By Mildred J at August 21 2019 12:23:32
At this point, you may be tempted to skip writing a business plan altogether, viewing it as an unnecessary exercise in jumping_through_the_hoops, suggested by some old business professor who probably never held down a "real" job anyway. Maybe it's okay as an assignment for an MBA class, but it would be just too confining and irrelevant for today's fast_paced business environment. Anyway, you're ready! You've thought about this business venture for a long time and talked it over with friends and everybody agrees it's a great idea. Best to strike while the iron is hot!
Industry Analysis _ How does your product or service compare with what is currently on the market? What is the trend in the overall industry? What have been the total sales in this industry over the previous 3 to 5 years? What new products or technologies have had the biggest impact on this industry recently? What is the future outlook for these and what trends are emerging? Who are the competitors, where are they located, and how are they doing? What advantage do you offer over them? Who is buying this product or service now? Describe the typical customer for this product or service. Are there emerging markets or market segments? Where does this product or service currently perform best? Possible Data Sources: trade associations; trade journals; attorneys & accountants dealing with the industry; industry salespeople; state business websites; focus groups.