis should include:
- Target audience demographics and segmentation
- Target market
- Market need
- Competition
- Barriers to entry and regulations
Research and Analyze Your Market
Market research is a way of gathering information about your target market or audience. This helps you understand the business potential your new company will have. It looks into the value of the market, the volume of business you can expect, customer segments and their buying patterns, potential competitors and any regulations you may face upon entering the market. It’s important to conduct a thorough market research and analysis to show potential financiers and partners that you understand the market you are entering.
Your target audience will vary depending on the specifics of your business and how you will be selling goods or services; but no matter how you plan to go to business, include the size and value of the customer base and who the potential customer may be. This will help your investors and lenders can understand your industry as well as you do. The target market is the type of customers, and even though your business may be one everyone can benefit from, try to be as specific as possible.
When explaining the market need, detail the demand for your product or service and how your business will fill any gaps in the market. If the marketplace is already saturated be sure to explain why you will be successful in meeting or exceeding your audience’s need. Explain who your competitors are, including their strengths and weaknesses. You can describe what you think they could be doing better.
Finally, you need to proactively answering some questions your investors will have. What barriers are there to entering the market – for you and for your future competitors? What will make you successful in navigating those barriers? Some barriers may be investments, technology, or regulations. If there are any industry regulations, explain them and how your business will stay compliant.
Get Help from Professionals
The business plan consultants at Pro Business Plans are ready to help you tackle the market research so you will have an effective market analysis section in your business plan. Because this section is so important to explaining your new industry and the market need for your products and services to investors, banks and other partners, working with an expert can ensure all their questions are answered so you can secure funding and get ready to go live with your new business. Contact Pro Business Plans today to learn how experts can help you conduct research and prepare a detailed analysis.
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What to Expect
CONSULTATIONS
During the development of your business plan, we assign one of our MBA writers to work with you 1-on-1 to discuss and implement your ideas. The writer will also provide input and strategic steps to take during the development.
MARKET RESEARCH
Market Research is essential in a business plan. We have partnered with the most reputable market research firms in the country to make sure the research contains real-time data that accurately reflects your market.
INDUSTRY ANALYSIS
Industry analysis includes a thorough investigation of your sector to determine any trends or patterns in your industry. With our partnerships with the best market research firms available, we are able to offer a complete breakdown and analysis of your industry.
MARKET STRATEGY
Our team will develop a strategic marketing plan through research and exploration to illustrate new opportunities to reach your target market and outshine your competitors.
FINANCIAL MODEL
Whether you are an established business or a startup, ensuring you have a well developed financial model and projections in place are essential when presenting the business plan.
DESIGN & DELIVERY
Once the plan is finalized, our professional graphic designers will provide a stunning finished product of the plan for you to distribute to lenders and investors.
Over the last 10 years, we have perfected the process of creating a quality business plan. The following process has resulted in our client’s spending 60% less time reviewing their plans and instead able to invest this time into their actual business.
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What Our Customers Have to Say
Purchased a plan here last year (2017) and just got funded today. I purchased the Optimum package for investors thinking I wouldn’t qualify for a loan but apparently I was wrong. I worked with Cynthia throughout the process and love the overall service I received.
My partner and I used Pro Business Plan for our unique business. Shawn was professional as well as patient. Our plan turned out phenomenal. I highly recommend BBP for all your business plan needs.
Big thanks to Shawn and the rest of the team at Pro Business Plan. Shawn was very professional to work with throughout the entire process, he not only helped me wit the plan but also gave me some sound advice about merchant services, financing, and marketing. Can’t wait to work with you guys again!
Took about a month to complete my business plan, but well worth the wait. They incorporated and smoothed out alot of my ideas in the business plan. Shawn D. worked well with me and stayed in regular communication during the process. GREAT result…
I am extremely pleased with the work Pro Business Plan did for my company and the professionalism and dedication demonstrated throughout the process of creating my plan. A special thank you to Shawn Darbin…
Pro Business Plans is the ultimate business plan writing service and I highly recommend it to anyone who needs a professionally written, well organized, bank ready, highly affordable, business plan. They work with you every step of the way, understand…
I had to get my business plan restructured and I did not have a lot of time to do it. I searched the internet and I found Pro Business Plan plus a bunch more firms that does this sort of work. I made a few phone calls but the price was not what I was looking for…
From beginning to end, Pro Business Plan has provided professional service. I could not have found a better service. They understood the nature of my business and was able to get all of the necessary information for applying for a SBA loan included.
Pro Business Plan was very professional and helpful. With all the work and time they put into my business plan, it was such a small price I had to pay for. They really took time to do research and were very patient to fix and explain the contents.
Our overall experience with Pro Business Plan was good. We had a very complicated business plan to write and Pro Business Plan worked hard to make sure we were happy. The time frame took longer than first stated but that was okay. Very happy with the end product.
I really appreciate the staff’s patience and working around my hectic schedule. Taking the time to listen to my vision for my business that incorporated my personal and professional experience. The constant edits, and going over it together throughout the entire process.
When it comes to putting strategy on paper, these guys are the best. From step 1 to the last step, it was very easy to work with them. The end result of course came out amazing. Highly recommend!
Cannot say enough about the staff, everyone is super friendly and professional! Met with my SBA loan officer and had him look over the business plan, he was very impressed with all the market research.
When it comes to putting strategy on paper, these guys are the best. From step 1 to the last step, it was very easy to work with them. The end result of course came out amazing. Highly recommend!