Market Research, Analysis, and Business Opportunity. No. 3

Before starting or developing a business market research is essential

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This is one of the most important sections of your business plan and is one that will be examined closely. You must show that you have done the market research to justify the financial projections made in your business plan.  It must demonstrate that there is a viable market and that you can beat the competition in the market for sales.  In the market analysis reference your research in the appendix.

The aim is to see if customers will buy your product or service and at what price. It doesn’t have to cost lots to do. Complete test trading i.e. go to a market with the minimum viable product to validate if a market really exists for the product or service you will provide, will anyone purchase from you?

You should explain:

> Where you did it and how much it cost

> How many products you tried to sell and at what price

> How many products you did sell and at what price

> The key things you learnt

> The key things you will change

> Where you did it and how much it cost

> How many products you tried to sell and at what price

>How many products you did sell and at what price

>The key things you learnt

It involves learning what other people say about your market and finding out basic facts.

• When writing a description of your market, you should explain: how big the market is (for example, how many sales take place in a year?) trends in your market (for example, are sales going up or down?)
• Are people changing how they buy the product/service?
• Any important facts, statistics or events whether the market is seasonal or dependent on other external factors (for example, the weather)

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Further details of what should be included in this section are set out below:

• This section must include detail regarding the industry and estimated current market position. A PESTLE is a good business analysis tool and can be a useful way of looking at a business or opportunity, from an external perspective. The categories within the PESTLE include: Political, Economic, Social, Technological, Legal, and Environmental. The PESTLE is used as a predictor of future trends.
• A STOW of your competitors and then SWOT your own business against the benchmark of the competitors. The SWOT is a stocktake of the present.
• Provide an overview of the market in which you operate including the trends and an analysis of the level of competition.
• Outline who your target market is and your customer demographic (to include the size of your target market).
• Outline how you differentiate yourself from your competitors.
• What are the competing products and services?
• Profile of key players (business size, turnover, profitability, etc) and their estimated market share.
• Advantages and disadvantages of competitors.
• Provide a comparison of how the price charged by your competitors compares to your prices.
• What are the main risks facing your business?
• What safeguards are in place to protect against these threats?
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  • Provides you with tools and insights for entrepreneurs in the process of, starting or developing, a business or project
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  • Guides your enterprise to enhance success, save time and money by keeping business-focused.

  Thomas Cullen Founder and C.E.O, www.sherpha.com

  Ireland and U.K.

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  Copyright December 2019

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