Advice and answers from the Startegy Team

Market Analysis

The market analysis is a great place to show your knowledge of the research that you have done.  This section should look at the overall market, your potential, and also outline some competitors.  The more specific, the better.  If you can understand how your industry prices, how they deliver, strengths, and weaknesses; Then you will be able to avoid some of the pitfalls others may have fallen into.  Give as much detail about the surrounding market that you are targeting.  Be reasonable with your approach especially if you are looking for funding when focusing on your market potential.

Target Market

Describe your target market. Demographics, where are they located? Is your business seasonal or cyclical.  How do your customers buy?  What medium is used to target your customers?  Answering these questions is key to knowing how to reach your target market.

Market Opportunity

What does the current market opportunity look like?  How is the industry growing, changing, evolving?  If you are only focusing in a small geographical location, be sure to be clear about that.  An example is if you are a restaurant, typically you won't care much about potential customers that are in more distant areas.

Industry Forecast

This may be hard to find but with enough research you should be able to find some data.  Sometimes there are research reports done by government or private parties that outline challenges and strengths of various industries.  Be sure to include any details of reports about the future of your industry?

Competitor Analysis

This is an opportunity to show your knowledge of the industry and why your business can really stand out.  If you have an online presence, you may have competitors that you have never heard of.  Are there barriers to entry in the industry?  What will make you stand out above your competitors?  Describe some of your major competitors. Do you know what their growth has been like?

Obstacles

What obstacles are your competitors facing? How will they react to your business?

Advantages / Disadvantages

What advantages / disadvantages does your business have?  It's important to know where you currently stand so that you can always improve.

Pain Points

Focus on your competitors and exactly what do they do to embrace, help, or benefit their customers.  List some basic needs or pain points of the competitor's customers and how your competitors are meeting or not meeting them.

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