Market Analysis For A Business Plan

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What does the industry in which your startup or small business exists look like?

Be sure to include size, trends, life cycle, and any projected growth.

A well-designed survey can give you information about your users that you never would have expected.

You can design and conduct surveys yourself, if that’s in your skill set, or you can hire a professional firm to conduct them for you.

Before diving into the specifics, remember that at its core, a market analysis is about learning about your market.

You’ll discover who your customers will be — and how many are out there!If the industry description is the broad view a market analysis starts from, then target market is the view from a microscope. The total addressable market (TAM) explains just how much potential for growth your startup has.This is where you’ll determine and lay out exactly who your product is for. A target market description should include the market size as well as a specific user persona. Investors want to know you’re solving a painful problem in a giant market.Consider things like technology required, any regulations in your market, investment needed, access to resources, brand visibility, and location, depending on your business and your market. Explain what they are and the steps you’ll be taking to remain compliant with them.While there are online tools that can help you with your market analysis (and we’ll highlight some below), a great market analysis can’t be done solely with online tools.Instead, you’re going to have to put in the work to really dig deep, sometimes using old fashioned research methods.When you’re looking for demographic info, look no further than the US Census Bureau.You also need to be able to explain why you’ll be successful in this market.What are the specific barriers to entry for your competitors?Start with demographics and then examine other possible segments.Some to consider include geographic segmentation (where do people live) and behavioral segmentation (what are specific, relevant actions people take). The specifics will help you narrow down exactly who you’re targeting and will help you outline more general demographics for your target market.