For each of your chosen target markets, estimate your market share in number of customers.
Those who succeed identify target markets, learn about their needs and provide the appropriate bundle of goods and services to meet those needs. Many will publish trade magazines, newsletters or e-letters.
Find out as much as possible about the industry you want to enter. They may also provide membership or vendor lists, although this information is usually only available to members. Apply the national statistics to your local demographics.
Are there opportunities to sell to government agencies, clubs and user groups or business to business?
Select those markets that have the greatest potential for success, as you define it.
Business Plan Outline – Extended This classic business planning guide is a template that makes it easy to edit and “fill in the blanks” as you go.
The guide is especially helpful because it asks many of the questions new business owners should be asking themselves, and it helps organize your thoughts in an easy to communicate format.
To get better numbers for your projects try locating a business similar to yours, in a community like yours, that’s far enough away so you won’t be considered a competitor, then ask them. The projections should help determine the products and services you will sell. Briefly summarize your analysis of your competition and your competitive advantage.
You might also want to briefly summarize your pricing structure.
Once you’ve completed writing your business plan, meet with an SBDC advisor to review your ideas and to prepare a financial model.
Performing market research and planning ahead can help ensure your business’ success.