You have a great idea for starting a new business or expanding your current one. You’ve thought through all the issues and created a roadmap for success. Now all you need is the funding to put your dreams into action. But how are you going to secure that funding? You can’t just stroll into a bank or sit down at a committee meeting and hand them your notes and spreadsheets. You need to write a business proposal to lay out your plans and request the funds.
You’re an entrepreneur, you think, not a writer! You’ve never written more than a …
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How to Write a Business Plan – The Market Analysis Section
Your business plan will include a Market Analysis section. This is the portion of the plan that will require the most research; rightfully so, since it will be a true indicator of whether you have a viable business or not.
The business plan Market Analysis will include:
Clearly define your industry or market. Provide statistics of the size of the market. You should also document any trends or cycles and a forecast for future growth or decline.
Pinpoint your target market. You should get as detailed as possible in defining your customer demographics. Narrow it down to age group, gender, …